The global pet food market size is projected to reach USD 98.81 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a 4.3% CAGR during the forecast period. Rising trend of pet adoption is expected to be a major driving factor over the coming years.
Increasing number of nuclear families in emerging economies of Asia Pacific, particularly India, China, Vietnam, and Indonesia, has resulted in the growing trend of pet adoption and this is expected to drive market growth over the forecast period. Rising need for nutritious, healthy, and organic pet food on account of increasing awareness regarding animal health is expected to augment market demand.
Increasing life expectancy across the globe has led to older generation adopting pets to guide them through routine chores; this is expected to fuel pet food demand over the forecast period. Innovation in specialty, premium, and gourmet pet food products and packaging techniques is expected to propel growth in larger markets of U.S., Europe, and Japan.
Natural and organic products were once a niche segment in the industry; however, major food manufacturers today, such as Nestle’s Purina, Mars’s Pedigree, and Del Monte Foods, market natural products sold at major retailers. This is likely to have a positive impact on the market over the forecast period.
Major key players include Big Heart Pet Brands, Unicharm Corporation, Mars Incorporated, Colgate-Palmolive Co., Nestle SA, Lupus Alimentos Ltda, and Total Alimentos SA. These players are actively involved in new product development to provide high nutritional value to pets.
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Further key findings from the report suggest:
Demand for dry products is anticipated to exhibit a CAGR of 2.5% in terms of volume from 2015 to 2022 owing to handling convenience. It does not require special handling and can be stored easily
The wet/canned segment is projected to expand at a CAGR of 4.9% in terms of revenue over the forecast period due to increasing demand for products with high water content
Demand for dog products is predicted to rise at a CAGR of 2.7% in terms of volume from 2015 to 2022 on account of rising trend of dog ownership across the globe
In 2014, approximately 83.3 million dogs were taken in as pets in U.S. Demand for dog food is expected to rise at a CAGR of 2.5%, in terms of volume, over the forecast period
A number of manufacturers are involved in new product development. For instance, in March 2014, Big Heart Pet Brands added a new product to its Milk-Bone brand called brushing chews.
Grand View Research has segmented the global pet food market on the basis of product, application, and region:
Pet Food Product Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
Pet Food Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
Pet Food Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
Rest of The World
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