Report : South & Central America 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 2.4% CAGR, the South & Central America Palatants Market is speculated to be worth US$ 132.33 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the South & Central America palatants market was valued at US$ 114.99 million in 2022 and is expected to reach US$ 132.33 million by 2028, registering a CAGR of 2.4% from 2022 to 2028. Rising popularity of pet humanization and changing consumer perception regarding pet health are the critical factors attributed to the South & Central America 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 South & Central America palatants market during the forecast period.
On the contrary, stringent regulatory framework hampers the South & Central America palatants market.
Based on form, the South & Central America palatants market is bifurcated into dry and liquid. The dry segment held 64.7% share of South & Central America palatants market in 2022, amassing US$ 74.37 million. It is projected to garner US$ 84.05 million by 2028 to expand at 2.1% CAGR during 2022–2028.
Based on category, the South & Central America palatants market is bifurcated into organic and conventional. The conventional segment held 81.1% share of South & Central America palatants market in 2022, amassing US$ 93.29 million. It is projected to garner US$ 105.92 million by 2028 to expand at 2.1% CAGR during 2022–2028.
Based on source, the South & Central America palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. The meat derived palatants segment held 65.3% share of South & Central America palatants market in 2022, amassing US$ 75.12 million. It is projected to garner US$ 85.43 million by 2028 to expand at 2.2% CAGR during 2022–2028.
Based on country, the South & Central America palatants market has been categorized into Brazil, Argentina, and the Rest of South & Central America. Our regional analysis states that Brazil captured 45.2% share of South & Central America palatants market in 2022. It was assessed at US$ 52.01 million in 2022 and is likely to hit US$ 62.10 million by 2028, exhibiting a CAGR of 3.0% during the forecast period.
Key players dominating the South & Central America palatants market are AFB International Inc; Archer-Daniels-Midland Co; BHJ AS; Innov Ad NV/SA; Kemin Industries Inc; Kerry Group Plc; Ohly GmbH; and Symrise AG, among others.
- In 2022; Ingredient supplier Symrise AG announced that it would be combining and rebranding its ADF, IsoNova, Schaffelaarbos and Diana Pet Food brands under one division. The four companies formerly named Diana Pet Food, ADF, IsoNova and Schaffelaarbos are joining forces in a single division. The organizational unit will carry the name of Symrise Pet Food. This division will address the pet food market, designed to provide pet food manufacturers with solutions to support their products.
- In 2022; Kemin Nutrisurance, the pet food and rendering segment of Kemin Industries, announced a new line of palatants for use in wet cat food: PALIVATE. Kemin’s new PALIVATE palatants are designed to increase the palatability of wet formulas while minimizing negative effects to a formula’s overall integrity.
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