Palatants Market is expected to reach US$ 1,871.24 million by 2028

Published Date: 01 Dec 2022

The global palatants market is expected to reach at US$ 1,871.24 million by 2028; registering at a CAGR of 6.3% from 2022 to 2028, according to a new research study conducted by The Insight Partners.

Shift in Consumer Perception Regarding Pet Health Boosts Palatants Market

The report highlights key factors fueling the market growth and prominent players, along with their key developments in the market.

The increase in pet ownership globally has led to a rise in demand for healthy and palatable pet food. The nutrient-rich pet food has various benefits, such as preventing infections and increasing the life expectancy of pets. Palatants are the ingredients responsible for enhancing the flavors and palatability of pet food. The recent trend in the pet food industry involves the development of products that are nutritionally enriched and enhance the health of pets. In recent years, the demand for personalized pet food has increased in developed countries, such as the US and Germany. The demand for pet food is expected to grow in developing economies, including India and Brazil, during the forecast period. Pet owners are becoming conscious of the ingredients used in pet food and the brands and companies offering customized pet food products. Customized pet food efficiently addresses the conditions such as dry skin and obesity in pets. Using palatants in pet food, treats, and supplements enhances the taste and ensures that pets receive the required nutrients. Thus, the growing consumer awareness about pet health is bolstering the growth of the palatants market.

Palatants Market Breakdown – by Region

 

Palatants Market Breakdown – by Region

Report : Palatants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Dry and Liquid), Category (Organic and Conventional), and Source (Plant-Derived Palatants, Meat-Derived Palatants, Insect-Derived Palatants, and Others)

Kerry Group Plc, Archer-Daniels Midland Co, AFB International Inc, BHJ AS, Bitek Industries Pty Ltd, Symrise AG, Innov Ad NV/SA, Kemin Industries Inc, Ohly GmbH, and Trilogy Essential Ingredients Inc are among the key players operating in the global palatants market. These companies provide a wide range of products for the market and have a widespread global presence. These market players are highly focused on developing innovative products to serve their customers better.

Impact of COVID-19 Pandemic on Palatants Market

Initially, the COVID-19 pandemic negatively affected the global palatants market growth due to the shutdown of manufacturing units, shortage of labor, disruption of supply chains, and instabilities in financial conditions. The palatants business is a part of the chemicals industry. The economic slowdown caused by the COVID-19 pandemic led to a deceleration of the progress of this industry in 2020, restraining the demand for palatants. However, businesses gained ground in late 2021 with relaxations in previously imposed social restrictions in various countries. The introduction of COVID-19 vaccines and mass vaccination campaigns by governments of different countries further eased situations, creating favorable conditions for business activities worldwide. This led to the revival of the food & beverages and oil & gas industries, triggering the demand for palatants.

The report includes the segmentation of the palatants market as follows:

Based on form, the palatants market is bifurcated into dry and liquid. In terms of category, the market is segmented into organic and conventional. Based on source, the market is divided into plant derived palatants, meat derived palatants, insect derived palatants, and others. By region, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Mexico, and Canada. The market in Europe is segmented into Germany, France, Italy, the UK, and the Rest of Europe. The market in Asia Pacific is segmented into Australia, China, India, Japan, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.

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