Market Scenario
Market Research Future (MRFR) postulates that the global pet food market trends is slated to register a stellar CAGR during the forecast period (2016-2027). Steady development in food processing technology is estimated to favor the market growth across the globe. Pet food is referred to as the food products specifically made for the pets and is sold either in pet stores or in supermarkets. Pet food is specific as per the type of animals like fish food, dog food, or cat food. Leftovers from the human industry are also used to make pet food with the help of a process called rendering.
Market Potential and Pitfalls
The pet food market is predicted to register a sturdy growth rate during the assessment period with the increasing pet ownership. With growing disposable income, there has been an increase in pet ownership which has increased the capacity of the people to spend more on pet food. The rising pet humanization across regions is further triggering the demand for quality pet food. Pet food is available in diverse flavors with high nutritional values, which is estimated to contribute to the market growth. Moreover, strategic acquisitions and mergers by the existing market players and continuous investments in the pet food industry by the private firms have highly influenced the market growth throughout the globe. For instance, a U.S. based premium cat and dog food brand named I and love and you had received substantial growth investment from the L Catterton in April 2017.
Pet owners are becoming extremely conscious regarding the well-being of their pets and are increasing their expenditure on premium-quality pet food. With the augmenting cases of obesity and other diseases prevalent among the pets, the pet food market has further catalyzed across the globe. Other prominent factors triggering the demand for pet food are the increasing demand for premium products, convenient packaging, easy availability of pet food, innovation in flavors, and a growing variety of organic products.
On the contrary, several pet foods and their related ingredients can cause allergies and skin diseases in pets. Such allergies in pets are often caused by a reaction to a particular ingredient, majorly by protein products such as milk products, beef, and fish. Such concerns are estimated to vitiate the market growth to a certain extent.
To get more details: https://www.marketresearchfuture.com/press-release/pet-carriers-market
Competitive Dashboard
The key players operating in the pet food market comprises Blue Buffalo, Hill's Pet Nutrition, Heristo AG, Unicharm Corp., Mars Petcare Inc., Deuerer, Big Heart Pet Brands, Diamond Pet Foods, Nestlé Purina PetCare, and Spectrum Brands/United Pet Group.
Global Pet Food Market: Segmental Analysis
The pet food market has been segmented on the basis of type, application, and nutrition type.
By mode of type, the global pet food market has been segmented into canned food, dry food, semi-moist food, and others. Among these, the dry food segment is considered to gain prominence globally as they are extensively used in pet foods. Due to their cost-effective nature and low moisture content, it is convenient to handle during processing and storage.
By mode of nutrition type, the global pet food market has been segmented into protein, fiber, fat, and others.
By mode of application, the global pet food market has been segmented into cats, dogs, birds, reptiles, small pets, aquatic, and others. Among these, the dog segment is estimated to showcase a significant growth owing to the increased adoption of small dog breeds among the pet owners. China is considered one of the prominent regions for dog ownership.
Regional Insights
Geographically, the pet food market span across regions namely, Europe, North America, Asia, and Rest-of-the-World (ROW).
Considering the global scenario, the North American region is estimated to occupy the largest market share owing to the presence of market players such as Cargill, ADM, SunOpta, Ingredion, Darling Ingredients, DowDuPont, and Kemin. In economies such as Canada and the U.S., the market is fueled by the expansion of production plants of major companies and acquisitions in order to meet the growing demand for the pet food industry.
The Asia Pacific region is considered an emerging market for pet food as the region is endowed with mature economies such as Japan and Australia with emerging regions like India, China, Thailand, and others. Japan is considered one of the major regions for pet food and is estimated to catalyze the market growth in the coming years. With the rising trend in nuclear families, apartment-culture, and growing need for companionship have fostered the market growth in Japan.
Industry Updates
March 09, 2019: A Berkeley-based biotech startup named Wild Earth has experimented with bioreactor-grown meat for cats and mouse treats. The company wants to offer cruelty-free, sustainable, and healthy options for pet food. They also produce and sell dog treats which are made from cultured fungi protein.
