Dubai, Abu Dhabi, Aug. 07, 2023 (GLOBE NEWSWIRE) -- As per the latest report published by Extrapolate, the Global Pet Food Market size is estimated to reach from USD 115.5 million in 2022 to USD 163.7 million by 2030, recording a CAGR of 5.11% from 2022 to 2030. Consumers' increasing inclination towards adopting pets and rising concerns over their health are expected to fuel product demand. The consumption of nutrient-rich food by pet animals has been related to improvements in their general digestion and performance, which is further anticipated to drive market expansion during the forecast period.
Pet food products in the global market exhibit minimal variations. As a result, manufacturers are continuously focusing on including novel and multi-functional ingredients in their products to address this similarity bias. Given the rising popularity of prepared pet food, convenience will continue to play a major role in propelling this industry forward. Recently, the organic pet food market sector has experienced a surge in popularity.
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Competitive Landscape
Leading players in the pet food industry are taking a proactive approach to adopting innovative marketing strategies and leveraging advanced technologies to boost their revenue generation. Furthermore, businesses are actively pursuing mergers & acquisitions as part of their strategic initiatives. For instance, in January 2022, Manna Pro inked an agreement to acquire Oxbow Animal Health, a company that sells quality food and vitamins for rabbits, pigs, hamsters, and other small animals as pets.
Key companies in the pet food industry are:
- Mars Incorporated
- Nestle S.A.
- The J.M. Smucker Company
- Colgate-Palmolive Company
- General Mills, Inc.
- Diamond Pet Foods
- Heristo AG
- Tiernahrung Deuerer GmbH
- Merrick Pet Care, Inc.
- WellPet LLC
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Key Insights
- On the basis of animal type, the dog segment is likely to hold the largest market share in the near future
- On the basis of form, the dry segment is projected to lead the market during the forecast period
- Based on region, North America is expected to be the largest market for pet food in the upcoming years
Market Segmentation
By Animal Type
- Dog
- Cat
- Others
Increasing Preference for Dog Adoption to Foster Product Demand
The dog segment is anticipated to lead the global pet food market through the estimated timeframe. The segment growth is impelled by a rise in the adoption of dogs as domestic pets and rising household spending on nutritious dog food as a result of prevalent concerns among pet parents about the health of their dogs.
Given that dogs are a carnivorous species, the majority of their diet consists of meat. The desire for products with higher meat and lower starch content has been fueled by dogs' relatively low carbohydrate requirements, which is positively impacting the product landscape.
By Form
- Dry
- Wet
- Semi-Moist
High Convenience to Make Dry Pet Food the Top Choice Among Pet Owners
The dry segment is likely to contribute to the largest share of the global pet food market revenue in the upcoming years as owners worldwide predominantly favor dry dog food due to several reasons. Firstly, it offers the advantage of supporting a dog's healthy oral system. Additionally, dry dog food is highly convenient and cost-effective when compared to other wet food options available in the market.
Moreover, dry pet food products have a longer shelf-life and do not require refrigeration or special storage facilities. The practice of free feeding is also facilitated by dry dog food. These factors are anticipated to drive the segment’s growth in the forthcoming years.
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Increasing Pet Ownership in Developing Economies to Drive Market Expansion
The surging rate of pet ownership worldwide, particularly in developing regions, is slated to significantly boost the global market expansion. Urbanization and the tendency towards pet humanization are driving pet owners to look for wholesome, premium pet food, which has bolstered industry progress.
As the average consumers’ incomes improve, they are more driven to spend money on organic and healthy pet food to enhance their pets' general health. Additionally, the availability of pet food items at different price points is essential for fostering market development as it caters to consumers with different financial capabilities and offers them a variety of options.
North America to Lead Due To Increasing Pet Adoption in US Households
North America is projected to take the lead in the pet food market throughout the forecast period. The region is set to dominate the market backed by the growing adoption of pets in U.S. households. Approximately 85 million American families, or 67% of all households in the U.S., own pets, according to a survey conducted by the American Pet Products Association (APPA). The regional market growth is expected to be further fueled by the favorable outlook of citizens toward pet humanization and the high consumer preference for nutritious food products for pet animals.
Key Industry Developments:
- In March 2021, Mars Incorporated made a significant commitment of $200 million to expand its Royal Canin facility in Lebanon. The company aims to enhance its production capacity by installing five new production lines.
- In December 2020, Nestle S.A. revealed its plan to invest USD 550 million towards expanding its pet food manufacturing facility located in Georgia.
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Table of Content
Chapter 1 Introduction of The Global Pet Food Market
Chapter 2 Executive Summary
Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
Chapter 4 Global Pet Food Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
Chapter 5 Impact of Russia-Ukraine War
Chapter 6 Global Pet Food Market, By Animal Type
Chapter 7 Global Pet Food Market, By Form
Chapter 8 Global Pet Food Market, By Source
Chapter 9 Global Pet Food Market, By Distribution Channel
Chapter 10 Global Pet Food Market, By Geography
...
Chapter 16 Global Pet Food Market Competitive Landscape
16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint
Chapter 17 Company Profiles
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