Portland, OR, July 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pet milk market was estimated at $116.3 million in 2019 and is expected to hit $173.1 million by 2027, registering a CAGR of 6.9% from 2021 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Humanization of pets, lack of adequate colostrum, and urbanization and shifting toward nuclear families drive the growth of the global pet milk market. On the other hand, stringent government norms and high mortality rate of pets impede the growth to some extent. However, growing popularity of pet café and premuimization of pet milk are expected to pave the way for lucrative opportunities in the future.
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Covid-19 Scenario
- The outbreak of Covid-19 gave way to rise in the rate of pet adoption as the social distancing norms compelled people to stay at home.
- Also, rise in health awareness led to increasing procurement of pet milk.
The global pet milk market is analyzed across pet type, product form, distribution channel, and region. By pet type, the dog segment accounted for the major share in 2019, holding around half of the global pet milk market, and is projected to maintain its leadership status during the forecast period. Simultaneously, the cat segment is expected to cite the fastest CAGR of 5.1% from 2021 to 2027.
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By product form, the powder segment held the highest market share in 2019, contributing to around nearly three-fourths of the global pet milk market. This segment is also projected to register the fastest CAGR of 5.0% during the forecast period.
By region, the market across North America held the major share in 2019, generating nearly two-fifths of the global pet milk market, and will lead the trail by 2027. The region is also anticipated to grow at the fastest CAGR of 5.2% from 2021 to 2027.
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The key market players analyzed in the global pet milk market report include Beaphar, B.V., Grober Nutrition, Inc., Petlife International Ltd., Fetch For Pets, LLC, Pet Ag, Inc., Milk Products, Inc., Manna Pro Products, LLC, Royal Canin U.S.A., Inc., Versele-Laga, N.V., and Toplife Formula Pvt. Ltd. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.