Pet Food Market – Overview
High pet adoption rate among the owners and increased consumption of pet food associated with mounting pet growth population has uplifted the global pet food market. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently forecasted in its report on Global Pet Food Market Research Report- Forecast to 2027 that the market will demonstrate an exceptional CAGR % while achieving million dollar growth readily in the forecast period.
Pet foods are exclusively prepared feed for pets such as dog, cat, birds, fish and others. It is usually prepared from plant or animal source which is intended for pet consumption. The most common ingredient used in pet food preparation includes by-product of food industry. Pet food comes in two major forms which includes dried and semi-liquid form. Different types of pet food available in the market are veterinary diets, treats & snacks, and organic pet food.
Rising ownership of pets in developing countries followed by high demand for nutritive, healthy, and organic pet food has surged in the demand at global level. Furthermore, increasing awareness towards pet health is likely to uplift the global pet food market. Additionally, growing urbanization, changing lifestyle, and rising level of disposable incomes is supporting in the growth of pet food market at global level. Also, rising inclination of pet owners towards high-nutrition in pet food is adding fuel in the pet food market.
Additionally, the mounting drift towards nuclear family is likely to boost the global pet food market. Also, consumer demand for different flavors and taste in pet food has intensified the demand for enhanced and superior quality pet food from the feed and pet food industry. Furthermore, rise in the pet adoption rate is boosting the market of pet food. However, increasing rate in pet obesity and pet food recalls from the manufacturer may hinder the market growth over the forecast period.
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Latest Industry Updates
- Dec 2017 CPM Holdings, a supplier of process equipment and technology to the human and pet food, fuel and engineered materials industries, acquired of Proline Engineering based in Manchester, UK. This acquisition will help company to expand its business portfolio across various segments. Also, this acquisition will add up in pet food products in upcoming years.
- Oct 2017 PetSmart announced the addition of its Pinnacle Pet Nutrition Shop in all the new stores, excluding the groomery stand-alone salon stores. This initiative will help buyers and will improve shopping experience among consumers.
- Nov 2017 Dr. King’s Natural Pet Pharmaceuticals (NPP) announced new pet food which is plant-based, and contains natural preservative in its line of pet supplements. The growing awareness among pet owners towards pet health has pushed the pet food industries to come up with improved per food. Company’s new product range will help to improve the pet food market.
- June 2017 Nestlé Purina launched a new production plant at in Hungary’s northwest, making the plant the largest production center in Europe. This will help the company to expand its geographical presence.
- Oct 2017 Dr. B’s Longevity Raw Pet Food launched a functional raw dog food with high quality, locally sourced ingredients to maximize wellness. The company is highly focused on new product launch.
Pet Food Market – Competitive Analysis
Major Key players in this market are looking towards acquisitions and mergers this will allow the companies to come up with specialized products in pet food products. Also, company such as Nestle Purina expanded its geographical presence; this will help company to cover larger market size. The major key players are highly focused on R&D activities to launch new products. Additionally, companies are more inclined towards introducing organic ingredient in pet food owing to increased demand for organic pet food among the consumers.
In addition, manufacturers focus on effective packaging design in pet food will attract consumer attraction. Packaging plays an important role in marketing and selling. This initiative will attract consumer to try with new product range, which is connected with generating high revenue.
The key players profiled in pet food are as Mars Petcare Inc., Nestlé Purina PetCare, Big Heart Pet Brands, Hill’s Pet Nutrition, Diamond Pet Foods, Blue Buffalo, Spectrum Brands / United Pet Group, Unicharm Corp., Deuerer and Heristo AG.
Pet Food Market – Segments
The global pet food market has been divided into type, nutrition type, application, form and region.
- On the Basis of Type: Dry Food, Canned Food, Semi-Moist Food & Others
- On the Basis of Nutrition Type: Protein, Fat, Fiber & Others
- On the Basis of Application: Dogs, Cats, Reptiles, Birds, Aquatic, Small Pets & Others
- On the Basis of Region: North America, Europe, Asia Pacific and ROW.
Pet Food Market – Regional Analysis
The global pet food market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the pet food market followed by Europe. The U.S. has been accounted for a higher consumption of pet food owing to increasing awareness about the pet-health and benefits of consuming nutritive diet. Furthermore, high demand for nutritive pet food in pet food industry is considered to be key driving factor in this region.
Additionally, rising demand for an alternative of home-made pet food with high nutritive value in pet food industry has uplifted the demand of pet food in European countries like the U.K and France which is likely to boost the growth of the pet food market during the review period.
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