Pet Food Market: Introduction
A recent study published by Transparency Market Research on the pet foodmarket includes global industry analysis and opportunity assessment for 2019-2029.Revenue generated from the global pet food market is estimated to be valuedat ~US$ 97 Bn in 2019 and is projected to expandat a CAGR of ~6%, to reach US$ 168.3 Bn by 2029.
Organic and Plant-based Food Products Gain Traction
Pet owners, especially those who are vegetarian prefer feedingplant-based or vegan food to their pets. Moreover, pet owners often groom andfeed pets with food that has adequate amount of nutrients in them. Consumershave become more conscious than before about their pet food and ingredientsincorporated in them. Natural and organic options are becoming popular. Petowners often look for similar attributes in pet food. Customers expect pet foodto be made without artificial colors, preservatives or flavors, synthetichormones, toxic pesticides or antibiotics.
In order to capitalize on prevailing trends, manufacturers are launchinga wide range of organic as well as natural food products. For instance, thecompany, Kroger, offers all-natural pet food, which is protein-rich and hasvegetable content.
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High Demand for Clean Label Products to CreateOpportunities
Growing empathy toward a pet is fueling the demand for premium pet careproducts. Along with this, increasing focus on health and wellness of pets isone of the primary reasons encouraging pet owners to spend more on pet care,which, in turn, is fueling the demand for pet food across the globe. The cleanlabel movement is a result of consumer demand for transparency. The main aim ofthe clean label movement is to maintain transparency of food and feed productsamong consumers. Increasing awareness about pet food and nutrition have boostedthe market for clean label products. These days, pet owners have become moreconscious about what they are buying for their pets. Due to this, the demandfor clean label products is increasing around the world.
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Presence of Online Giants Boosts Private Label
Rising penetration of e-Commerce websites is boosting the pet foodmarket. The expansion of electronic media is proving beneficial for pet foodsales. e-Commerce provides a very wide range of products on the same platform.With the help of e-Commerce, a product can be easily delivered to a costumer.Thus, manufacturers should expand their global business via e-Commerce.
For Instance-
· In 2108, Amazon, aiding to its e-Commerce section, launcheda private label of pet food called Wag, which is especially available forAmazon Prime subscribers. It is gaining traction among customers in the U.S.
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Pet Food Products with HALAL and KOSHERCertifications to Witness High Demand
Quality certification is expected to soar high in the competitive petfood market. Quality certification plays significant role, as it ascertainsquality and quantity of the product offered. Quality certifications help inmaintaining the grade of the food. Therefore, consumers easily trust products,which are approved by regulatory bodies, such as GFSI, ISO, FSSAI, FDA,HALAL, and KOSHER. These certifications ensure productquality through certain laboratory tests. HALAL and KOSHER certificationsare especially for particular communities, ensuring that the certified beef orpork-related products are fit for consumption as per their ethical laws.
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Transparency Market Research (TMR) is a global market intelligencecompany providing business information reports and services. The company’sexclusive blend of quantitative forecasting and trend analysis providesforward-looking insights to thousands of decision makers. TMR’s experiencedteam of analysts, researchers, and consultants use proprietary data sources andvarious tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team ofresearch experts so that it always reflects the latest trends and information.With extensive research and analysis capabilities, Transparency Market Researchemploys rigorous primary and secondary research techniques to developdistinctive data sets and research material for business reports.
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