NEW YORK, March 21, 2017 /PRNewswire/ -- KEY FINDINGS
The largest market share in Pet Food industry is accounted by North America with approximately over 40% of global market share. The analysis of Pet Food industry indicates the growth of United States in North America with the highest CAGR during the forecast period. The Global Pet Food Market valued approximately USD 75 billion in the year 2016 and is approximated to grow at a high CAGR during the forecast period. With the changes in lifestyles in the emerging economies is driving the growth of the market. The market share growth encourages a colossal concern in pet ownerships across the globe.
The Pet Food market segmentation is on the basis of animal type, product, pricing, ingredient types, sales channel, and geography. The animal type is further segmented into dog, cat, bird and other animals. The segmentation on the basis of pricing is economic, premium and super premium.
The product type is sectioned into Dry Pet Foods, Wet Pet Foods, Veterinary Diets, Treats/Snacks, Liquid Food and Organic Pet Food Products. The Dry Pet Foods and Wet Pet Foods are further segmented into Grain Free and others. The Ingredient types market is segmented into Animal Derived, Plant Derived, Cereals and Cereal Derivatives and Others. The market segmentations by Sales channel are Specialized Pet Shops, Hypermarkets, Internet Sales, and Others (Grocery, Non-Grocery Stores). The segmentation on the basis of geography includes the United States and Canada.
The changing approach to consumers towards owning pets and the health of their pets is driving the market. The demand is rising due to the trends of nuclear families with pets treated as a part of the family. They are looked after with equal care in terms of health, lifestyle and eating habits. The concept of pet humanization where the pets are given a treatment pertaining to their health and hygiene, as a trend is not only driving the market but also governing the major changes in the packaging and also supplying ethically-viable goods and products.
With a recent rise in NGO, the adoption of pets is accelerated due to the awareness of the concept of pet humanization concluding in high sales of Pet Food. With obesity being a major concern among the pet owners, more and more owners are opting for healthy pet food. Pet allergies or allergies to certain ingredients of food products are major market restraints. The innovation of pet food products, adopting pets due to the concept of pet humanization and obesity or health care of pets are the major drivers for the market growth.
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