ALBANY, New York, Feb. 5, 2020 /PRNewswire/ -- Transparency Market Research has been closely monitoring the developments and trends that are shaping the global pet food market. The research report expects the global market to clock an impressive CAGR of around 6% for the assessment period ranging from 2019 to 2029. In 2019, the valuation of the market stood at around US$97 bn whereas now with the give rate of growth, the valuation is expected to reach the mark of US$168.3 bn by the fall of 2029. Pet 'ownership' and pet 'humanization' are the two most important trends that are shaping the development of the global market.
"Increasing demand for premium quality products has enforced the leading manufacturers in the global pet food market to use high quality materials and ingredients. Moreover, it has driven them to completely streamline their production techniques and processes. These manufacturers are now concentrating on using touch-based packaging with an objective to enhance their products and offerings", finds TMR
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Key Findings of the Study
- In terms of type of animal segment, cats and dogs food products are expected to remain dominant over the course of the forecast period. The segments of cats and dogs food cumulatively accounted for 80% of the overall market share.
- Depending on the type of product, the dry pet food segment is expected to lead the global market in the near future. Wet food, treats, and chews segment are to follow respectively behind the leading segment.
- North America region to act as the most lucrative region for business opportunities.
Explore a report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global pet food market by Animal Type: Cats, Dogs, Birds, and Others; Nature: Organic and Conventional; Product: Wet Food, Dry Food, Treats & Chews, and Others; and Sales Channel: Modern Trade, Pet Food Stores, Veterinary Clinics, Online Retailing, and Other Retailing Formats at https://www.transparencymarketresearch.com/pet-food-market.html
Global Pet Food Market: Key Driving Factors
There are several new trends that are attracting more consumers and thus driving the market growth. One key trend in the market is the use of informative and protective packaging. This provides the user with all the necessary information about the product and also helps in maintaining a longer shelf life of the product. Thus, people are more inclined towards using such products. In addition this, use of sustainable packaging methods are also helping to drive the growth of the industry as more number of pet owners are preferring to use environment friendly products for their pets.
- Pet owners, particularly those are vegetarian are opting for using plant based food or vegan food products for grooming their pets. They have become extremely conscious about the health of their pet and are opting for premium products that will groom their pet. Such developments are thus helping to push the development of the global pet food market.
- Increasing empathy towards pets is prompting the use of premium products. This is thus helping in improving the sale of global market and thus aiding in its overall growth.
Global Pet Food Market: Key Restraining Factors
Even though there are several positive factors that are influencing the growth of the global pet food market, there are some key restraining factors that may impeded the market development in coming years. These factors may slow down the market growth and stop it from reaching its full potential.
- One of the key restraining factor for market growth has been wastage and spoiling of food products because of the paper-based packaging.
- Food with high meat content gets easily spoiled leading to loss of customer loyalty.
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Global Pet Food Market – Regional Segmentation Analysis:
- Currently, the global market is being dominated by the North America region, followed by Europe, Japan and then by Latin America.
- The Asia Pacific segment of the global market is projected to show a promising rate of growth in coming years of the forecast period. Growing number of pet ownership is expected to fuel the development of the market in the region.
Analyze pet food market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
According to Transparency Market Research, the leading companies in the global pet food market are expected to concentrate on developing new and innovative products with highly attractive packaging.
"Leading companies in the global market for pet foods are now turning towards plastic composites and hybrid packaging materials in order to improve the shelf life of their products. This fact coupled with highly attractive packaging marketing techniques are expected to compensate the losses occurred due to age-old packaging methods, observes TMR analysts."
Some key players in the global pet food market are Lafeber Co., 4Legs Pet Food Company, Champion Petfoods, Betagro Public Company Limited, Fromm Family Foods LLC., Dave's Pet Food, Boulder Dog Food Company L.L.C.
Global Pet Food Market Segmentation
- Pet Food Market Animal Type Outlook (Revenue, USD Million 2019-2029)
- Others (Hamsters, Rabbit, etc.)
- Pet Food Market Type Outlook (Revenue, USD Million 2019-2029)
- Pet Food Market Product Outlook (Revenue, USD Million 2019-2029)
- Wet Food
- Dry Food
- Treats & Chews
- Others (Frozen, Raw Food, etc.)
- Pet Food Market Sales Channel Outlook (Revenue, USD Million 2019-2029)
- Modern Trade
- Pet Food Stores
- Veterinary Clinics
- Online Retailing
- Other Retailing Formats
- Pet Food Market Region-wise Outlook (Revenue, USD Million 2019-2029)
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
- Asia Pacific Excl. Japan
- South Korea
- Rest of APEJ
- New Zealand
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