According to a new report the value of the pet food ingredients market is set to increase from $34.96bn (£26.9bn) to $45.44bn (£33.3bn) by 2023, running at a CAGR of 5.4%.
The report by revenue intelligence company MarketsandMarkets says that a higher population of pets and “pet humanisation” is contributing to the rapid growth of the market.
In 2017 the meat and meat product segment accounted for the largest share of the market according to the report.
Among pets, the dog food segment accounted for the largest market share with the growing demand for dog food in developing countries such as China responsible, along with the European premiumisation trend.
Dry pet food remains the most popular of the two forms of dog food among consumers.
The report comes as an Australian dog food company has been forced to pay for the euthanisation of dogs made ill by their food, as well as Sainsbury’s recalling a number of pet food pouches.