Palatants Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Form (Dry and Liquid), Category (Organic and Conventional), and Source (Plant-Derived Palatants, Meat-Derived Palatants, Insect-Derived Palatants, and Others)

The scope of our recent study, titled ""Palatants Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Form (Dry and Liquid), Category (Organic and Conventional), Source (Plant Derived Palatants, Meat Derived Palatants, Insect Derived Palatants, and Others), and Geography,"" includes factors fueling the palatants market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.

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The palatants market is projected to reach US$ 1,871.24 million by 2028 from US$ 1,296.57 million in 2022. It is expected to grow at a CAGR of 6.3% during 2022-2028. The market has witnessed a shift in consumer behavior along with innovative product development. Consumers are growing increasingly aware of the products used and consumed by their pets. Palatants are developed or formulated for pet food to enhance its palatability. It helps ensure the pets consume the essential nutrition though their meals These factors are responsible for driving the sales of palatants.

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Different types of animals require different pet food according to their nutritional requirement. Therefore, many players are now fulfilling various demands of different animals through separate products. Key players are now focusing on individual species of animals, such as cats, dogs, and birds, and launching products accordingly by adding specific nutrients and palatants, resulting in greater consumer acquisition.

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Based on form, the global palatants market is bifurcated into dry and liquid. In 2021, the dry segment accounted for a larger revenue share, and the liquid segment is expected to record a higher CAGR during the forecast period. The global palatants market is segmented into five main regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2021, North America accounted for the largest share of the market. According to the American Pet Products Association 2021-2022 National Pet Owners Survey, 70% of US households own pets. The rising pet ownership among the population in the US and increasing awareness about pet food containing high nutrients and palatants is expected to boost the palatants market growth. Palatants are used to coat pet food and animal feed, and are known to enhance palatability, thus, affecting the sensorial behaviors of pets and increasing feed consumption. Moreover, the US is home to more than 175 pet food manufacturers. These factors are projected to drive the palatants market in the region.

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Impact of COVID-19 Pandemic on Palatants Market

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During the COVID-19 outbreak, the shutdown of manufacturing units in industries such as pet care, and nutrition led to a decline in demand for palatants. During the initial stages of the COVID-19 pandemic, palatant manufacturers were forced to scale back or halt production temporarily. However, businesses gained ground as the governments of various countries eased the previously imposed restrictions. Moreover, the food & beverages, and pet care sectors witnessed a growth in demand for their offerings post-lockdowns.

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1.1.1 Palatants Market Breakdown - by Region

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The report includes the segmentation of the global palatants market as follows:

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Based on form, the palatants market is segmented into dry and liquid. In terms of category, the market is bifurcated into organic and conventional. Based on source, the palatants market is segmented into plant derived palatants, meat derived palatants, insect derived palatants, and others. By region, the palatants market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The market in North America is further segmented into the US, Mexico, and Canada. The palatants market in Europe is segmented into Germany, France, Italy, the UK, and the Rest of Europe. The market in Asia Pacific is segmented into Australia, China, India, Japan, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA. The palatants market in South & Central America is segmented into Brazil, Argentina, and the Rest of South & Central America.

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