SUPPLYCHAIN Sniffing out DELIVERING VALUE new markets Consumers around theworld are starting torethink the humble tinof pet food.The Australian market is alsoexpected to grow from US$2.4billion to US$2.8 billion at 4.6%annually through to 2023. Now, they’re demanding quality,“We wanted to search for high‑value fresh, raw ingredients for theiropportunities for red meat within furry friends, presenting a growingthe pet food market segment,” opportunity for Australia’s red Michael said. meat industry. “This means understanding the Pet food isn’t a new category of usechanging consumer and seeing for red meat, but it’s underrated andopportunities where we can win under‑valued, according to Michaelwith Australian red meat. Lee, MLA Donor Company Manager “Consumers increasingly want to live of High Value Food Frontiers sustainably and they want their pets (pictured below). to do the same. Food waste has a Now’s thetime to reimagine big role to play here.” “ pet food to benefit Australian Michael said there’s no conflict producers,” Michael said. between providing food for humans Aojectprfunded by the MLA and providing food for pets. Donor Company has identified Despite a recognised protein new opportunities for the red shortage and the problem of food meat industry to capture value notwaste, these factors combine to currently capitalised on by localcreate an opportunity to upcycle producers and brand owners. products by blending low‑value “Pet are increasins glyseen as partcuts with food waste to make ofthe family,” Michael said. pet products. “People want their dog or cat to be“Products that don’t qualify as given the best – perhaps eating food‑grade products for human better than they do themselves.”consumption can be used to make pet food products at increased Some pet food costs more than value and in premium formats that $50/kg. the pet owner relates to,” he said. The MLA research found that, “There’s untapped potential in pet globally, the pet food market isfood categories within Australia and projected to reach a value of internationally – we need to now US$128.4 billion by 2024, growinglook at product and business model at a rate of 4.5% from 2019 to 2024.innovations to succeed.” 40