NEW YORK, April 12, 2022 /PRNewswire/ -- The pet food market share is expected to increase by USD 36.11 billion from 2019 to 2024. Moreover, the growth momentum of the market will accelerate at a CAGR of 7% during the forecast period.
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Pet Food Market Driver:
The growing demand for organic pet food is driving the growth of the pet food market. Organic and natural food is becoming a popular choice among pet owners. The global market for organic pet food is growing at a high rate owing to the increasing focus on pet health and wellness, along with the pet humanization trend. Organic pet food has health benefits such as a reduction in skin allergies and ailments, fewer digestive disorders, and better overall health. Hence, many players operating in the global pet food market are launching and selling organic pet food varieties.
Major Five Pet Food Companies and their Offerings:
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Pet Food Market Product Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Distribution channel Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Type Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Geography Outlook (Revenue, USD bn, 2019-2024)
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Revenue-generating Product Segments:
The pet food market share growth by the dry food segment will be significant during the forecast period. The consumption of dry pet food is higher than that of wet pet food. Its associated benefits include easy storage and transportation, maintenance of oral hygiene in pets, and controlled intake of food.
Regional Analysis:
North America will account for 33% of the market's growth during the forecast period. The large interest in pet ownership in countries such as the US, Canada, and Mexico will drive the pet food market growth in North America during the forecast period.
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Pet Food Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7% |
Market growth 2020-2024 |
USD 36.11 billion |
Market structure |
Concentrated |
YoY growth (%) |
7.24 |
Regional analysis |
APAC, Europe, MEA, North America, and South America |
Performing market contribution |
North America at 33% |
Key consumer countries |
China and Japan |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Blue Buffalo Co. Ltd., Colgate-Palmolive Co., Mars Inc. Nestlé SA, Schell & Kampeter Inc., Spectrum Brands Holding Inc., Thai Union Group Plc, The J.M. Smucker Co., Unicharm Corp., and WellPet LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution channel
Market Segmentation by Type
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Technavio
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SOURCE Technavio
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