Gaya Herald

Pet Food Market is forecast to reach 135 Billion in 2027 and is projected to increase at a CAGR of 5.2% during the forecast period | Size, Share, Growth, Industry Report

 Breaking News
  • No posts were found

Pet Food Market is forecast to reach 135 Billion in 2027 and is projected to increase at a CAGR of 5.2% during the forecast period | Size, Share, Growth, Industry Report

June 07
01:06 2022
The pet food market is forecast to reach 135 Billion in 2027 and is projected to expand at a CAGR of 5.2% over the forecast period. The growing awareness among consumers regarding organic pet food products has persuaded producers to shift their emphasis from synthetic to organic products is one of the significant forces fuelling the market growth.

Pet Food Market Dynamics 

Pet food refers to plant-based or animal-based food specially formulated to be consumed by pets such as fishes, dogs, and cats. Pet food products have become very popular among pet owners and offer an adequate amount of nutritional value to pets. Accelerating per capita income, rising trend of nuclear families, and increasing pet adoption are some of the prominent factors driving the pet food market growth. The increasing pet parenting and the rising health concerns have encouraged pet owners to seek for healthy food options to maintain their pet’s health, which in turn is projected to boost the sale of high-quality, organic, and customized products.

Pet food helps fight skin allergies and infections, which improves pets’ overall health. The pet food includes vegetables, chicken meals, and lamb meat, which improves the flavor, texture, and color of food items. The leading market players are emphasizing launching a variety of food products for pets to fulfill the needs of different animals belonging to different age groups. This is anticipated to steer the pet food industry size.

Request For a FREE Sample Report on Pet Food Market

The coronavirus pandemic negatively impacted the supply chains. Due to the restrictions imposed on the movement of raw materials, the pet food industry is likely to suffer initially in terms of supply. However, the demand for pet food experienced steady growth as many people adopted pets with the need for companionship during the lockdown.

Product Segment Analysis

The dry food segment is expected to hold a larger share during the forecast period. Dry food ensures good oral care in dogs by decreasing plague. The food offers remarkable features such as cost-efficiency, low-moisture content, and convenience in terms of feeding pets without creating a mess. With the changing lifestyle and increasing awareness about organic dry pet food products, urban consumers have inclined toward dry pet food.

Application Segment Analysis

The dog segment is expected to expand at a higher CAGR over the forecast period. Growing consumer awareness regarding pet health has increased the focus on maintaining the overall health of dogs. Customers are choosing between different available foods and depend majorly on product brands. Manufacturers are continuously emphasizing purchasing premium food products, thereby fuelling the market growth.

Regional Drivers

The North American region is anticipated to dominate the overall pet food market over the forecast period. As per the pet food market analysis, the regional demand for pet food is attributed to the increasing awareness about the beneficial impact on the health of the pet and the rising trend of pet adoption among millennials. The Asia-Pacific region is likely to witness faster growth over the coming years. The growing demand for high-quality pet food is one of the major factors fuelling the market growth.

Various notable players operating in the market include Blue Buffalo Pet Products, Inc., Nestlé Purina, Hill’s Pet Nutrition, Inc., Mars Incorporated, The J.M. Smucker Company, WellPet LLC, and Deuerer, Omega Protein Corporation, Diamond Pet Foods, and Nutriara Alimentos Ltd., among others.

Key Developments: 

      •In 2017, Mars Petcare Inc., launched, CRAVE, a new brand of dog and cat food to nourish pets with high-protein, meat-first, grain-free recipes. Through this expansion in the product portfolio, the brand intends to develop a unique brand image among its target audience        

Pet Food Market Segmentation:

Pet Food Market by Product

      •Dry Food

      •Wet/Canned Food

      •Nutritious Food

      •Snacks/Treats

      •Others

Pet Food Market by Application

      •Dog

      •Cat

      •Others

Pet Food Market by Region:

      •Asia Pacific

              oChina

              oJapan

              oIndia

              oRest of APAC

      •North America

              oUnited States of America

              oCanada

      •Europe

              oUnited Kingdom

              oGermany

              oFrance

              oSpain

              oRest of Europe

      •RoW

              oBrazil

              oSouth Africa

              oSaudi Arabia

              oUAE 

About GMI Research

GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: Send Email
Phone: +1 860 881 2270
Address:Level 1, The Chase Carmanhall Road, Sandyford Industrial Estate, Dublin D18 Y3X2, Ireland
City: Dublin
Country: Ireland
Website: https://www.gmiresearch.com