Quillaja Extract Market Set to Grow at 4.5% CAGR by 2031
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.
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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.
Quillaja Extract Market Outlook 2016-2020 Compared to 2021-2031 Forecast
According to FMI’s analysis, quillaja extract has grown at 3.3% CAGR between 2016 and 2020. Demand for immunity boosting ingredients in pet food is driving demand. Quillaja extract is used as an odor removal additive and supports immunity enhancement in pet food manufacturing processes.
The Pet Food Manufacturers Association says that more than 54% of pet owners are influenced by natural and organic ingredient claims on pet food offerings. Therefore, clean label and natural ingredient trends elevate the demand for quillaja extract. Prominent players in the industry are involved in merger and acquisition activities. Moreover, these manufacturers are investing in increasing production capacity.
Manufacturers are increasingly focused on the creation of pet food products that are environment friendly. Thus, in recent years, investments into exploring previously unexplored ingredients are gaining from the demand for nutritional and plant-based ingredients thereby propelling growth of quillaja extract market.
Increasing pet owner’s awareness about food safety has been driving the consumption of essential ingredients, which are critical for regulating body metabolism and digestion. With the emergence of the clean label movement, the demand for natural and nutritional food products for pets have soared.
The inclusion of quality, healthy food items for pets across multiple product ranges will prove important in the near future. Extensive scientific research and studies have catapulted the status of quillaja and its derivatives as healthy and natural alternatives to the synthetic products that are available in the market.
As pets are increasingly at risk from high cholesterol levels and hyperlipidemia, the incorporation of quillaja extract in pet foods helps in combating these diseases. FMI expects the global quillaja extract demand assessment to grow at 4.5% CAGR during 2021- 2031.
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Quillaja Extract Market : Keyplayers
Some of the leading companies operating in the market are:
- Baja Yucca Company
- Plantae Labs
- Naturex Group
- A & Z Group Co. Ltd,
- Vyomchem Specialities,
- Unicorn Colors,
- Desert King.
- Garuda International Inc.,
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.
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Key Questions Answered in Quillaja Extract Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Quillaja Extract Market and How to Navigate
- Recommendation on Key Winning Strategies
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