The global pet food market size is expected to reach USD127.21 billion by 2027, exhibiting a CAGR of 4.60% duringthe forecast period. In 2019, the market value stood at USD 90.13billion. The demand for high-quality and organic foods for pets isbeing driven by owners' concerns about their pets' health and boosting thismarket, shares Fortune Business Insights™ in its report,titled “Pet Food Market, 2020-2027”.
Pet owners treat their animals as family members and are willingto invest in the highest-quality pet products and services. As a result, theyare steadily turning towards organic and natural foods to feed their "furbabies." In response, many companies have been developing novel foodproducts to cater to this evolving trend.
For example, the pet food company Castor and Pollux has built theOrganix line of nutritious canned and dry foods for dogs and cats.Netherlands-based Yarrah has gained fame for selling organic animal foods andhas secured the European green leaf label for its brands. These premium foodscontain higher quality ingredients than the other economy or generic pet foodsand are free of artificial colors, textures, antibiotics, synthetic hormones,poisonous pesticides, and preservatives. The advent of organic ingredients inthe animal feed industry is thus slated to accelerate the growth of this marketin the forthcoming years.
COVID-19 Impact:
The unpredictable circumstances created by the COVID-19 pandemichave significantly affected the pet food market growth. COVID-19 has harmedsupply chains. The animal food industry initially suffered in terms of supplyand cash flow issues due to restrictions on the movement of raw materials. Onthe other hand, the demand for these foods has grown steadily in many parts ofthe world as people have adopted more pets in response to an increasing needfor companionship during the lockdown.
Segments:
By type, the market is segmented into dogs, cats, and other pets.Based on form, the market is categorized into dry food, wet food, and dogtreats & mixers. On the basis of application, the market is segregated intosupermarkets, specialized pet shops, and internet sales. By geography, themarket is segmented into North America, Europe, Asia Pacific, South America,and the Middle East & Africa.
Report Highlights
The report contains detailed insights into the drivers, trends,and restraints shaping the market. In addition, the report incorporates anin-depth evaluation of the all the market segments, as well as provides aprecise computation of relevant market figures and values. Lastly, the reportoffers a comprehensive analysis of the regional dynamics and competitive milieuof the market.
Drivers & Restraints:
Rising Pet Ownership in Developed Countries to Fuel Market Growth
Pet humanization has recently gained a lot of coverage in massmedia around the world. In the pet food industry, the change from pet-owning topet-parenting has been a critical and defining trend, especially in developedcountries, where the ownership of pets is rising. According to the National PetOwners Survey undertaken by the American Pet Products Association in 2019-20,more than 85 million households in the United States had one or more pets, mostof which were dogs. Further, consumers' desire to spend more on pet nutritionis influenced by the growing bond between pet owners and their pets. The drivetoward pet humanization has thus resulted in a rise in health consciousness anda preference for food free of sugar, grain, dye, and other chemical additives.As a result, the pet food industry is expected to grow as pets become morehumanized.
Regional Insights:
North America to Emerge as the Fastest Growing Market for Pet Food
Increasing pet humanization, the introduction of private labelstores, and growing urbanization followed by rising disposable incomes are someof the significant driving factors aiding the top position of North America inthe pet food market share. Additionally, as local producers increase theirpresence in the domestic market, locally sourced and ethically developednutritional products for pets are propelling the regional market. In 2019, theNorth America market size stood at USD 35.78 billion.
In the global market, Asia Pacific is projected to rise at thefastest pace. Economies such as Australia, Japan, and China are big revenuegenerators in the region. Japan, in fact, is one of the world's top importersof ready-to-eat dog and cat food.
Competitive Landscape:
Manufacturers to Increase Capital Investments for Equipment andMachinery
The installation of various types of machinery and equipment bypet food producers necessitates significant capital investments. This equipmentnot only has high installation costs but it also needs to be maintainedregularly, which is an extra expense. Thus, equipment rentals, contractmanufacturing, and other associated facilities are among the morecost-effective solutions considered by these manufacturers.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
