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North America Palatants Market Forecast to 2028 - COVID-19 Impact and Regional Analysis -by Form, Category, and Source

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    Report

  • 108 Pages
  • February 2023
  • Region: North America
  • The Insight Partners
  • ID: 5743923
UP TO OFF until Jun 30th 2024
The North Americapalatants market is expected to grow from US$ 457.99 million in 2022 to US$ 663.02 million by 2028. It is estimated to grow at a CAGR of 6.4% from 2022 to 2028.

Rising Popularity of Pet Humanization have Increased the Demand for North America Palatants Market

In recent years, the humanization of pets grew significantly across the region. The shift from pet owning to pet parenting has been a defining trend in the palatants market, especially in developed economies. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 70%, i.e., approximately 90.5 million of the US households, own one or more pets, the majority being dogs and cats. Increasing consumer spending on pet care categories is attributed to the growing trend of pet humanization. Consumers are increasingly spending on premium pet food and products that are healthy, nutritious, and improving living conditions. There is a growing focus on pet health and wellness, sustainable products, eco-friendly, natural and locally-sourced ingredients. Consumers are also investing in special diets and indulgent products, which promise a better quality of life to their pets. The use of palatants in pet food helps improve the taste, flavor, and texture that resemble their original meat food. Thus, the rising popularity of pet humanization have increased the demand for North America palatants market during the forecast period.

North America Palatants Market Overview

North America palatants market is a prominent contributor as it is one of the significant markets for the pet food and animal feed industry. The US is one of the major compound feed markets in North America. This country's animal food manufacturing industry largely relies on the free-trade agreement with Canada and Mexico. In addition to this agreement, the expanding livestock industry is favoring the animal feed market progress in the US. The increasing popularity of pet ownership among people relates to love, companionship, and stress relief. The rising humanization of pets and awareness of the high nutritional benefits of pet food influence consumers' purchasing decisions. According to the National Pet Owners Survey (2021-2022) conducted by the American Pet Food Association, pet ownership increased from ~67% of US households in 2021 to 70% in 2022. Moreover, millennials were revealed to be the largest cohort of pet owners, with a share of 32%, followed closely by baby boomers (27%) and generation X (24%). Increasing awareness about the nutritional requirements of pets among pet owners is making them spend more on healthy pet food products. Key market players in North America are adopting strategic initiatives such as product launches, acquisitions, and partnerships to sustain themselves in the growing market. For instance, in June 2019, Kemin Industries Inc. launched a new line of palatants; PALTEVA Natural Palatants; to address the growing consumer demand for naturally flavoured and safe meat-based palatants. Thus, flourishing animal feed production businesses, increasing demand for pet food with growing pet humanization, and various development strategies adopted by market players are fueling the North America palatants market.

North AmericaPalatants Market Revenue and Forecast to 2028 (US$ Million)

North America Palatants Market Segmentation

The North America palatants market is segmented into form, category, source, and country.
  • Based on form, the North America palatants market is bifurcated intodry and liquid. The dry segment held the larger market share in 2022.
  • Based on category, the North America palatants market is bifurcated into organic and conventional. The conventional segment held the larger market share in 2022.
  • Based on source, the North America palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. The meat derived palatants segment held the larger market share in 2022.
  • Based on country, the North America palatants market is segmentedinto the US, Canada, and Mexico. The US dominated the market share in 2022.
AFB International Inc; Archer-Daniels-Midland Co; BHJ AS; Innov Ad NV/SA; Kemin Industries Inc; Kerry Group Plc; Ohly GmbH; Symrise AG; and Trilogy Essential Ingredients Inc are the leading companies operating in the North America palatants market.

Table of Contents

1. Introduction
1.1 Study Scope
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 North America Palatants Market - By Form
1.3.2 North America Palatants Market - By Category
1.3.3 North America Palatants Market - Source
1.3.4 North America Palatants Market - By Country

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. North America Palatants Market Landscape
4.1 Market Overview
4.2.1 Bargaining Power of Suppliers
4.2.2 Bargaining Power of Buyers
4.2.3 Threat of New Entrants
4.2.4 Intensity of Competitive Rivalry
4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
4.4 Expert Opinions

5. North America Palatants Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Rising Popularity of Pet Humanization
5.1.2 Changing Consumer Perception Regarding Pet Health
5.2 Market Restraints
5.2.1 Stringent Regulatory Framework
5.3 Market Opportunities
5.3.1 Increasing Product Innovation
5.4 Future Trends
5.4.1 Increasing Consumer Preference for Clean Label Products
5.5 Impact Analysis of Drivers and Restraints

6. Palatants - North America Market Analysis
6.1 North America Palatants Market Overview
6.2 North America Palatants Market Forecast and Analysis

7. North America Palatants Market Analysis - By Form
7.1 Overview
7.2 North America Palatants Market, By Form (2021 and 2028)
7.2.1 Dry
7.2.2 Overview
7.2.3 Dry: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)
7.2.4 Liquid
7.2.5 Overview
7.2.6 Liquid: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)

