Pet Food Market Insights:
The global Pet Food Market Size is estimated at USD 99.10 billion in 2022 and forecast to be get a market size value of USD 138421.9 Millon and it's hoped to grow at a compound annual growth rate(CAGR) of 6.10% from 2020 to 2027.
The Pet Food Market consists of sales of goods and services by entities (organizations, sole traders, and collaborations) associated with manufacturing cat and dog food and other animal food from ingredients similar as grains, oilseed factory products, and meat products. The industry includes establishments that produce dog food, cat food, and other animal food. Different creatures include birds, mammals, and underwater creatures. This market doesn't include agricultural animal food.
The main types of pet food are dog and cat food and other pet food. Dog and cat food is food particularly formulated and intended for consumption by dogs, cats, and different related canines. Pet foods hold several ingredients, which include animal by-products, plant by-products and synthetic products.
Regional Analysis:
North America dominated the Pet Food Market Trends and accounted for a very long time. The regional demand for pet food is primarily driven by rising consumer awareness regarding the beneficial impact on pet fitness along with the adding trend of humanization of pets.
Europe is expected to grow at a CAGR of 4.5% over the cast period in terms of profit. According to the European Pet Food Industry Federation (FEDIAF), over 80 million homes across Europe own at least one pet. The regional market is led by cat food products owing to the high rate of cat ownership.
Asia Pacific, led by China, Japan, India, and South Korea, came up as one of the significant markets across the globe in recent years. The regional market growth can be imputed to the increasing demand for premium dog food.
Key Players:
Some of the dominant players in the global pet food market involve: The J. M. Smucker Company, The Hartz Mountain Corporation, Mars Incorporated; Hill’s Pet Nutrition Inc, Nestlé Purina, Lupus Alimentos, Total Alimentos SA, Blue Buffalo Pet Products Inc., WellPet LLC, Diamond Pet Foods.
Market Segmentation:
The Pet Food Market is segmented based on pet type, food type, sales channel, and region. Based on the pet type, the market is disintegrated into dogs, cats, and other pets. In 2020, the dog food segment counted for the largest stake in the global market, owing to rising trend of nuclear families and growing affection of consumers toward dogs for companionship and security. In extension, dogs need different kinds of nutrients to live a healthy life. Hence, dog owners have been focusing on delivering proper pet food that contains these nutrients in order to keep them healthy. This is expected to drive demand for pet food over the coming years.
Based on the food type, the market is separated into dry food, wet food, treats snacks, and others. Based on the sales channel, the market is distributed into supermarkets hypermarkets, specialized pet shops, online sales channel, and others. The market is segmented based on region into North America, Europe, Asia- Pacific, and LAMEA. The North American Pet Food Market had a dominant Pet Food Market Share in the world in 2020, and is anticipated to save its dominance during the pet food market forecast period.
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