Pet Food Ingredients Market to be Worth $55.89 Billion by 2030

Pet Food Ingredients Market is expected to reach $55.89 billion by 2030, at a CAGR of 7.3%, during the forecast period of 2023 to 2030. The growth of this market is driven by the rising pet population coupled with increasing pet food expenditure, rising demand for premium pet foods, and a rise in focus on pet health and wellness. Additionally, the increasing availability and growing acceptance of novel pet food ingredients and the rising number of pet D2C brands and start-ups offer significant growth opportunities for pet food ingredient manufacturers. However, stringent regulatory structures and fluctuating raw material prices restrain the market’s growth.