Pet Food Market Scope:
Market Research Future (MRFR) studied the global pet food market 2022 for the analysis tenure till 2030. As per MRFR study, the global pet food market is expected to rise at 6.10% CAGR and earn revenue of USD 13,8421.9 Million by 2030.
Pet Food Market Drivers and Restrain:
The rapid expansion of the Pet Food Market can be attributed to the escalation in pet expenditure. The substantial rise in expense on proper food for pet owing to the growing concern can prompt the expansion of the pet food market in the years to come. The inclination of pet owner from common products to organic pet food ingredients is also expected to support the upsurge of pet food market. The rise in acceptance of insect-based protein and different type of oil for pets can favour the market upsurge. The surge in awareness among consumers about different digestive disorders, high energy level, healthier lifestyle, longer lifespan for pets, and healthy weight can support expansion of the pet food market in the assessment period. Moreover, launch of innovation in solutions and products for different marketing strategies to boost the popularity of pet food by several key players can support the pet food market over the analysis term. The availability of high-quality pet food and its increasing acceptance on a global scale due to surge in health concerns about pets among consumers can favor the market. The increase in awareness among different consumers regarding nutrition need and health benefits of these products can improve the impetus of the global pet food industry.
Pet Food Market Key Players:
Mars Inc. (US), InVivo NSA (US), The J.M. Smucker Company (US), Tiernahrung Deuerer Gmbh (Germany), Yamahisa Pet Care (Japan), WellPet LLC (US), Petsworld, Inc. (India), Blue Buffalo Company, Ltd. (US), Nestlé Purina PetCare Company (US), Diamond Pet Foods (US), Heristo AG (Germany), Gott Pet Products (Charlee Bear Products) (US), and International Pet Food Company Limited (Thailand) are some reputed companies in the pet food market.
Pet Food Market Segmental Analysis:
The segment study of the global pet food market is based on pet type, distribution channel, and product type.
The pet type-based segments of the global pet food market are fish, cat, and dog among others. The segment of dog can hold the highest share of the global market that is expected to support the market rise soon. The segment of fish is expected to garner high revenue for the pet food market.
The type-based segments of the pet food market are dry food, snacks and treats, and wet food among others. The segment of dry food can hold the largest share of the global pet food market in the study tenure. The wet food segment is likely to exhibit the highest CAGR in the evaluation term.
The distribution channel-based segments of the global pet food industry are store-based and non-store-based. The store-based segment studies supermarkets and hypermarkets, along with specialty stores and others. The non-store-based segment can garner decent revenue by 2024.
Recent Developments:
The target audience that belongs to various parts of the APAC region like India, Japan, and South Korea, is showing a great rise in health awareness and consciousness. Also, this trend is giving a steep rise to the demand for different kinds of pet food options in the Pet Food Market as it has a high degree of resemblance to pets in terms of its formation, texture, color, alongside taste of the product. There has been a rise in health awareness amongst consumers who are pet parents that can show better results with the availability of a variety of food items.
The European pet manufacturers and producers are contributing a large sum of investment to conduct the research and development activities and are on the way to introducing variation in the availability of pet food products. The main idea behind this increased investment in the Pet Food Market products is to expand the availability of the product portfolio and hence, increase the existing qualitative customer base.
Pet food products and items are witnessing a major momentum in the form of snacks and beverages that is likely to experience steady growth and kickstart its demand amongst the worldwide audience that will improvise both food items and health awareness amongst the target audience during the forecast period.
Regional Analysis:
In North America, the US is expected to rise at high pace owing to the growing demand for premium pet food. The cost-effectiveness and increase in awareness about different types of effective food among pet owners can improve the regional market surge. Pet owners are already shopping for the maximum amount pet food as they need, therefore volume sales will no longer be relied on for important growth. Instead, growth is returning from the drive pet homeowners must be compelled to provide their pets the best. within the US, over maybe any other country within the world, humans are treating their pets like members of the family and are willing to pay thereupon plan in mind. Premium pet food sales still grow once different segments, notably economy sales, are resulting in decline in the market growth.
In the region of Asia Pacific, the market of Cornucopia Pet Food is likely to thrive owing to the rise in their demand among the middle classes of the region. The urbanization of populations is leading the manner for pet homeowners to become a lot of targeted on their pets. Thus, humanization has entered the taking part in field, and with-it customers’ needs for more premium-focused foods. Trends that have long ago matured and become a lot of nuanced in markets, such as organic, natural, grain-free, etc., give burgeoning premium pet food market a boost for growth.
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