Market Analysis
Pet Food Market Size was valued at USD 95.9 billion in 2022. The Pet Food market industry is projected to grow from USD 101.74 Billion in 2023 to USD 145.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023–2030)., reveals the new Market Research Future (MRFR) report. Pet food, simply put, is a specialty food for domestic pets that are made as per their nutritional requirements. Generally, it comprises minerals, vitamins, grain, cereals, meat by-products, and meat.
Various factors are adding to the global pet food market share. These factors, as per the new MRFR report, include the need for companionship, the trend of nuclear families, increase in e-commerce sales, rising ownership of pets especially in developing nations, increasing awareness about pet health, humanization of pets, and the rising awareness about the benefits of various pet products and the needed nutrition for pets. Besides, increasing pet health concerns, innovation in products, various strategies adopted by market players to boost the popularity of pet foods, and increasing awareness about longer lifespan, healthy weight, high energy level, healthier lifestyle, and digestive disorders in pets are also adding market growth.
On the contrary, pet food recalls, and rising concerns regarding pet obesity are factors that may limit the global pet food market growth over the forecast period.
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Market Segmentation
The Market Research Future Report provides an inclusive segmental analysis of the global pet food market based on the distribution channel, product type, and pet type.
By pet type, the global pet food market is segmented into fish, cat, dog, and others. Of these, the dog segment will lead the market over the forecast period.
By product type, the global pet food market is segmented into snacks and treat, wet food, and dry food. Of these, the dry food segment will lead the market over the forecast period.
By distribution channel, the global pet food market is segmented into non-store-based and store-based. The store-based segment is again segmented into specialty stores, supermarkets and hypermarkets, and others. Of these, the store-based segment will have a major share in the market over the forecast period followed by the non-store-based segment, which is predicted to grow at a high CAGR.
Regional Analysis
Based on the region, the global pet food market report covers the recent trends and growth opportunities across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, North America will spearhead the market over the forecast period for the growing number of pet farms and organizations for pet care, and rising pet adoption rate.
The global pet food market in Europe is predicted to have healthy growth over the forecast period for the burgeoning demand for readymade pet food products with different economic and environmental benefits such as low maintenance cost and low water requirements.
The global pet food market in the APAC region is predicted to grow at a fast pace during the forecast period for growing awareness about pet food.
The global pet food market in the RoW is predicted to have sound growth over the forecast period for the rising adoption of pet animals and increasing knowledge regarding the benefits of pet food.
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Key Players
Key players profiled in the global pet food market report include Tiernahrung Deuerer Gmbh (Germany), International Pet Food Company Limited (Thailand), Petsworld, Inc. (India), Heristo AG (Germany), Gott Pet Products (Charlee Bear Products) (US), Gott Pet Products (Charlee Bear Products) (US), Diamond Pet Foods (US), Blue Buffalo Company, Ltd. (US), WellPet LLC (US), The J.M. Smucker Company (US), Yamahisa Pet Care (Japan), InVivo NSA (US), Nestlé Purina PetCare Company (US), and Mars Inc. (US).
Industry News
April 2020: The Marshalltown Animal Rescue League has started offering Pet Food Pantry that is open from 10 am-4 pm on Tuesday and Thursday. They offer dog food as well as cat food in limited supply for a month’s stock at a time.
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