Rise in the number of pets that are being adopted have increased significantly in the recent years. Market Research Future, a firm which specializes in market reports related to the Food, Beverages & Nutrition sector among others, recently published a report on this market. The global pet food market is estimated to achieve significant returns in terms of revenue while garnering a positive CAGR per cent.
Increasing levels of focus on improving the health and overall of pets, have led to increase in the variety of pet food available. The increased demand has led pet food manufacturers to take special care so as to ensure optimum level of product quality. The pet food market is increasingly developing in urban areas more than in rural segments. Health trends in the pet food domain have further fortified the market growth pace of the market.
The Global Pet Food Market is segmented on the basis of type, nutrition type, and by application. By type the global pet food market is segmented as dry food, canned food, semi-moist food and others. Canned foods are more popular in the segment as they are easy to store for a long term. On the basis of nutrition type, the global pet food market is segmented as protein, fat, fiber & others. On the basis of application the global pet food market is segmented as dogs, cats, reptiles, birds, aquatic, small pets and others. Cats and dogs are a major component of the segment as compared to other animals.
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Detailed Regional Analysis:
The regions being observed for the pet food market include North America, Europe, APAC, and Rest of the World (RoW).North-America dominates the global pet food market with the largest market share, accounting for a large market share and is expected to grow exponentially by 2027, Asia-Pacific is the emerging markets for pet food and is expected to grow at an encouraging CAGR respectively from 2016 to 2027.
With the entry of new industry players in the segment, a trend of solid, volume-driven growth has been observed in the market with the addition of new and advanced products. Companies are aiming to capture & solidify their share of the market segment, by competing and experimenting with various advantage points. The best long-term growth opportunities for this sector can be captured by ensuring ongoing process improvements and financial flexibility to invest in the optimal strategies. The key players profiled in global pet food market report include- Mars Petcare Inc., Nestlé Purina PetCare, Big Heart Pet Brands, Hill’s Pet Nutrition, Diamond Pet Foods, Blue Buffalo to name a few of the competitors.
Mars Petcare, one of the market players in the segment, has plans to create 200 more jobs over the next five years. Mars Petcare plans to move into its new, 224,000-square-foot headquarters in 2019. Mars employs more than 2,600 people across Tennessee, including Banfield and Blue Pearl, both part of the Mars Veterinary portfolio, an R&D facility in Thompson’s Station, a pet food factory in Lebanon and two Mars Wrigley Confectionary production facilities in Cleveland and Chattanooga. They are clearly expanding in an attempt to capture a larger piece of the segment.
Latest Industry News:
Jan 2018 Cargill has reached an agreement to acquire Pro-Pet, an Ohio-based manufacturer of private label and co-manufactured pet foods, including premium dog food brand Black Gold. The acquisition makes Cargill a supplier of both animal feed and pet food offerings in the agricultural retail space. Pro-Pet provides Cargill with increased production capacity and proximity to existing agricultural retail customers to better meet their growth needs within pet food.
Jan 2018 A £6 million development in Bodelwyddan is about to enter its second phase of development, bringing a further jobs boost to the area. The Real Petfood Company – which last year moved its production base from Flint to the old Hotpoint site at Kinmel Park – is looking to add a new wet food plant to its existing dry food bakery, creating even more job opportunities in Bodelwyddan.
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Jan 2018 A Chinese-led consortium has struck a billion-dollar deal to buy a Queensland-based pet food giant to exploit the growth of “pet humanisation” in the United States and ultimately China. The majority owner of The Real Pet Food Company (TRPC), Quadrant Private Equity, has sold its interests to the Beijing-based Hosen Capital, China’s largest agribusiness company New Hope Group and the Singapore Government’s investment vehicle, Temasek. The deal which needs approval from Australia’s Foreign Investment Review Board (FIRB) is targeting the growth of “pet humanisation” in the United States, Europe and eventually China’s modernizing economy where pets are becoming part of the family.
Jan 2018 Kemin Industries has announced the creation of a Canadian division and will hold a grand opening and ribbon cutting ceremony. Kemin has acquired the assets of its long-time distributor Agri-Marketing Corp. Agri-Marketing has provided exclusive distribution and manufacturing services for Kemin products in Canada. The new Kemin location will focus on serving the animal nutrition and health market, as well as the pet food and rendering industries. Kemin will look to grow its business by offering an expanded portfolio.
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