As pet owners continue to pay more attention to the nutrition, health, and color of pets, the demand for pet staple foods has become more diversified. In order to meet these specific needs, products such as natural, grain, low-sensitive foods, and prescription grains have emerged, and their sales have also risen. For example, the most representative US natural grain leader, “Lanjue”, had revenues of US$8.328 billion in 2017 and a CAGR of 20.43% in the past five years. These market segments not only grow faster than the overall staple food market, but also have higher prices and higher prices, so the profits are also more abundant.
With the rise of people's health awareness and the rise of plant-based ingredients, some food giants have applied plant-based ingredients to pet foods. Not long ago, Ingredion Incorporated introduced two plant-derived pet food ingredients: PURITY P 1304 pea starch and VITESSENCE Pulse 1550 pea protein concentrate. The company says the new ingredients provide superior formulation capabilities that help manufacturers meet consumer demand for gluten-free, clean labels and nutrient-rich pet food.
These two plant-based ingredients help pet food manufacturers develop new products that replace other starches and flours and help support optimal protein combinations. They are suitable for a wide range of pet foods, including canned foods, gravy, dry dog food, snacks, biscuits and more. As part of a joint venture agreement with Verdient Foods, Inc. announced in December 2018, these ingredients will be sold by Yiruian.
Patrick Luchsinger, marketing and business development manager at Yiruian, said that today's health and nutrition trends are prompting pet owners to find clean and simple food for themselves and their pets. Piranger P 1304 pea starch and VITESSENCE Pulse 1550 pea protein concentrate for pet food Manufacturers offer two new options, even the most discerning pet owners and pets.
The trend towards pet humanization is driving innovation in pet food and bringing a new generation of pet food and hunting dog snacks to market. According to a recent global pet food packaging report by Mintel, more than half of US consumers say they care about the health/happiness of their pets as much as they care about their families. For the pet food industry, this means that manufacturers have to consider many factors, from functional and health benefits to research behind the ingredients, sustainability and procurement, when developing a differentiation strategy.
These two formulations are said to provide texture and structure, improve the combination of water and fat, and provide thickening and gelling properties in pet foods. PURITY P1304 pea starch helps formulate a better combination of ingredients, while VITESSENCEPulse 1550 pea protein concentrate increases the efficiency of the extrusion and injection molding process.
Promising pet food market
As a just-needed product and the largest fine-molecule market, pet food has broad prospects for development. In 2020, the space is expected to exceed 50 billion yuan. With the high personalization of pets, people pay more attention to the quality of life of pets. Only feeding staple foods will not satisfy pet owners. The ardent hope for improving the quality of life of pets.
The proportion of pet snacks and health care products in pet food consumption will continue to rise, and there will be greater growth potential for pet snacks and insurance products in the future. From the perspective of the supply side, the domestic pet food companies focus on the pet snacks sector, especially the pet food enterprises that are listed on the market and listed on the New Third Board are all pet snacks. In recent years, pet industry venture capital companies have emerged. Pet food companies should focus on horizontal mergers and acquisitions at this stage, and expand their product lines through mergers and acquisitions of production capacity and brands to increase market share.