BANGALORE, September 14, 2015 /PRNewswire/ --
Mordor Intelligence is pleased to announce the publication of the report on Global Pet Food Market on September 14, 2015. This report discusses the market in detail.
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The pet food industry plays a major role in the global economy and is a major agricultural product. The pet food industry sources millions of tons of meat products, grains and other agricultural inputs to produce nutritious food products for cats and dogs. Demographic trends of Ageing population, rising single households, delaying marriage and increased divorce rates and increasing number of financially independent singles are resulting in shift towards pet humanization. Thus resulting in Pet owners to spend money on the Pet food, thus boosting the Pet food market to grow at a CAGR of 4.4% during the forecasted period of 2015-2020 and reach a 2020 estimate of $85.11 billion.
The rising geriatric populations worldwide, consider pets as indispensable and hence are willing to pay premium for nutrition enabled pet foods. Marked by government programs, the Pet adoption rates are increasing, thus driving retail sales of dog and cat food. The south East Asian nations are showing rising numbers of single person households, declining birth rates, and high divorce rates, thus resulting in rising adoption of pets. The one child policy in the Chinese market is another reason for growth in pets, thus for Pet food in China.
The developing countries of Asia-pacific and Latin American countries are increasingly contributing to the growth of pet food industry. While the changing demographic trends in these regions is driving the market, the urbanization rates is also causing restrain in the less housing space for pets and the high maintenance costs associated with Pets is resulting in decline of adoption of large and medium sized dogs, and demand for small dogs and felines. This trend is expected to impact the retail pet food sales.
Get the full report here: Global Pet Food Market
United States, Brazil, Japan, United Kingdom, Italy, France, Germany, Russia account for more than 65% of global pet food sales. Sales across Latin America, Eastern European nations and developing Asia pacific regions are growing in double digits. In terms of sales channels specialty pet food stores and supermarkets/hypermarkets dominate the market, while online sales channel is seeing the fastest growth rate, with the working population increasingly considering internet for buying pet food. The veterinary community holds huge potential in terms of pushing pet specific nutrition products.
By animal type, dog food holds a major share in the market while the cat food is the fastest growing segment. With households adopting more than 4-5 cats per household, the dog population is on a rise, thus defining huge potential for cat food. In Pet meal dry food hold a major share in the market, while wet foods are the fastest growing segment owing to demand among pet owners for premium products. Organic foods, veterinary foods are seeing increasing demand with Pet owners demanding nutritional enabled products to address growing concerns of pet digestive health, weight management and skin care of their 'furry' friends.
The major players dominating in the market are Mars Inc, Del Monte Foods, Hill's Pet nutrition, Unicharm corporation, Nestle Purina pet care , Colgate Palmolive and the major brands in this market are Pedigree, Royal canin, Cesar, Nutro choice, Pro plan, Nutram among others.
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About Mordor Intelligence:
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