LONDON, Nov. 17, 2021 /PRNewswire/ -- According to
Brandessence Market Research, the global Pet Food market size is
reached USD 89.65 Billion in 2020.
The market is expected to reach USD 118.77
Billion by 2027, growing at 4.1% CAGR during 2020-2027
period. The Global Pet Food Market is expected to grow at a
significant growth rate due to number of driving factors.
Pet Food Market: An Overview
According to the American Medical Veterinary Association, the
over 48 million households owned a dog, while 31 million households
kept a cat as a pet. Moreover, over 3 million also adopted birds as
pets, and nearly 1 million sheltered horses. The statistics from
2018 paint a warm picture of people's close affinity with their
pets, and struggling times like those created by the Covid-19
pandemic has led to more people bringing pets to their homes
recently. Furthermore, there is an increasing diversity in pets,
with even exotic species like snakes, lizards, guinea pigs, among
others becoming more common. As demand for exotic species rises,
unfortunately, also the short-term demand for pet food products to
cater to exotic species like rare birds, rare fishes, among others.
The long-term demand for pet food revolves around the long-life of
conventional pets like cats, dogs, and even horses. The increasing
demand for nutritious, juicy, and enriching food remains key
drivers in this category in the pet food market.
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Pet Food Market: Key Trends
The humanisation of pet food remains a key driver. Pets like
cats, and dogs are known to consumer regular human foods with great
appetite. The food is also widely regarded as safe for consumption,
with seal of trust coming in from their owners. The increasing
adaptability of pets to these foods in relation to their aroma,
ingredients, and appearance remain key drivers of this trend. The
increasing demand for natural and clean-label products with
buzzwords like homemade, seasonal, and clean remain promising
drivers of growth.
It has been widely noted that diseases among animals like
cancers, diabetes, and other chronic illnesses are on the rise.
This trend is similar to their human counterparts, and many
attribute this clearly to changing diet preferences. This has given
tremendous growth to the healthy food diets, with increasing demand
for nutritious ingredients. For example, more and more pet owners
continue to demand kale, raw honey, chia, kelp for themselves. On
the other hand, more nutritious, and organic varieties of meat are
in demand for pets. The increasing demand for healthy foods
primarily is geared to meet most basic needs of pets including
anti-flammatory, skin nutrition, cognitive, and digestive
demands.
Pet industry much like other industries are facing increasing
scrutiny with growing demand for transparency in pet food products.
owners continue to demand - What is really cooking in the stomach
of their pets. This includes growing demand for nutrition. However,
it also relates to how pet food is grown or made, including demand
for more simplicity, transparency in relation to manufacturing
techniques.
The pet food market continues to generate buzz for new proteins
including new niches like insect protein. The protein has gained
tremendous attraction since many pet varieties like birds naturally
show attractions towards eating. Furthermore, these exotic pets are
becoming more common across globally, with increased freedom for
pet owners in emerging regions to own new varieties of pets.
The insect-based pet food varieties promise everything from
cost-effectiveness, innovative nutritious options, to juicy
varieties of pet food.
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Single-servings are increasingly becoming more common choices
among pet owners, due to partially limit the growing weight, and
associated illnesses with obesity with pets. Single-servings also
remain ideal for fussy eating pets like cats, offering them more
variety, and palatability. The growing availability of
single-servings in food shops, and increased cost-effectiveness of
these dishes remain major promise of pet food market.
Limited-Ingredient Diets (LID) in single-servings with attractive
nutrition, and benefits for health remains a key driver of growth
for these products. Single-serving also promise transparency for
owners, with key information about ingredients, and drawing bigger
sales in the process.
Dog food remains a key component of the pet food market.
According to Study, the dog food market size reached USD 55.73 billion in 2020. The dog food market
size is expected to grow at notable 4.17% CAGR during 2020-2027 to
reach USD 73.51 billion in
2027. The large ownership of dogs in regions other than
North America remains a promising
opportunity for growth. For example, Argentina has 9.2 million dog population,
while India has 10.2 million.
Similarly, Japan has 12 million
dog owners, Russia 15 million, and
China has 27.4 million dog owners.
Growing demand for rare, and exotic varieties of dogs like huskies,
Tibetan mastiff, bulldog, Labrador, beagles, among others remain
promising driver of growth for players in the pet food market.
Pet Food Market: Competitive Analysis
The pet food market remains a competitive, fragmented, and
innovative landscape. The relatively small size of pet food market
share by global brands, relatively low barriers to entry, and
growing innovation in new regions remains the key dynamic for
growth. Key pet food trends include growth of nutritious,
enriching, and juicy diets for pets. Furthermore, markets like the
US pet food remains viable for expansion for localized variety of
pets including horses, which require an expensive upkeep, and
promise far more lucrative opportunities than other low-cost
maintenance of traditional pets. The Europe pet food market remains a growing
prospect with increasing demand for pet as a companion after the
coronavirus crisis. The growing need for solace in the company of
pets, and increasing need for social distancing remain key drivers
of growth in the Europe pet food
market. Some key companies in the global pet food market are The
key companies in the global market are Hill's Pet Nutrition, Blue
Buffalo Pet Products, lnc, The J. M. Smucker Company, Diamond Pet
Food, Nutriara Alimentos Ltd., Royal Canin, Del Monte Food lnc.,
WellPet LLC, Nestle Purnia, The Hartz Moutain, General Mills lnc.,
Schell and Kameter lnc., Colgate-Palmolive Company, Mars
Incorporated, PetGuard, Harringtons, Simmon Pet Food lnc. Pllie Pet
lnc., Heristo AG and others
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Pet Food Market Segmentation:
By Type of Animal:
- Dog foods
- Cat foods
- Other pet foods
By Form:
- Dry Pet Food
- Wet Pet Food
- Dog Treats and Mixers
By Distribution Channel:
- Hypermarkets
- Specialized Pet Shops
- Internet Sales
- Others
By Type of Ingredients:
- Animal Derivatives
- Plant Derivatives
- Synthetic
Pet Food Market: Regional Analysis
The pet food market report is divided into key regions including
North America, Europe, Asia
Pacific, Latin America, and
Middle East & Africa. Among these, the North America region shows a major promise for
growth, thanks to large base of pet ownership. The region also
remains home to some of the most unique, and exotic species of pets
including Arabian horses, hedgehogs, sugar gliders, skunks, coati,
among others. The growing demand for nutritious pet food, and
increasing concern about pet associated illnesses remain major new
opportunities for players in the North American region.
The Asia Pacific region
promises the fastest growth for the pet food market during the
forecast period. The increased availability of rare breed of dogs,
and increasing recognition of value of pets in homes promises new
opportunities for growth. The Asia
Pacific region remains home to some of unique species of
dogs including Tibetan Mastiff, among others. The growing demand
for exotic, rare, and royal pets like this specie drives a key
promise of growth in the Asian pet food market.
Reginal Covered in this Report:
North America
Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Sweden
- Netherland
- Turkey
- Switzerland
- Belgium
- Rest of Europe
Asia-Pacific
- South Korea
- Japan
- China
- India
- Australia
- Philippines
- Singapore
- Malaysia
- Thailand
- Indonesia
- Rest Of APAC
Latin America
- Mexico
- Colombia
- Brazil
- Argentina
- Peru
- Rest of South America
Middle East and Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest Of MEA
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