The pet food market has grown significantly over the past few years owing to a rise in pet population across the globe leading to an increase in pet ownership. Increasing awareness regarding on pet health and growing trends of pet humanization is further fueling the market growth. Also, the rise in disposable income of the pet owners results in increased expenditure on pet food and healthcare is boosting the market growth. Rising need of nutritious, healthy food for captive animals is again fueling the market growth.
The latest report by Value Market Research expects the Global Pet Food Market was valued at USD 60 billion in 2017 and is likely to reach USD 92 billion by 2024 with the CAGR of 4%.
Dry type dominated the segment
In 2017, dry type emerged as the leading segment and has accounted for X.X% of the total market share. Dry pet food offers advantages such as better for oral and dental health, portable, storage, and relatively cheap are the driving the segment growth. Also, the availability of variety in dry food coupled with higher shelf life is fueling the product demand.
Dog led the application segment
Dogs dominated the application segment by accounting for X.X% of the total market share in 2017. Presence of popular dogs breeds along with better security, the comfort offered by dogs has increased the number of dog owners, thus driving the segment growth.
North America dominated the regional market
North America led the geographically owing rising adoption of pets in the population is driving the regional market growth. In 2017, North America has accounted for over 35% of the total market share.
Key players in the market
Big Heart Pet Brands, Colgate-Palmolive Co., Lupus Alimentos Ltd., Mars Incorporated, Nestle SA, Procter and Gamble, Total Alimentos SA and Unicharm Corporation are the major players of the pet food market.
As per this study the Global Pet Food Market was valued at USD 104.76 BN (by revenue) in 2021 and is anticipated to reach USD 151.38 BN by 2028 with a CAGR of 5.4%.
Pet food refers to a formulated food specially intended for the consumption of pets. The pet food contains all the essential nutrients required for the betterment of pet health. Variety of pet food is available depending upon age, health, and type of the pet. Also, special pet food is available to overcome the nutrition deficiencies among the pets.
Objectives of the Study:
- Define and measure the global pet food market
- Revenue forecast of the global pet food market and its various sub-segments with respect to main geographies
- Analyze and identify major market trends along with the factors driving or inhibiting the market growth
- Study the company profiles of the major market players with their market share
- Analyze competitive developments
Market Dynamics
The growth of pet population, increasing pet ownership, growing trends of pet humanization and rising demand for pet care from developed and emerging markets is driving the market growth. Rising expenditure on pet health and food is further fueling the market growth. Also, the increase in the count of nuclear families is another factor contributing significantly to pet ownership. This, in turn, is boosting the pet food market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of pet food.
Market Segmentation
The broad pet food market has been sub-grouped into type and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
By Application
Regional Analysis
Furthermore, the report comprises of the geographical segmentation, which mainly focuses on current and forecast demand for pet food in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Pet Food Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the pet food market includes Big Heart Pet Brands, Colgate-Palmolive Co., Lupus Alimentos Ltd., Mars Incorporated, Nestle SA, Procter and Gamble, Total Alimentos SA and Unicharm Corporation. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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