Pet Milk Replacer Market Surges as Pet Ownership Rises, Global Revenue to Cross US$471 Million in 2030
The Pet Milk Replacer Market is Ripe with Opportunities, Driven by Several Notable Trends, Including Rising Demand for Natural and Organic, Growing Pet Humanisation Rates, and Focus on Product Diversification and Innovation.
London, April 03, 2024 (GLOBE NEWSWIRE) -- Global *pet milk replacer market* is witnessing exponential growth, driven by the increasing trend of pet ownership across the globe. According to *Fairfield Market Research*, the market is projected to witness substantial growth in the forecast period, reaching from *US$297.4 Bn (2023) to US$471.3 Bn (2030)*, owing to rising pet adoption rates and a surge in demand for premium pet care products.*Get Sample Copy of Report at: **https://www.fairfieldmarketresearch.com/report/pet-milk-replacer-market/request-sample*
*REPORT SCOPE*
Report Attributes Details
Base Year 2022
Forecast Year 2023 – 2030
Market Size in 2022 US$297.4 Mn
Estimated Market Size in 2030 US$471.3 Mn
CAGR 6.8%
Growth Drivers · Potential Health Advantages
· Inadequate Colostrum Milk Volumes
Segmentation · By Pet Type (Dog, Cat)
· By Form (Powder, Liquid)
· By Distribution Channel (Pet Specialty Stores, Hypermarket/Supermarket, Drug Stores, Veterinary Clinics, Online Retail)
Regional Coverage · North America (US, Canada)
· Europe (Germany, UK, France, Italy, Turkey, Russia, Rest of Europe)
· Asia Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia Pacific)
· Latin America (Brazil, Mexico, Rest of Latin America)
· Middle East & Africa (GCC, South Africa, Rest of Middle East & Africa)
Powdered milk replacers are preferred by pet owners for their convenience, and nutritional value. Witnessing significant growth owing to convenience and faster preparation time, liquid milk replacers are gaining high popularity among pet owners seeking hassle-free feeding solutions.
Cats are emerging as a lucrative segment due to the rising adoption of kittens and growing concerns regarding feline nutrition. Manufacturers are introducing specialised cat milk replacers to cater to the specific dietary needs of cats.
On the other hand, dogs remain the largest consumer segment for pet milk replacers, driven by the increasing trend of dog ownership across regions. Manufacturers are introducing a wide range of dog milk replacers tailored to meet the diverse dietary preferences of dogs.
The report highlights the correlation between the increasing trend of pet adoption and the growing demand for pet milk replacers. With more individuals welcoming pets into their homes, the market for pet milk replacers is poised for substantial growth in the coming years.
The report underscores the growing prominence of online retail channels in the distribution of pet milk replacers. With the rise of e-commerce platforms, pet owners now have greater accessibility to a wide range of pet care products, further fueling market growth.
*For More Industry Insights Read: **https://www.fairfieldmarketresearch.com/report/pet-milk-replacer-market*
*Key Research Insights*
· North America holds the largest market share due to high pet ownership rates, and the increasing expenditure on pet care products.
· Europe has been witnessing significant growth attributed to the growing trend of pet humanisation, and rising demand for premium pet milk replacers.
· Asia Pacific is emerging as a promising market with increasing urbanisation, rising disposable income, and growing awareness regarding pet health and nutrition.
*Insights into Segmentation Analysis*
*Powdered Milk Replacers Surge Ahead of Liquid Counterparts*
The powdered milk replacers segment dominates the market, owing to its longer shelf life and ease of storage.
Powdered milk replacers are preferred by pet owners for their convenience and nutritional value.
Liquid milk replacers are witnessing significant growth, liquid milk replacers are gaining traction due to their convenience and faster preparation time.
*Dogs Continue to be the Most Popular Pet Type*
The report highlights cats as an emerging lucrative segment in the pet milk replacer market.
With the rising adoption of kittens and growing concerns regarding feline nutrition, the demand for cat milk replacers is on the rise.
Dogs remain the largest consumer segment for pet milk replacers, driven by the increasing trend of dog ownership across regions.
Manufacturers are introducing specialised milk replacers tailored to meet the specific dietary needs of dogs.
*Specialty Pet Stores Lead by Distribution Channel*
Specialty pet stores continue to be a popular destination for pet owners seeking high-quality pet care products, including milk replacers.
With the proliferation of eCommerce platforms, online retail channels are witnessing significant growth in the distribution of pet milk replacers.
Supermarkets and hypermarkets serve as convenient one-stop shops for pet owners looking to purchase pet care products, contributing to the sales of milk replacers.
*Key Report Highlights*
· As pet owners become increasingly discerning about the products they purchase for their pets, there has been a noticeable shift towards premium pet care products, including milk replacers.
· Manufacturers are focusing on developing high-quality milk replacers that offer superior nutritional value and cater to specific pet health requirements.
· Brands are investing in R&D to introduce innovative milk replacers that address evolving consumer preferences and pet health concerns. From organic and natural formulations to specialised products for different pet species, the market is witnessing a proliferation of innovative milk replacers.
*Insights into Regional Analysis*
*North America Spearheads Pet Milk Replacer Market*
Prominent pet milk producers such as Royal Canin, Pet Ag, The Hartz Mountain Corporation, Milk Products, Inc., and Manna Pro Products, L.L.C., are predominantly American.
The US serves as the primary supplier to the North American market and holds the position of the world's top exporter of pet milk products.
In terms of revenue generated from pet milk sales, the US leads the way, followed closely by Canada, and Mexico.
North America boasts a large pet population, coupled with high disposable income and a growing trend of pet adoption.
Increasing awareness regarding the health benefits of pet ownership and the prevalence of nuclear households further contribute to market growth prospects.
With these favourable conditions in place, North America is poised to maintain its dominant position in revenue generation within the pet milk replacer market.
*Asia Pacific Emerges as a Promising Market*
The Asia Pacific region, characterised by its vast population and rapid growth, presents significant growth opportunities for pet milk manufacturers.
Unlike North America, Asia Pacific lacks major pet milk producers, creating space for new entrants to capitalize on the market's potential.
Rising pet adoption rates, coupled with increasing consumer awareness of the health benefits associated with pet ownership, are driving market growth in the region.
Factors such as growing disposable income, rapid urbanisation, the prevalence of nuclear families, and a rising pet population are fueling the expansion of the pet milk replacer market in Asia Pacific.
As the region continues to evolve and develop, the demand for high-quality pet care products is expected to soar, presenting lucrative opportunities for industry players.
With the sparsity of significant pet milk producers, Asia Pacific stands as a promising frontier for companies seeking to establish a foothold in the global pet milk replacer market.
*Leading Players in Global Pet Milk Replacer Market*
· Pet Ag, Inc.
· Beaphar, B.V.
· Manna Pro Products, LLC
· Royal Canin
· Venkys
· Liprovit BV
· Hartz
· Breeders' Edge
· Nutreco N.V.
· Drools
· Tu Meke Friend
*Global Pet Milk Replacer Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Pet Type Coverage, By Form Coverage, By Distribution Channel Coverage, By Geographic Coverage and By Company): **https://www.fairfieldmarketresearch.com/report/pet-milk-replacer-market*
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