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Pet Food Market size in 2019 is estimated to be $47.23 billion, growing at a CAGR of 4.5% during the forecast period 2020-2025. Pet foods are specialty foods prepared according to the nutritional requirements of domesticated animals that can be either made from plant or animal-based food materials. Pet foods are made with innovative shapes and attractive colours to entice the owners and are added with special flavorings to enhance the taste so that animals easily eat the food. Increasing demand for premium and Organic pet food and rising pet humanization are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for pet food during the forecast period 2020-2025.
Pet Food Market Segment Analysis – By Pet
Based on the Pet, Pet Food Market is segmented into Dog, Cat, Bird Food, Fish Food, Others. The dog segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 3.9% during the forecast period 2020-2025. This is mainly owing to increasing trend of dog adoption and increased focus on enhancing the weight of dogs and maintaining their overall health are contributing to the growth of this segment.
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Pet Food Market Segment Analysis – Food Type
Based on the Food Type, Pet Food Market is segmented into Dry Food, Wet Food, Nutritious Food, Snacks, Others. In 2019, dry food held the largest share in the Pet Food Market. Dry food is useful in ensuring good oral care in dogs with minimal tartar buildup on the animal’s teeth and by reducing plaque. In addition, this product type offers the crunch and chewing required for maintaining the overall health of animals. Dry food eliminates the need for freezing like that in case of canned food which is contributing to the growth of this segment.
Pet Food Market Segment Analysis – Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to rising consumer awareness regarding the beneficial impact on pet health along with the increasing trend of humanization of pets. According to the American Pet Products Association (APPA), around 38% of the people across the U.S. own cats and two as an average number of cats per household.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing demand for premium dog food.
Pet Food Market Drivers
Increasing Demand for Premium and Organic Pet Food
The pet owners concern about their pets’ health some factors driving the market growth of this segment. Organic pet foods are free from artificial colours, flavors, antibiotics, synthetic hormones, toxic pesticides and preservatives whereas premium pet foods contain higher quality ingredients than economy or generic pet foods which are increasing the market growth of pet food.
Rising Pet Humanization
Rising pet humanization is a major factor driving the growth of the market. Moreover, consumers are now becoming aware about that pet food and home-made food consist of separate nutritional elements, and that pets need to be fed a diverse range of food, as part of an adequate diet which are contributing to the growth of Pet Food Market.
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Pet Food Market Challenges
Reduction in fee trade and increasing trade restriction are restraining its market growth during the forecast period 2020-2025.
Pet Food Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Pet Food Market. Pet Food top 10 companies are Nestlé Purina, Mars Incorporated, Hill’s Pet Nutrition, Inc., Blue Buffalo Pet Products, Inc., The J.M. Smucker Company, WellPet LLC, and Diamond Pet Foods, Deuerer, Omega Protein Corporation, and Nutriara Alimentos Ltd.
On April 2017, Mars Petcare Inc. launches new brand of dog and cat food crafted to nourish pets through high-protein, meat-first, grain-free recipes.
In 2019, North America dominates the Pet Food Market owing to rising consumer awareness regarding the beneficial impact on pet health along with the increasing trend of humanization of pets.
Increasing demand for premium and organic pet food and rising pet humanization is driving the market growth of pet food.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Pet Food Market report.
Reductions in fee trade are challenging the growth of the market.
Related Reports :
A. Pet Food Ingredients Market
B. Pet Food Packaging Market
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