LONDON, Jan. 7, 2016 /PRNewswire/ -- The global pet food market was estimated at $55 Billion in 2014 and is projected to grow at a value of $74.59 Billion by 2020 with a CAGR of 5.3% during the forecasted period of 2015-2020.
Demand coming from developing nations consumers whose growing urbanization and changing lifestyle is driving the market. The changing perception of consumer towards pet health is another major reason behind the growth of the pet food market. Its due to the concern for the pets by the pet owners.Similarly, the demand is growing due to the increasing trend of nuclear family where consumers are treating the pets as a family member and are more concerned with their eating habits, lifestyle and health. The recent rise in the concept of pet humanization, wherein pets are treated with increased care and hygiene, is proving to be another major driver for the market and is leading to major changes in product packing and resourcing of ethically viable products.
The major restraint with the market is due to the increasing obesity in pet which is the big concern for the pet owners.The major reason behind this rise is over eating and lack of physical exercise. Another reason for this is the rising pet love from the owners who tend to give more modern day pet food as a reward to the pets or showcase of love. This needs to be the healthy food so that the overeating also doesnt affect the pets. The pet allergies are also the major restraint for the market followed by regulatory issues.Since the pet owners are growing and the pet adoption rate is rising the demand for pet food is also at hike. This rising growth is demanding for the innovative products in the pet food industry specially in North America region as the market share of Americans in pet owners is around 40% of the total global pet owners.The pet food also needs variations in the taste and it should be healthy at the same time gives rise to new opportunities in the market.Another opportunities are increasing demand for online sales and home delivery facilities to the consumers.Followed by the growth in demand for natural and organic pet foods.
The market is further segmented in to different product types like Dry pet foods, Wet pet foods, Veterinary Diets, Treats/Snacks, Liquid food and Organic product.Accounting for 40% of the total global pet food market share, dry pet food is the largest segment, followed by treats/snacks with 22% market share.Wet pet food which is also known as canned pet food makes up for 8% of the pet food market share while organic products accounts for 4%.The further segmentation is by animal type like dog,cat,bird and other animals pet food.The cat food market has the largest market share in Europe.This is due to the increasing trend of nuclear families coupled with rising demand for small pets is one of the reasons boosting the demand for cat food in Europe.
North America accounts for largest market share in the industry with 38% of the global market. Second largest market is Europe followed by Asia-Pacific with 20% of the market share. The growth is prompted by the large interest in pet ownership across the globe. In North America, U.S holds the major shares for pets and pet owners. And further its projected to grow with a CAGR of 5.03% in the forecasted period of time.
The Global pet food market is highly concentrated with top ten companies accounting for more than 50% of the market share.The few companies are Mars Inc, Nestle SA, Colgate Palmolive Co., Del Monte Foods Co. and many more. The leading players in the market are focussed in high R&D to develop high quality of products with more application scope. The profit margin is high due to which the small and medium scale industries are also entering the market. The global market has additionally seen numerous pet owners growing their interest in their pets and treating them as a family which gives a better scope for growth.
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Market analysis for the Global Pet Food Market, with region specific assessments and competition analysis on a global and regional scale.
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