Newark, NJ, Aug. 10, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global pet food market is expected to grow from USD 78.61 billion in 2020 to USD 111.27 billion by 2028, at a CAGR of 4.44 % during the forecast period 2021-2028
Certain factors are boosting the growth of the global pet food market. Some of them include the increased awareness about pet health, the accelerating adoption rate of pets, increasing demand for organic and premium pet food, and rapid humanization of pets. In addition, the growing disposable income of the middle-class population has led to a surge in the total spending capacity on pets. However, increased demand for animal-based products in humans stimulates market demand. The essential driver of increasing growth in the pet food market is the increase in the number of pets. Pet ownership continues to grow in popularity across most emerging and developed markets, with a rising number of owners feeding processed foods to their pets instead of table scraps/leftovers. Moreover, the significant shift in consumers' choice to opt for grain-free and vegan pet food products will further strengthen the market's demand.
Pet food is referred to as any commercial feed that is made and distributed for use by pets. It is usually specific to animals such as cat food, dog food, and other pet animals. The shelf life of fresh pet foods is more inferior to that of processed pet foods. Leftovers from the human industry may also be used in the products through a process called rendering. However, brewer's rice is most commonly used in pet foods because of the lower cost. Otherwise, flour, whole-grain rice, or bran can be evenly used. Also, they help in enhancing dental hygiene, improving digestion, and promote a more robust immune system.
The global pet food market is expected to witness significant growth due to the rise in pet ownership and the increase in pet food expenditure worldwide. Moreover, pet food products include chicken meals, vegetables, lamb meat, fruits, and other preservatives, which help in enhancing the texture, flavor, and color of the food items. All these factors will inspire pet owners to opt for pet food products in the coming years. Another factor that is forecasted to drive the market is the key market players are focusing on the launch of a type of food product for pets to address the requirements of different kinds of animals belonging to other age groups. The factor restraining market growth is the stringent rules & regulations and the enhanced demand for fresh foods instead of organic pet foods & packaged foods. The challenge of the market growth is the capital investments for equipment. Lending equipment or contract production needs less capital investment and withdraws yearly resource prices, which rental companies acquire. However, capital investments are one-time investments that are generally accounted for in the long run. The easy availability of pet products across different platforms such as online stores, supermarkets, and retail shops will further create numerous opportunities for market growth.
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Key players operating in the pet food market include The J.M. Smucker Company, The Hartz Mountain Corporation, Hill's Pet Nutrition, Inc, Mars Incorporated, Lupus Alimentos, Nestlé Purina, Blue Buffalo Pet Products, Inc, Diamond Pet Foods, WellPet LLC, and Total Alimentos SA. To gain a significant market share in the global pet food market, the key players are now focusing on adopting product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Blue Buffalo Pet Products, Inc and Scout & Zoe's are vital manufacturers operating in the pet food market.
- For example, in 2020, Scout & Zoe's, a US treat brand and pet food, began its latest product line, Super Fly for dogs. Those are the company's primary insect-based products and involve whole larvae feast, a dry powdered larvae meal topper, and a preserved black soldier fly larvae jerky treat. The innovations are expected to enhance the company's market share in the region in the coming years.
- For instance, in May 2020, Blue Buffalo added to its portfolio of cat treats with BLUE Bursts, a line of all-natural feasts with a crunchy outside and creamy mixture. They are expressed out poultry by-wheat, artificial ingredients, soy, product meals, or corn, as are Blue Buffalo's other treats and pet foods. This new range is expected to establish the position of the firm in the global pet food market.
- For example, in 2020, Wilder Harrier, a Canadian company, issued its newest dog food formula with Asian carp, an invasive kind with a foothold in US and Canadian lakes and rivers. The Asian carp dog food is currently available in any pet supply store in Quebec.
The dry pet food segment dominated the market and held the largest market share of 29.16% in 2020.
Based on product type, the global pet food market is segmented into veterinary diets, dry pet food, treats & snacks, and wet pet food. The dry pet food segment dominated the market and held the largest market share of 29.16% in 2020. This growth is attributed to their cost-effective nature and cheap moisture content, facilitating easy handling during storage and processing.
The dog segment dominated the market and held the largest market share of 37.16% in 2020.
Based on animal type, the global pet food market is segmented into cat, dog and others. The dog segment dominated the market and held the largest market share of 37.16% in 2020. This growth is attributed to the adoption of dogs as pets are significantly higher across the globe.
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Regional Segment Analysis of the Pet Food Market
- North America (U.S, Canada, Mexico)
- Europe (Germany, France, U.K, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- Latin America (Brazil, Argentina)
- The Middle East and Africa (South Africa, UAE, Saudi Arabia and the Rest of MEA)
Based on geography, the pet food market has been classified into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. North America region held the largest market share of 29.04% in the year 2020. This growth is attributed to the increasing consumer awareness regarding the remarkable benefits of pet food products and the growing trend for the humanization of pets. On the other hand, the Asia Pacific region is witnessing significant growth due to the rising demand for premium dog food products in Asian countries.
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About the report:
The global pet food market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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