GLOBAL PALATANTS MARKET
Palatant basically means a flavouring substance that makes the food tasty or palatable. The substances that increase palatability includes items such as fat, salt, proteins, yeasts or other added flavours like chicken, beef, or lamb. Increasing the palatability of pet food also involves oxidation, mould control and selection of a good and appropriate flavouring product. It is important to add these substances in the pet food as dogs and cats require eating adequate amounts of the food to meet their calorie and nutrient needs. Therefore, they are likely to enjoy a more palatable item and reject or ignore a less palatable one. Palatability is determined by a number of factors, such as taste, texture in the mouth, smell and visual appearance. Nowadays, there has been an increase in the use of non-traditional meat sources because of allergic reasons. Wet and raw food has a natural smell, whereas, in dry foods, palatability is added through the use of fats and to give it a “meatier” taste. Plant based flavouring sources are also used in increasing palatability of the food by a large number of manufacturers. Owing to the increasing use of pet food by a large number of owners worldwide, the market is anticipated to show a significant growth of 4.5% CAGR during the forecast period.
On the basis of type the market is segmented into organic, conventional, liquid palatants, and dry palatants. On the basis of source, the market is classified into vegetable derived palatants, and meat derived palatants. Based on region, the market is segmented into North America, Europe, Asia Pacific, and Middle East & Africa.
Increasing demand of healthy and palatable food by pet owners across the globe is a major driving factor of the global palatant market. Nutrient rich flavours also help in combating skin allergies & infections and increase the life expectancy of pets. Moreover, growth in the breed, age and size specific products and appealing packaging in smaller, disposable, single-serve containers is likely to attract more customers. The high cost of premium and super premium pet food products and palatants used to manufacture them are a major restraining factor. However, government regulations and increasing awareness to develop ingredients that are produced without the use of pesticides, synthetic fertilizers, hormones or antibiotics is anticipated to create a positive impact in the market growth. This is coupled with the recent developments in the manufacturing technologies. For instance, ETT (Electronic Tongue Technology) by AFB International was a major development which helps in analysing the smell and taste of pet food. Innovations like the formulation of non-GMO, gluten-free, and low-molecular weight pet food products in 2010, and the development of high barrier film applications for pet food packaging in 2019 have added to the revenue growth of the market.
North America is currently dominating, owing to increasing pets and pet food companies in the region. Out of 1,200 global pet food manufacturers, more than 175 are in the U.S., thus enhancing the growth of the palatants market in the region. According to a recent research by APPA (American Pet Products Association), 39% of houses in the U.S. which causes owners to seek pet food with high nutrients and good flavours. Growing urbanization, rise in disposable income, and increasing awareness among the pet owners, Asia pacific is expected to witness a significant increase in the market growth in the upcoming years. As per research, plant based palatant production in Asia Pacific has increased around 13%, where Thailand, China, and Taiwan are primary contributors. Latin America and Europe have experienced a significant market growth of around 15% and 17% in the recent years. These factors result in the increased sales for palatable pet feed, thereby contributing to revenue generation and market growth.
Major players in the market are Kemin Industries (The U.S.), Pancosma S.A. (Switzerland), Alltech Inc. (The U.S.), Nestle S.A. (Switzerland), AFB International (The U.S.), Yingtan Wing Biotechnology Co., Ltd. (China), Darling Ingredients Inc. (The U.S.), Frutarom Group (Israel).
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