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1、2024Insights ReportAn inside look at the future of pet nutrition2Whats inside:Section 1:Introduction.3Section 2:Category growth.4Section 3:Daily treating.6Section 4:Health and sustainability.9Section 5:Human-like products and services.12Section 6:How ADM can help.143IntroductionPowered by evolving p

2、erceptions of pet ownership across the globe,the pet care industry is poised for continued growth in 2024.Surveys show that a majority of owners consider their pets members of their family,and this societal shift in perspective is expanding across major pet-owning markets.1 Furry family members cont

3、inue to receive preventative care,mental stimulation,and high-quality nutrition on a daily basisand there is no sign that modern pet parents are slowing down.Consumers are also showing their excitement for novel flavors and multi-sensorial experiences in their buying behaviors.Todays pet parent is l

4、ooking for the next big thing in pet care and willing to try new products if they meet their expectations for quality and affordability.When you layer in a focus on health and wellness through functional ingredients,the pet care market is ripe for innovation this year.Read on for more ADM insights t

5、hat can help you achieve success in 2024.Section 1:4Category growthGlobal humanization trends and increasing pet populations continue to drive consistent growth across the pet care industry.The APAC and LATAM regions are in the lead with higher-than-average CAGR compared to the rest of the world.1 I

6、n 2024,pet brands need to globalize and diversify their offerings to remain competitive.Section 2:65%of Millennials plan to acquire a pet by 2025.15As inflation cools,consumers are still looking for the best value in pet products,yet premium products continue to sell,attributed partly to humanizatio