Westford, USA, Nov. 11, 2022 (GLOBE NEWSWIRE) -- Market Overview and Dynamics
Pet ownership is on the rise globally, and pet owners are increasingly spending more on their furry friends in the global pet food market. As of 2021, there are more than 950 million pet cats and dogs across the globe. Wherein, the population of dog account for more than 65%. In developed markets such as the United States, Western Europe and Japan, growth will be driven by premiumization, with pet owners willing to spend more on premium products that offer health benefits or meet their pets’ specific needs. In contrast, developing markets such as Brazil and China will see strong growth due to the increasing number of pet ownership households.
The Asia-Pacific region is expected to be the fastest-growing pet food market, due to factors such as a growing middle class and urbanization. As ownership rates increase and incomes rise, more people are looking for affordable ways to feed their pets nutritious meals. In addition, the region is home to a large number of small-scale manufacturers, which are expected to benefit from the region's growing demand for pet food.
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According to the American Pet Products Association (APPA), Americans spent over $20 billion on their pets in 2018, with $14.04 billion of that going towards pet food. While traditional wet and dry dog and cat food still make up the majority of the market, there is a growing trend towards alternative pet foods, such as raw diets and freeze-dried foods in the pet food market. These diets are often seen as being more natural and healthier for pets, and as a result, they are becoming more popular among pet owners.
In addition to the growing demand for alternative pet foods, there is also a growing trend towards premium pet foods. Pet owners are increasingly willing to spend more money on higher quality products that they believe will be better for their pets' health. This trend is being driven by an increase in awareness of animal nutrition and a desire to give pets the best possible diet.
Here are Some Other Key Findings from SkyQuest’s Report on Global Pet Food Market:
- The North American pet food market is expected to reach US$35.67 billion in 2028, making it the largest regional market.
- The Asia/Pacific region is forecast to be the fastest-growing regional market for pet food, with a CAGR of 6.9% during the forecast period.
- Dry dog food will remain the largest product category in terms of sales, followed by cat food and wet dog food.
- In contrast, the traditional pet food segment is forecast to decline slightly over the next four years due to competition from premium brands. However, value brands are expected to fare better as price-conscious consumers look for ways to save money on their pets' diets.
- Growth of the global pet food market is also being driven by e-commerce. Online sales currently account for a small share of total pet food sales (28%), but this is expected to grow significantly over the forecast period. The convenience and wide selection offered by online retailers are key drivers of this channel's growth.
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Top Trends in Global Pet Food Market
SkyQuest's report includes a detailed analysis of the key trends, drivers and challenges affecting the pet food market globally. The key trends include:
1) Increasing demand for premium and natural pet foods: Consumers are becoming increasingly concerned about their pets' health and wellbeing, and are willing to pay premium prices for products that meet their expectations in terms of quality and nutrition. This has led to a surge in demand for premium and natural pet foods, which are often perceived as being healthier alternatives to mass-market products.
2) Growing popularity of plant-based diets: A growing number of consumers are adopting plant-based diets for themselves, and this trend is also extending to their pets. Plant-based pet foods offer a number of benefits such as being more environmentally friendly and potentially more healthful than traditional meat-based products.
Mars Petcare and Nestlé Purina PetCare are Generate over $35 billion in Revenue in Global Pet Food Market
Mars Petcare and Nestle are two of the world's largest pet food manufacturers, accounting for a combined market revenue of over $35 billion in 2021. Both companies have a long history in the pet food market and are leaders in innovation, with a strong focus on delivering high-quality products that meet the needs of pets and their owners.
Mars Petcare is the world's largest pet food manufacturer, with a portfolio of well-known brands including Pedigree, Royal Canin, Iams and Eukanuba. The company has a strong commitment to research and development, with a dedicated team of scientists who work to constantly improve its products. In recent years, Mars Petcare has introduced several new product lines, such as Grain Free dog food and Regal Cat food. In 2021, the company generated a revenue of over $19.5 billion from pet food segment.
The company's strong financial position ensures that it can continue to invest in new products and grow its share in the global pet food market. In addition, Mars Petcare's global reach means that it is well-positioned to benefit from the growing demand for pet food worldwide.
Nestlé Purina PetCare is the second largest pet food manufacturer in the world, with brands that include Purina, Friskies and Fancy Feast. The company has a long history of providing quality products at affordable prices, and its focus on innovation has led to it being a leader in the development of new product lines such as dry cat food and wet dog food. Nestle also has a strong commitment to responsible sourcing, ensuring that all its ingredients are sourced from reputable suppliers.
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Top Players in Global Pet Food Market
- Mars Incorporated (US)
- Nestle S.A. (Switzerland)
- The J.M. Smucker Company (US)
- Colgate-Palmolive Company (US)
- General Mills, Inc. (US)
- Diamond Pet Foods (US)
- Heristo AG (Germany)
- Tiernahrung Deuerer GmbH (Germany)
- Merrick Pet Care, Inc. (US)
- WellPet LLC (US)
Related Reports in SkyQuest’s Library:
Global Pet Grooming Products Market
Europe Pet Food Protein Ingredients Market
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