Future Market Insights’ (FMI’s) study has projected the quillaia extract market to reach a valuation of 11.9 Mn in 2021. Rising focus on including natural ingredients in pet food will create opportunities for growth between 2021 and 2031.
The global pet population is rising drastically year on year. According to the Pet Food Manufacturers Association (PFMA), more than 20% of all families in the United States became pet owner in Europe during the COVID-19 crisis.
Increasing pet population is elevating the demand for pet food. Therefore, the growth in global pet population will fuel the demand for quillaia extract for application in pet food over the forecast period.
Consumers are becoming increasingly conscious about sources and quality of animal food products. Subsequently, use of quillaia extract in pet food applications is showing persistent growth.
Strengthening partnerships in high growth regions, product innovation due to increasing consumer demand for healthy, and the demand for nutritious food items for pets are factors boosting demand.
Consumers are ready to pay a high amount for safe, organic, natural, innovative, and premium food ingredients. As of 2020, approximately 35% of the global population lives in urban areas, and this number is expected to cross 65% of the global population by 2050.
Owing to better employment prospects, migration of working populations to tier-I cities is further expected to bolster urbanization trends across the globe. Urbanization drives changes in individual lifestyles and influences the perspective of pet parenting.
These trends will create attractive opportunities for the growth of the market in the coming years.
Key Takeaways from Quillaia Extract Market Study
- The quillaia extract market is projected to rise at 4.5% CAGR in the forecast period, driven by applications in the animal feed and pet food industries.
- The North America quillaia extract market is estimated to be valued at more than US$ 3.7 Mn in the year 2021 driven by pet humanization trends in the U.S.
- Dry food applications of quillaia extract accounts for more than 35% of the market, while frozen products reflect a higher CAGR of over 5%.
- France, followed by Germany are the leading markets in Europe, cumulatively accounting for close to a fourth of the European market share.
- Brazil and Mexico are exhibiting steady growth in demand for quillaia extract in Latin America.
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“Companies operating in the market are increasingly focusing on strategic collaborations. Besides this, there is ample focus on expanding online presence in order to gain competitive edge,” said a lead analyst at FMI
Clean Label and Ingredient Transparency Trends Drive Demand
Transparency is a major influencing factor in the food processing market regardless of products intended for human or animal consumption. Clean label ingredient information influences health-conscious consumers. Moreover, it also influences consumer purchase patterns. Quillaia extracts are naturally obtained with rich nutritional benefits to pets. Therefore, food manufacturers are increasingly incorporating these ingredients in final products.
Demand for Quality Dietary Supplements
Growing concern about pet health and wellbeing among consumers has inspired companies to incorporate new, high-quality ingredients to complement their pet food offerings. Moreover, companies are engaged in promoting their pet food products with the addition of healthy, active ingredients in pet food. Quillaia extracts are rich in polyphenols, which helps to maintain pet health. Therefore, the demand for these ingredients is likely to increase steadily in the market.
Who is winning?
Some of the key players operating in quillaia extract market are the Baja Yucca Company, Plantae Labs, Naturex Group, A & Z Group Co. Ltd, Vyomchem Specialities, Unicorn Colors, and Desert King. Garuda International Inc., Ingredion Incorporated, Shaanxi Pioneer Biotech Co., Ltd. and others.
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Factors for key players to increase support business prospects, is the rising demand from developing countries for quillaia extract as well as a rise in disposable income levels of population in developing countries. This will contribute to long-term growth of these manufacturers.
Get Valuable Insights into Quillaia Extract Market
Future Market Insights, in its new offering, provides an unbiased analysis of the Quillaia Extract in pet food application, presenting historical demand data (2016-2020) and forecast statistics for the period from (2021-2031). The study divulges compelling insights on the Quillaia Extract market based on Animal Type (Cat, Dog, Birds, Horses, Rabbits), Product type (Wet food, Dry food, Treats and chews and Frozen) and major regions (North America, Latin America, Europe, and Asia Pacific).
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.