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Pet Milk Replacers Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet milk replacers products market was valued at USD 1.3 billion in 2022 and is expected to expand at a CAGR of 8.6% from 2023 to 2030. The growing awareness of the nutritional value of pet milk replacers and the need to replace a mother’s milk is driving the market growth. Additionally, the increasing focus on pet health and a growing trend of pet humanization are expected to boost the market growth.
Furthermore, the increasing demand for pet food products with superior quality and nutritional value is driving the demand for pet milk replacers products. Pet owners are increasingly becoming aware of the various benefits of pet milk replacers and are opting for such products. Furthermore, the increasing preference for pet milk replacers as a substitute for a mother’s milk is driving the demand for these products.
Moreover, the growing trend of pet humanization, changing consumer lifestyle, and the increasing demand for premium products are further driving the market growth. Also, the rising demand for pet milk replacers products with higher nutritional value is propelling the market growth. The manufacturers are increasingly focusing on providing products with superior quality and nutritional value. For instance, in October 2021, Royal Canin launched a new range of veterinary diet products for kittens with higher nutritional value.
The pet milk replacers products market is segmented into formula, animal type, product type, and sales channel. On the basis of formula, the market is divided into cow-based, goat-based, and others. On the basis of animal type, the market is segmented into cats, dogs, and others. On the basis of product type, the market is segmented into powder, liquid, and others. On the basis of sales channel, the market is segmented into specialty stores, departmental stores, online stores, and others.
The key players are increasingly focusing on product innovations and expansions to meet the rising demand from customers. For instance, in December 2021, Nestle Purina PetCare launched a new range of pet milk replacers products under the brand name Nature’s Promise. The new product range includes organic, natural, and plant-based products. The company is focusing on expanding its product portfolio to cater to the increasing demand for pet milk replacers products.
Product Insights
The milk replacers segment accounted for the highest revenue share of about 60.1% in 2022. Milk replacers are formulated to provide an adequate nutrition for orphaned and newborn animals and are used when the mother’s milk is unavailable or insufficient. Factors such as rise in pet adoption and increasing awareness regarding the benefits of pet milk replacers among pet owners are driving the growth of the segment. According to an article published by the University of California, in August 2020, around 5-7 million pets were adopted in the United States.
The supplements segment is expected to register the fastest CAGR of 7.4% over the forecast period. The increasing adoption of dietary supplements for pets for boosting immunity, maintaining healthy skin & fur, and improving digestion is driving the growth of the segment. Moreover, the launch of innovative pet supplement products and increasing consumer spending on pet health are some of the other factors driving the growth of the pet milk replacers supplements segment. According to an article published by the University of Florida, in March 2020, around 70% of pet owners spend more than $50 per month on their pet’s health.
Distribution Channel Insights
The pet specialty stores segment is estimated to account for the highest market share of 43.3% in 2022. Pet specialty stores are the most preferred sales channel for pet milk replacers due to the availability of a wide variety of pet food products as well as specialized advice from pet store owners. Additionally, these stores also provide high-end replacement products for pet owners to select from, as well as provide personalized customer service, including advice from store owners and employees.
The online sales channel is projected to grow at the highest CAGR of 13.4% over the forecast period. The online sales channel is witnessing significant growth due to the rising adoption of internet and smartphones. Furthermore, the convenience of online shopping and the availability of numerous discounts and offers on pet food products are further driving the growth of the online sales channel. Moreover, manufacturers are also focusing on expanding their online presence through e-commerce websites and apps to target the millennial population.
Type Insights
The powdered segment held the largest share of the market in 2020, and is expected to remain the largest over the forecast period. This can be attributed to the ease of use, low cost, and longer shelf life of powdered milk replacers. Furthermore, the availability of a wide range of flavors in the powdered form, coupled with the increasing demand for powdered milk replacers from pet owners and breeders, is also boosting the segment’s growth.
