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)
Publication Month: Dec 2022 | Report Code: TIPRE00008740 | No. of Pages: 161 | Category: Food and Beverages | Status: Published
The palatants market is projected to reach US$ 1,871.24 million by 2028 from US$ 1,296.57 million in 2022. It is expected to grow at a CAGR of 6.3% during 2022–2028.
Palatants enhance the taste of cat and dog foods, supplements, and treats. They ensure the consumption of food by the pets, thus, facilitating the adequate reception of nutrients contained in food. Pet food is expected to have an appealing taste. Pet food manufacturers provide distinct pet foods considering the demand from pet customers. Rising disposable income and growing awareness regarding pet food have further created opportunities for the major market players to develop innovative pet food products. The pet food manufacturers aim to formulate products that resonate with the buyers’ beliefs, as well as ensure the pets’ enthusiasm for their respective pet food.
In 2021, North America held a significant share of the global palatants market. Asia Pacific is estimated to register the highest CAGR in the market during the forecast period. The market in Asia Pacific is further segmented into China, India, Australia, Japan, and the Rest of Asia Pacific. Many small and large-scale pet food manufacturing companies have a presence in India, China, and Japan. The pet food manufacturing sector in Asia Pacific is rapidly adopting state-of-the-art technologies and processes, which are considered innovation accelerators. All these factors contribute to the palatants market growth in the region.
Strategic Insights
Impact of COVID-19 Pandemic on Palatants Market
During the COVID-19 outbreak, the shutdown of manufacturing units in industries such as pet care and nutrition led to a decline in demand for palatants. During the initial stages of the COVID-19 pandemic, palatants manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased the previously imposed restrictions. Moreover, the food & beverages, pet care and nutrition sectors witnessed a growth in demand for their offerings post-pandemic recovery.
Palatants Market Breakdown – by Region, 2021
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Market Insights
Shift in Consumer Perception Regarding Pet Health Boosts Palatants Market
Palatants are the ingredients responsible for enhancing the flavors and palatability of the pet food. The increase in pet ownerships globally has led to 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. The recent trend in the pet food industry involves development of products that are nutritionally enriched and enhance the health of animals such as poultry, swine, and livestock. The demand for personalized pet food and animal feed has increased in developed countries such as the US, and Germany, in recent years. The pet owners are becoming conscious about the ingredients used in the pet food as well as the brands and companies offering customized pet food products. Customized pet food efficiently addresses the conditions such as dry skin and obesity in pets. The usage of palatants in pet food, treats, and supplements enhance the taste, thereby ensuring that pets receive the required vital nutrients. Thus, the growing consumer perception toward pet health is bolstering the growth of the palatants market.
Category Insights
Based on form, the palatants market is segmented into dry and liquid. In 2021, the dry segment accounted for the largest revenue share. The liquid segment is expected to register the highest CAGR during the forecast period.
Palatants Market, by Form – 2021 and 2028
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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 players operating in the market. These companies have broad product portfolios to cater to their clientele from different developed and developing countries. They also focus on developing high-quality, innovative products to meet customer requirements.
Report Spotlights
- Progressive industry trends in the market to help players develop effective long-term strategies
- Business growth strategies adopted by companies to secure growth in developed and developing markets
- Quantitative analysis of the palatants market size from 2020 to 2028
- Estimation of global demand for palatants
- Porter’s five forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
- Recent developments to understand the competitive market scenario
- Market trends and outlook and factors driving and restraining the growth of the palatants market
- Assistance in the decision-making process by highlighting market strategies that underpin commercial interest
- The size of the palatants market at various nodes
- Detailed market overview and segmentation, and the palatants industry dynamics
- Palatants market size in various regions with promising growth opportunities
The "Palatants Market Analysis to 2028" is a specialized and in-depth study of the food & beverages industry with a special focus on trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market has been analyzed on the basis of form, category, source, and geography. Based on form, the market is segmented into dry and liquid. Based on category, the market is segmented into organic, and conventional. Based on source, the market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. Based on geography, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Company Profiles
- 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
- Trilogy Essential Ingredients Inc
Frequently Asked Questions
The List of Companies - Palatants Market
- 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
- Trilogy Essential Ingredients Inc
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Global palatants market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the Global palatants market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the palatants market as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution
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