LONDON, April 27, 2017 /PRNewswire/ -- Last year, the pet food market was valued at $75 billion globally, according to a report by Inkwood Research.
The report highlights three key findings:
● Major markets:
North America is the largest market in the pet food industry, accounting for a 40% of global market share. Europe is the second largest market followed by Asia- Pacific.
● Reasons for growth:
The market is growing because more households are treating their pets as a part of the family. This is called pet humanization and means pets are given the same care as humans when it comes to hygiene, eating habits, lifestyle and health.
The major concern of pet owners is obesity, which has caused an increase in healthy pet food.
● Pet product packaging is vital to compete in market
Because the pet food market is highly competitive, packaging is designed to catch consumers' attention using unusual product shapes, stylish packaging or visuals inspired by human food.
Packaging helps a product succeed in a crowded market: between 2014 and 2019, the pet care packaging market is forecasted to grow at a CAGR of 3% globally, according to Technavio.
To see the report summary on ReportBuyer's blog click here.
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