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.