The liquid segment is expected to expand at the highest CAGR over the forecast period. This is attributed to the convenience of liquid milk replacers, which is more suitable for puppies and kittens, as well as the ease of mixing with water for consumption. Furthermore, the increasing focus of key manufacturers on the launch of liquid milk replacers is also driving the segment’s growth. For instance, in November 2020, PetAg, Inc. launched a liquid milk replacer for puppies, kittens, and other small animals.
Regional Insights
Europe is expected to be the largest market for pet milk replacers and is anticipated to reach a value of USD 3.4 billion by 2022. The presence of a large pet population in the region is a major factor driving the growth of the market. Moreover, increasing awareness about the importance of proper nutrition of pets and the availability of a wide variety of pet milk replacers for different species are also driving the growth of the market. In April 2021, Nutri-Vet launched its new line of milk replacers for cats, kittens, puppies, and adult dogs in Europe.
Asia Pacific is expected to witness the second-fastest growth during the forecast period. The growth in the region can be attributed to factors such as the rising demand for pet milk replacers due to increasing pet adoption and the rising awareness of pet nutrition among pet owners. Furthermore, the presence of key players in the region is providing an impetus to the growth of the market. For instance, in April 2021, Royal Canin launched its new line of milk replacers for puppies and kittens in the Asia Pacific.
Financial Projections
In this part of the pet milk replacers products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the pet milk replacers products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a pet milk replacers products business comes from the sale of pet milk replacers products to pet owners, veterinary clinics, and pet stores. Here you will find a list with a description of the product categories and other possible sources of profit such as the sale of related products, discounts, and promotional offers.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet milk replacers products business running will be described. The list of operating expenses includes the cost of materials and ingredients, packaging, shipping, wages, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the pet milk replacers market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Royal Canin launched a new range of pet milk replacers for puppies.
– In August 2022, Cargill Inc. launched a new line of plant-based pet milk replacers.
– In October 2022, PetAg Inc. launched a new line of goat milk replacers for kittens and puppies.
Some of the prominent players in the pet milk replacers market include:
– Royal Canin
– Cargill Inc.
– PetAg Inc.
– Mars Inc.
– Purina Animal Nutrition LLC
– Nutrena
– Land O’Lakes Inc.
– American Nutrition Inc.
– Cargill Animal Nutrition
– Vitfoss A/S
Global Pet Milk Replacers Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet milk replacers market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Whole Milk Replacers
– Skim Milk Replacers
– Specialty Milk Replacers
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Pet Stores
– Veterinarians
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Dried
– Liquid
– Powdered
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Major Drivers of the Pet Milk Replacers Market?
[A]: Major drivers of the pet milk replacers market include the growing pet humanization trend, increasing pet adoption, and the growing demand for high-quality pet food. The increasing adoption of pets, particularly among millennials, has increased the demand for pet milk replacers as they are seen as a convenient and safer alternative to traditional pet food. Moreover, the rising health consciousness among pet owners has further driven the demand for pet milk replacers.
[Q]: Who are the Key Players in the Pet Milk Replacers Market?
[A]: Key players in the pet milk replacers market include Royal Canin, PetAg, Similac, The Iams Company, and Nestlé Purina Petcare.
[Q]: What are the Major End-Use Industries for Pet Milk Replacers?
[A]: Major end-use industries for pet milk replacers include pet food, pet healthcare, and veterinary hospitals.
[Q]: What is the Potential of Product Innovation?
[A]: Companies in the pet milk replacers market are focusing on introducing innovative pet milk replacers with improved ingredients to meet the growing demand for high-quality pet food. Product innovations such as the development of new flavors, ingredients, and delivery systems are expected to drive market growth in the near future.
[Q]: Which Region Offers the Largest Opportunity for Sales of Pet Milk Replacers?
[A]: North America is expected to be a lucrative region for the pet milk replacers market owing to the high demand for pet milk replacers in the region. The growing pet adoption trend, rising disposable incomes, and increasing health consciousness among pet owners are the key factors driving market growth in North America.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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