The feed flavor and sweetener ingredients global market is expected to grow from $4.27 billion in 2022 to $4.63 billion in 2023 at a compound annual growth rate of 8.4%, according to a recent report.
The feed flavor and sweetener ingredients market is expected to reach $6.15 billion in 2027 at a CAGR of 7.8%.
Asia-Pacific was the largest region in the feed flavor and sweetener ingredients market in 2022, and is expected to be the fastest-growing region in the forecast period.
Market Demand
The increasing demand for pet food is expected to propel the growth of market. Pet food refers to a specialized diet created for domestic animals that meets all their nutritional requirements.
The United States Department of Agriculture reported that in 2022, pet foods worth $304 million were exported from the United States to China, which is a rise of 200% in pet food exports accounting for 50% of the total imports.
