Report : Asia Pacific Palatants Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Form (Dry and Liquid), Category (Organic and Conventional), and Source (Plant Derived Palatants, Meat Derived Palatants, Insect Derived Palatants, and Others)
At 7.3% CAGR, the Asia Pacific Palatants Market is speculated to be worth US$ 389.82 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific palatants market was valued at US$ 255.13 million in 2022 and is expected to reach US$ 389.82 million by 2028, registering a CAGR of 7.3% from 2022 to 2028. Rising popularity of pet humanization and changing consumer perception regarding pet health are the critical factors attributed to the Asia Pacific palatants market expansion.
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. 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 Asia Pacific palatants market during the forecast period.
On the contrary, stringent regulatory framework hampers the Asia Pacific palatants market.
Based on form, the Asia Pacific palatants market is bifurcated into dry and liquid. The dry segment held 63.0% share of Asia Pacific palatants market in 2022, amassing US$ 160.61 million. It is projected to garner US$ 240.33 million by 2028 to expand at 6.9% CAGR during 2022–2028.
Based on category, the Asia Pacific palatants market is bifurcated into organic and conventional. The conventional segment held 73.3% share of Asia Pacific palatants market in 2022, amassing US$ 186.90 million. It is projected to garner US$ 280.08 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on source, the Asia Pacific palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. The meat derived palatants segment held 62.0% share of Asia Pacific palatants market in 2022, amassing US$ 158.13 million. It is projected to garner US$ 239.10 million by 2028 to expand at 7.1% CAGR during 2022–2028.
Based on country, the Asia Pacific palatants market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 35.2% share of Asia Pacific palatants market in 2022. It was assessed at US$ 89.86 million in 2022 and is likely to hit US$ 146.31 million by 2028, exhibiting a CAGR of 8.5% during the forecast period.
Key players dominating the Asia Pacific palatants market are AFB International Inc; Archer-Daniels-Midland Co; BHJ AS; Bitek Industries Pty Ltd; Innov Ad NV/SA; Kemin Industries Inc; Kerry Group Plc; Ohly GmbH; Symrise AG; and Trilogy Essential Ingredients Inc, among others.
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