Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Pet Food market.
Trusted Business Insights presents an updated and Latest Study on Pet Food Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Pet Food market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Pet Food Market
The global pet food market size was estimated at USD 83.02 billion 2018 and is expected to grow at a CAGR of 4.5% over the forecast period. Increasing consumer awareness regarding natural and organic pet food products has forced the manufacturers to shift their focus from synthetic to natural products which has acted as one of the major forces impacting the global pet food market.
Convenience benefits related with dry organic and natural pet food is projected to drive the product demand. Unlike most of the conventional pet foods, organic and natural pet foods are being used on large scale.
Growing dog food demand along with higher traction in premium pet food segment is anticipated to drive pet food market over the forecast period. Dry food is witnessing rapid growth in demand as compared to other product counterparts owing to its convenience in terms of storage and feeding pets without creating a mess. This is positively influencing urban consumers to increasingly opt for dry pet food.
Canned food is more palatable to dogs and cats as this product type contains proteins, fats, and few carbohydrates. Wet/canned pet food is easy to digest and thus limits the backyard cleaning activity to minimal. Higher digestibility offered by wet food makes it preferable for cats and dogs with illnesses and those that are finicky eaters.
Rising trend of dog adoption as a companion for families is projected to propel the product demand. Particularly dogs are witnessing an upward trend in terms of the concept of humanization of pets. This has resulted in an increased number of people owning dogs and feeding them with premium food. Furthermore, rapid urbanization is among the key factors driving pet food market.
Product Insights of Pet Food Market
Dry food is useful in ensuring good oral care in dogs with minimal tartar buildup on the animals 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 as that in case of canned food.
High moisture content in this product type helps ensure that the pets are hydrated and is also beneficial to the urinary tract. However, high cost of the product, particularly meat-based protein canned food, may restrict its preference among consumers, thereby restraining the segment growth over the forecast period.
Pet snacks are usually preferred for improving intake nutrition and enhanced quality ingredient, whereas treats are used as the key product to induce positive behavior in pets. Snacks usually consist of baked products such as roasted grains and biscuits or dried fruits and vegetables.
Application Insights of Pet Food Market
Rising consumer awareness regarding pet health has led to increased focus on enhancing the weight of dogs and maintaining their overall health. Customers are opting between multiple available foods and are highly relying on product brands. Manufacturers are constantly focusing on entering the premium food products segment and thereby improving their overall profit margin.
The trend of owning more than one cat is witnessing consistent growth, particularly in Europe and North America, thereby propelling the product demand. Cats require less training as compared to dogs and are capable of spending more time alone. In addition, the cost required for owing cats is relatively low as compared to that in case of dogs.
Others application segment includes pet food products for birds, fish, and reptiles. The product demand for such animal categories is likely to remain sluggish as compared to that for dogs and cats. The short lifespan and low rate of food consumption are likely to emerge as the major factors for low product demand in this segment as compared to dogs and cats.
Regional Insights of Pet Food Market
North America emerged as one of the most prominent regional pet food markets after Asia Pacific. The regional demand for pet food is primarily driven by rising consumer awareness regarding the beneficial impact on pet health along with increasing trend of humanization of pets.
Rising trend of adopting pets among the millennials is further projected to support the market growth. 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.
Europe is considered as a major market for quality-driven pet food. According to the European Pet Food Industry Federation (FEDIAF), over 80 million households across Europe own at least one pet. The regional pet food market is led by cat food products owing to the high rate of cat ownership.
Additionally, Asia Pacific, led by China, Japan, India, and South Korea, emerged as one of the major pet food markets across the globe in 2018. The regional market growth can be attributed to the increasing demand for premium dog food. According to the 2019 Alltech Global Feed Survey, pet food production grew up to 13% in Asia Pacific in 2018.
Market Share Insights of Pet Food Market
The key players in the pet food market are majorly inclined towards expansion, merger & acquisition, and new product development. Product differentiation remains a key factor for increasing sales of pet food.
The key players in the market are The J.M. Smucker Company; The Hartz Mountain Corporation; Mars Incorporated; Hills Pet Nutrition, Inc; Nestle Purina; Lupus Alimentos; Total Alimentos SA; Blue Buffalo Pet Products, Inc.; WellPet LLC; and Diamond Pet Foods.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Pet Food Market Research Report
This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the pet food market on the basis of product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
Application Outlook (Volume, Kilotons; Revenue, USD Million; 2014 – 2025)
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