The global pet food market is anticipated to secure USD 110.53 Bn in 2021. The market is estimated at USD 163 Bn while recording a CAGR of 5% during the forecast period. The growth of the market can be attributed to the increasing pet adoption. The increasing demand for premium pet food and changing strategies by the manufacturers are anticipated to bring a positive influence on the market. Moreover, the surging demand for personalized food products for pets is likely to augment the industry in the coming time. Further, the growing urbanization and pet humanization have motivated pet owners to opt for quality food for their pets, which is augmenting the industry significantly. Also, the growing per capita income of the consumers is encouraging them to make a notable contribution to developing the market. On the contrary, stringent rules associated with pet food are expected to restrain the market in the forecast period. Further, lower demand for premium pet food across developing markets is another cause hindering the market expansion in the assessment period.
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· Based on animal type, the dog segment is projected to be the leading revenue contributor. As per the analysis, the dog segment is expected to garner 59% of the market share during the forecast period. Expansion of the segment can be attributed to the high expenditure associated with dog maintenance. However, in the coming time, the cat segment is anticipated to gain considerable traction owing to its low-maintenance demands.
· Based on product type, dry pet food is expected to lead the market during the forecast period. The growth can be attributed to the higher shelf-life and its affordability. However, the snacks & treats segment is expected to emerge as the lucrative segment in the coming time.
· Based on source, the animal source segment is anticipated to dominate the market during the forecast period. Fish mean, poultry meal, and animal meal are widely used to manufacture cat and dog foods across the globe. However, the growing popularity of plant-based products and vegetarianism among pet owners is expected to fuel demand for plant-sourced pet food in the coming time.
· Based on the distribution channel, the supermarket segment is anticipated to procure the largest market share in the market. The reason can be attributed to the higher preference of consumers for buying products from large retail stores.
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According to the analysis, North America is expected to lead the global market for pet food. The region is anticipated to garner USD 42 Bn during the forecast period. The growth of the region can be attributed to the high pet adoption in the U.S. As per the survey by American Pet Products Associations (APPA), about 85 million U.S. households, which is about 67% of the total U.S. households, own a pet.
APAC is projected to be the fastest-growing region. Expansion of the region can be attributed to the presence of developing economies such as Australia, China, and Japan. The market in China and India is anticipated to surge at a notable growth rate owing to the increasing disposable income and the rising consumer expenditure on pets.
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List of Key Players Covered in the Pet Food Market:
· WellPet LLC (U.S.)
· Heristo AG (Osnabruck
· Diamond Pet Foods (U.S.)
· and the J.M Smucker Company (U.S.)
· among others.
Recent key developments among players are:
· In March 2021, Mars, an eminent pet food provider, invested USD 200 Mn to augment its Royal Canin plant in Lebanon. The company will count on five new corporation lines to double the production capacity.
· In December 2020, Nestle Purina Petcare disclosed to invest of USD 550 Mn to augment its pet food manufacturing facility in Georgia.
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Some Points from Table of Contents of The Pet Food Market:
Chapter 1 Pet Food Market Overview
1.1 Product Overview and Scope of Pet Food
1.2 Pet Food Market Segmentation by Pet Type
1.2.1 Global Production Market Share of Pet Food by Pet Type in 2021
1.3 Pet Food Market Segmentation by Food Type
1.3.1 Pet Food Consumption Market Share by Food Type in 2021
1.3.2 Dry Food
1.3.3 Treats/Snacks Wet/Canned Food
1.4 Pet Food Market Segmentation by Regions
1.4.1 North America
1.4.4 Southeast Asia
1.5 Global Market Size (Value) of Pet Food (2015-2027)
Chapter 2 Global Economic Impact on Pet Food Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global Pet Food Market Competition by Manufacturers
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