The global pet food market size is expected to gain momentum by reaching USD 136.82 billion by 2028 while exhibiting a CAGR of 4.96% between 2021 to 2028. In its report titled “Pet Food Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 93.94 billion in 2020.
In recent times, people are working from home, therefore, many used this as an opportunity to get the family pet. Several studies have shown that people who adopt pets are less likely to suffer from loneliness and depression. As the pets brings the companionship to their owners. Besides, in tough times of pandemic demand for pets increased. For instance, as per report published by Mars Petcare, a leading pet (dog& cat) food manufacturer, stated that the combined sales of cat and dog treats grew by 6.5% in the 12 weeks between February and May 2020.
By animal type, the market is trifurcated into Dogs, Cats, and Others.
- Based on animal type, dogs held a market share of 58.34% in 2020. This is attributable to high expenditure associated with the maintenance and well-being of dogs. Additionally, new launches of dog treats and nutrition-rich food is another significant reason contributing to the growth of the segment.
By form, it is segmented into dry and wet pet food, and snacks & treats. Based on distribution, channel, it is divided into supermarkets/ hypermarkets, specialty pet food stores, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America and the Middle East & Africa.
What does the Report Provide?
The report provides a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaboration to contribute to the market growth.
Rising Pet Ownership across Developing Economies to Aid Growth
The increasing adoption rate of pets worldwide, especially in the developing regions is expected to drive the pet food market growth. The emergence of nuclear families, rising urbanization and pet humanization is making owners to go for nutritious and quality food for their pets, is further fueling the market growth. Additionally, the rising per capita income of the consumer is allowing them to spend on organic food products for pet animals. Moreover, the easy availability pets’ products at varied price is also generating traction, as it offers customers range of options.
North America to Dominate Backed by Increasing Adoption of Pets in the Region
North America is expected to remain at the forefront and hold the highest position market during the forecast period. This is attributable to increased adoption of pets in the U.S. households. For instance, according to survey done by the American Pet Products Association (APPA), around 85 million U.S. households i.e. around 67% of the total households present in the U.S. own a pet. The region’s market stood at USD 36.22 billion in 2020.
Europe is expected to show significant pet food market share owing to increased spending on sustainable and safe pet animal food. Additionally, in Europe pet owners demand for transparency in pet animal food product ingredients. U.K. is the largest pet animal food market in Europe; and is followed by Germany and France.
Key Players to Focus on Facility Expansion & Investment to Strengthen their Market Prospectus
The global market contains a large number of prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions to strengthen their portfolio in the market. Below are two industry developments:
- March 2021: A leading pet food manufacturer based in the U.S., Mars, Inc, made an investment of USD 200 million for facility expansion of its Royal canin plant in Lebanon.
- December 2020: Nestle Purina Petcare declared that it invested USD 550 million to expand its food manufacturing facility in Georgia.
List of Key Players Profiled in Report
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- The J.M. Smucker Company (Ohio, U.S.)
- Colgate-Palmolive Company (New York, U.S.)
- General Mills, Inc. (Minnesota, U.S.)
- Diamond Pet Foods (Missouri, U.S.)
- Heristo AG (Osnabruck, Germany)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Merrick Pet Care, Inc. (Texas, U.S.)
- WellPet LLC (Massachusetts, U.S.)
Information Source – https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554