8. North America Palatants Market Analysis - By Category
8.1 Overview
8.2 North America Palatants Market, By Category (2021 and 2028)
8.3 Organic
8.3.1 Overview
8.3.2 Organic: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)
8.4 Conventional
8.4.1 Overview
8.4.2 Conventional: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)

9. North America Palatants Market Analysis - By Source
9.1 Overview
9.2 North America Palatants Market, By Source (2021 and 2028)
9.3 Plant-Derived Palatants
9.3.1 Overview
9.3.2 Plant-Derived Palatants: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)
9.4 Meat-Derived Palatants
9.4.1 Overview
9.4.2 Meat-Derived Palatants: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)
9.5 Insect-Derived Palatants
9.5.1 Overview
9.5.2 Insect-Derived Palatants: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)
9.6 Others
9.6.1 Overview
9.6.2 Others: North America Palatants Market - Revenue and Forecast to 2028 (US$ Mn)

10. North America Palatants Market - Country Analysis
10.1 Overview
10.1.1 North America: North America Palatants Market, by Key Country
10.1.1.1 US: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 US: North America Palatants Market, By Form
10.1.1.1.2 US: North America Palatants Market, by Category
10.1.1.1.3 US: North America Palatants Market, by Source
10.1.1.2 Canada: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Canada: North America Palatants Market, By Form
10.1.1.2.2 Canada: North America Palatants Market, by Category
10.1.1.2.3 Canada: North America Palatants Market, by Source
10.1.1.3 Mexico: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Mexico: North America Palatants Market, By Form
10.1.1.3.2 Mexico: North America Palatants Market, by Category
10.1.1.3.3 Mexico: North America Palatants Market, by Source

11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition

12. Company Profiles
12.1 Kerry Group Plc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Archer-Daniels-Midland Co
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 AFB International Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 BHJ AS
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 Symrise AG
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5
12.5.6 SWOT Analysis
12.5.7 Key Developments
12.6 Innov Ad NV/SA
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Kemin Industries Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Fina
12.7.5 cial Overview
12.7.6 SWOT Analysis
12.7.7 Key Developments
12.8 Ohly GmbH
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Trilogy Essential Ingredients Inc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments

13. Appendix
13.1 About the Publisher
13.2 Glossary of Terms

List of Tables
Table 1 North America Palatants Market Revenue Forecast to 2028 (US$ Mn)
Table 2. North America Palatants Market , By Form - Revenue and Forecast to 2028 (US$ Million)
Table 3. North America Palatants Market , by Category - Revenue and Forecast to 2028 (US$ Million)
Table 4. North America Palatants Market , by Source - Revenue and Forecast to 2028 (US$ Million)
Table 5. US: North America Palatants Market, Form - Revenue and Forecast to 2028 (US$ Million)
Table 6. US: North America Palatants Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 7. US: North America Palatants Market, by Source - Revenue and Forecast to 2028 (US$ Million)
Table 8. Canada: North America Palatants Market, By Form - Revenue and Forecast to 2028 (US$ Million)
Table 9. Canada: North America Palatants Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 10. Canada: North America Palatants Market, by Source - Revenue and Forecast to 2028 (US$ Million)
Table 11. Mexico: North America Palatants Market, By Form - Revenue and Forecast to 2028 (US$ Million)
Table 12. Mexico: North America Palatants Market, by Category - Revenue and Forecast to 2028 (US$ Million)
Table 13. Mexico: North America Palatants Market, by Source - Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, North America Palatants Market

List of Figures
Figure 1. North America Palatants Market Segmentation
Figure 2. North America Palatants Market Segmentation - By Country
Figure 3. North America Palatants Market Overview
Figure 4. Dry segment holds the largest share
Figure 5. US Held Largest Share of North America Palatants Market in 2021
Figure 6. Porter's Five Forces Analysis: North America Palatants Market
Figure 7. Ecosystem: North America Palatants Market
Figure 8. Expert Opinion
Figure 9. North America Palatants Market: Impact Analysis of Drivers and Restraints
Figure 10. North America Palatants Market Forecast and Analysis, 2020-2028 (US$ Mn)
Figure 11. North America Palatants Market Revenue Share, By Form (2021 and 2028)
Figure 12. Dry: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 13. Liquid: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 14. North America Palatants Market Revenue Share, by Category (2021 and 2028)
Figure 15. Organic: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 16. Conventional: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 17. North America Palatants Market Revenue Share, by Source (2021 and 2028)
Figure 18. Plant-Derived Palatants: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 19. Meat-Derived Palatants: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 20. Insect-Derived Palatants: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 21. Others: North America Palatants Market - Revenue and Forecast To 2028 (US$ Mn)
Figure 22. North America Palatants Market, by Key Country - Revenue (2021) (US$ Million)
Figure 23. North America Palatants Market Revenue Share, by Key Country (2021 and 2028)
Figure 24. US: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. Canada: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Mexico: North America Palatants Market - Revenue and Forecast to 2028 (US$ Million)

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • AFB International Inc
  • Archer-Daniels-Midland Co
  • BHJ AS
  • Innov Ad NV/SA
  • Kemin Industries Inc
  • Kerry Group Plc
  • Ohly GmbH
  • Symrise AG
  • Trilogy Essential Ingredients Inc

Table Information