The global pet foodmarket is anticipated to gain impetus from the ever-increasingdemand for natural and premium products. Besides, the governments of severalcountries are emphasizing on the usage of natural, healthy, and safeingredients in pet food products. They are also enabling more transparency inselling such products. Fortune Business Insights™ providesthis information in a recent report, titled, “Pet Food Market Size, Share& Industry Analysis, By Animal Type (Dogs, Cats, and Others), Form (Dry PetFood, Wet Pet Food, and Snacks & Treats), Distribution Channel(Supermarkets/ Hypermarkets, Specialty Pet Food Stores, Online Channels, andOthers), and Regional Forecast, 2020 – 2027.” The report furthermentions that the pet food market size stood at USD 90.13 billion in2019 and is projected to reach USD 127.21 billion by 2027,thereby exhibiting a CAGR of 4.60% during the forecast period (2020-2027).
The outbreak of COVID-19 has beenaffecting several industries since the past few months. Owing to the stringentpreventive measures, such as lockdown, the production and manufacturing ofgoods have come to a standstill. However, we will be able to pass thisdifficult phase with time and patience. With the growing support from theregulatory bodies and other similar agencies, the highly impacted industriesare slowly able to move towards success. Our research reports offer extensiveanalysis of the effects of this pandemic on various industries.
Drivers & Restraints-
Manufacturers Begin Production by Adhering to Social Distancing Amidst Covid-19
Since the past few years, industrygiants, such as Mars Inc., Nestle, and The J.M. Smucker have been introducingpremium these food products in the market to grab the attention of moreconsumers. They have also been striving to address the urgent needs of therising number of pets. Prominent manufacturers are mainly aiming to address therequirements of various types of animals belonging to numerous age groups andbreeds. To do so, they are launching wide range of products. Nestle PurinaPetCare, for instance, unveiled its premium range of dog food named Supercoat,in India in 2018. These factors are expected to propel market growth in thenear future.
However, the emergence of theCOVID-19 pandemic has forced the ruling bodies to implement preventivemeasures, such as complete lockdowns across the globe. This pandemic is alsoaffecting the global economy severely. The pet food market is not an exception.Owing to the sudden halt in production, the market is likely to exhibitreduction in manufacturing and packaging of products. But, many manufacturershave begun production processes by following the governmental guidelines, suchas social distancing, to fulfil the demand from the pet owners.
Segment-
Dog Segment to Dominate Owing toTheir Rising Adoption Worldwide
In terms of animal type, the marketis segmented into cats, dogs, and others. Out of these, the dogs segment held57.35% pet food market share in 2019 and is set to dominate throughout theforecast period. This growth is attributable to the increasing adoption of dogsas pets worldwide. In addition to this, the rising expenditure associated withthe well-being and maintenance of dogs is anticipated to augment the demand forpremium quality and natural food. Numerous companies are also unveiling newnutrition-rich dog food products. These factors would drive the growth of thissegment.
Regional Analysis-
Rising Pet Humanization to DriveGrowth in North America
In 2019, North America generated USD35.78 billion in terms of revenue and is set to lead the market in the nearfuture. This is expected to occur because of the presence of several industrygiants, such as Nestle and Mars Incorporated in this region. Additionally, themasses in this region are rapidly shifting towards humanization of pets and itis resulting in their rising adoption. The American Pet Products Association(APPA) mentioned that approximately 85 million households in the U.S. own apet. It accounts for 67% of the total households. This factor is causing themanufacturers to produce new nutritious food products.
Asia Pacific, on the other hand, islikely to be the fastest-growing region followed by South America. China,Australia, and Japan are considered to be the main contributors to marketgrowth. India and China would grow significantly backed by the risinginvestments by key companies in launching new products. Also, the increasingexpenditure of customers on nutritious food products for their pets wouldaccelerate growth in these countries. Japan is considered to be a primeimporter of cat and dog food products worldwide.
Gain More Insights into the Pet Food Market Research Report:
https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
