LONDON, Nov. 17, 2021 /PRNewswire/ -- According to Brandessence Market Research, the global Pet Food market size is reached USD 89.65 Billion in 2020. The market is expected to reach USD 118.77 Billion by 2027, growing at 4.1% CAGR during 2020-2027 period. The Global Pet Food Market is expected to grow at a significant growth rate due to number of driving factors.
Pet Food Market: An Overview
According to the American Medical Veterinary Association, the over 48 million households owned a dog, while 31 million households kept a cat as a pet. Moreover, over 3 million also adopted birds as pets, and nearly 1 million sheltered horses. The statistics from 2018 paint a warm picture of people's close affinity with their pets, and struggling times like those created by the Covid-19 pandemic has led to more people bringing pets to their homes recently. Furthermore, there is an increasing diversity in pets, with even exotic species like snakes, lizards, guinea pigs, among others becoming more common. As demand for exotic species rises, unfortunately, also the short-term demand for pet food products to cater to exotic species like rare birds, rare fishes, among others. The long-term demand for pet food revolves around the long-life of conventional pets like cats, dogs, and even horses. The increasing demand for nutritious, juicy, and enriching food remains key drivers in this category in the pet food market.
The humanisation of pet food remains a key driver. Pets like cats, and dogs are known to consumer regular human foods with great appetite. The food is also widely regarded as safe for consumption, with seal of trust coming in from their owners. The increasing adaptability of pets to these foods in relation to their aroma, ingredients, and appearance remain key drivers of this trend. The increasing demand for natural and clean-label products with buzzwords like homemade, seasonal, and clean remain promising drivers of growth.
It has been widely noted that diseases among animals like cancers, diabetes, and other chronic illnesses are on the rise. This trend is similar to their human counterparts, and many attribute this clearly to changing diet preferences. This has given tremendous growth to the healthy food diets, with increasing demand for nutritious ingredients. For example, more and more pet owners continue to demand kale, raw honey, chia, kelp for themselves. On the other hand, more nutritious, and organic varieties of meat are in demand for pets. The increasing demand for healthy foods primarily is geared to meet most basic needs of pets including anti-flammatory, skin nutrition, cognitive, and digestive demands.
Pet industry much like other industries are facing increasing scrutiny with growing demand for transparency in pet food products. owners continue to demand - What is really cooking in the stomach of their pets. This includes growing demand for nutrition. However, it also relates to how pet food is grown or made, including demand for more simplicity, transparency in relation to manufacturing techniques.
The pet food market continues to generate buzz for new proteins including new niches like insect protein. The protein has gained tremendous attraction since many pet varieties like birds naturally show attractions towards eating. Furthermore, these exotic pets are becoming more common across globally, with increased freedom for pet owners in emerging regions to own new varieties of pets. The insect-based pet food varieties promise everything from cost-effectiveness, innovative nutritious options, to juicy varieties of pet food.
Single-servings are increasingly becoming more common choices among pet owners, due to partially limit the growing weight, and associated illnesses with obesity with pets. Single-servings also remain ideal for fussy eating pets like cats, offering them more variety, and palatability. The growing availability of single-servings in food shops, and increased cost-effectiveness of these dishes remain major promise of pet food market. Limited-Ingredient Diets (LID) in single-servings with attractive nutrition, and benefits for health remains a key driver of growth for these products. Single-serving also promise transparency for owners, with key information about ingredients, and drawing bigger sales in the process.
Dog food remains a key component of the pet food market. According to Study, the dog food market size reached USD 55.73 billion in 2020. The dog food market size is expected to grow at notable 4.17% CAGR during 2020-2027 to reach USD 73.51 billion in 2027. The large ownership of dogs in regions other than North America remains a promising opportunity for growth. For example, Argentina has 9.2 million dog population, while India has 10.2 million. Similarly, Japan has 12 million dog owners, Russia 15 million, and China has 27.4 million dog owners. Growing demand for rare, and exotic varieties of dogs like huskies, Tibetan mastiff, bulldog, Labrador, beagles, among others remain promising driver of growth for players in the pet food market.
Pet Food Market: Competitive Analysis
The pet food market remains a competitive, fragmented, and innovative landscape. The relatively small size of pet food market share by global brands, relatively low barriers to entry, and growing innovation in new regions remains the key dynamic for growth. Key pet food trends include growth of nutritious, enriching, and juicy diets for pets. Furthermore, markets like the US pet food remains viable for expansion for localized variety of pets including horses, which require an expensive upkeep, and promise far more lucrative opportunities than other low-cost maintenance of traditional pets. The Europe pet food market remains a growing prospect with increasing demand for pet as a companion after the coronavirus crisis. The growing need for solace in the company of pets, and increasing need for social distancing remain key drivers of growth in the Europe pet food market. Some key companies in the global pet food market are The key companies in the global market are Hill's Pet Nutrition, Blue Buffalo Pet Products, lnc, The J. M. Smucker Company, Diamond Pet Food, Nutriara Alimentos Ltd., Royal Canin, Del Monte Food lnc., WellPet LLC, Nestle Purnia, The Hartz Moutain, General Mills lnc., Schell and Kameter lnc., Colgate-Palmolive Company, Mars Incorporated, PetGuard, Harringtons, Simmon Pet Food lnc. Pllie Pet lnc., Heristo AG and others
The pet food market report is divided into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America region shows a major promise for growth, thanks to large base of pet ownership. The region also remains home to some of the most unique, and exotic species of pets including Arabian horses, hedgehogs, sugar gliders, skunks, coati, among others. The growing demand for nutritious pet food, and increasing concern about pet associated illnesses remain major new opportunities for players in the North American region.
The Asia Pacific region promises the fastest growth for the pet food market during the forecast period. The increased availability of rare breed of dogs, and increasing recognition of value of pets in homes promises new opportunities for growth. The Asia Pacific region remains home to some of unique species of dogs including Tibetan Mastiff, among others. The growing demand for exotic, rare, and royal pets like this specie drives a key promise of growth in the Asian pet food market.
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