At 4.1% CAGR, Pet Food Market size is Expected to reach USD 118.77 Bn in 2027, Says Brandessence Market Research

LondonAnd November 17, 2021 /PRNewswire/ – According to Brandessence market research, the global pet food market size has been reached 89.65 billion US dollars In 2020. The market is expected to reach 118.77 billion US dollars By 2027, at a compound annual growth rate of 4.1% over the period 2020-2027. The global pet food market is expected to grow at a significant growth rate due to a number of driving factors.

Pet Food Market: Overview

According to the American Veterinary Medical Association, more than 48 million households own a dog, while 31 million households have kept cats as pets. Furthermore, more than 3 million birds have been adopted as pets, and nearly one million horses are protected. Statistics for 2018 paint a warm picture of people’s close affinity with their pets, and tough times like the one brought about by the Covid-19 pandemic have recently led more people to bring pets into their homes. Moreover, there is a growing diversity of pets, even exotic species such as snakes, lizards, guinea pigs, etc. are becoming more and more popular. With the high demand for exotic species, unfortunately, also the short-term demand for pet food products to cater to exotic species such as rare birds, rare fish, etc. The long-term demand for pet food revolves around the long life of traditional pets such as cats, dogs, and even horses. The growing demand for nutritious, juicy and rich foods continues to be a major factor in this category in the pet food market.

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Pet food market: key trends

The humanization of pet food remains the main motivator. Pets like cats and dogs are known to consume normal human foods with great appetites. The food is also widely seen as safe to consume, with a seal of trust from its owners. The increasing ability of pets to adapt to these foods in terms of their aroma, ingredients and appearance remain major drivers of this trend. The growing demand for buzz-branded natural and clean products like homemade, seasonal and clean, remain promising drivers of growth.

It has been widely observed that diseases among animals such as cancers, diabetes and other chronic diseases are on the increase. This trend is similar to their human counterparts, and many clearly attribute it to changing diet preferences. This has led to an exponential growth in healthy diets, with an increased demand for nutritious ingredients. For example, more and more pet owners continue to demand kale, raw honey, chia, and kelp for themselves. On the other hand, there is more demand for nutritious and organic types of meat for pets. The growing demand for healthy foods is primarily directed at meeting the most basic needs of pets including anti-inflammatory substances, skin nutrition, cognitive and digestive requirements.

The pet industry, like other industries, is facing increased scrutiny as the demand for transparency in pet food products increases. The owners keep claiming – what’s really cooking in their pet’s stomach. This includes the growing demand for nutrition. However, it is also about how pet food is grown or manufactured, including the demand for greater simplicity and transparency regarding manufacturing techniques.

The pet food market continues to create a buzz for new proteins including new areas such as insect protein. Protein has gained immense appeal because many types of pets such as birds naturally exhibit attractions towards eating. Furthermore, these exotic pets are becoming more and more popular all over the world, with pet owners in emerging regions becoming more and more free to own new types of pets. Insect-based pet food varieties promise everything from innovative and cost-effective food choices to exciting types of pet food.

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Individual meals are increasingly becoming more popular choices among pet owners, due in part to increased weight gain, and obesity-related illnesses with pets. Individual meals also remain ideal for pets such as cats, providing them with more variety and palatability. The increasing availability of individual meals in food stores, and the increased cost-effectiveness of these dishes remain a great promise for the pet food market. Limited Ingredient Diets (LIDs) in single servings with attractive nutrition, health benefits remain a major growth driver for these products. The one-on-one service also promises transparency to owners, with background information about ingredients, and attracting greater sales in the process.

Dog food remains a major component of the pet food market. According to the study, the size of the dog food market has reached 55.73 billion US dollars In 2020. The dog food market size is expected to grow at a remarkable CAGR of 4.17% during 2020-2027 73.51 billion US dollars The year 2027. Significant ownership of dogs in areas other than North Amarica It remains a promising opportunity for growth. for example, Argentina She has 9.2 million dogs, while India 10.2 million. similarly, Japan It has 12 million dog owners, Russia 15 million China It has 27.4 million dog owners. The growing demand for rare and exotic species of dogs such as huskies, Tibetan mastiffs, bulldogs, Labradors, beagles, among others, remains a promising growth driver for players in the pet food market.

Pet Food Market: Competitive Analysis

The pet food market remains a competitive, fragmented and innovative environment. The relatively small size of pet food market share by global brands, relatively low barriers to entry, and increased innovation in new territories remain the main dynamics of growth. The main trends in pet food include the growth of nutritious, exciting and trendy diets for pets. Furthermore, markets such as American Pet Food remain viable for expansion of a variety of domestic pets including horses, which require expensive maintenance, and promise far more profitable opportunities than keeping traditional low-cost pets. The Europe The pet food market is still a growing possibility with the increased demand for pets as a companion after the coronavirus crisis. The growing need for solace in the company of pets, and the growing need for social distancing remain key drivers of growth in the UAE Europe Pet food market. Some of the major players in the global pet food market that are the major players in the global market are Hill’s Pet Nutrition, Blue Buffalo Pet Products, lnc, The JM Smucker Company, Diamond Pet Food and Nutriara Alimentos Ltd. and Royal Canin and Del Monte Food lnc. , WellPet LLC, Nestle Purnia, The Hartz Moutain, General Mills lnc. , Schell and Kameter lnc. , Colgate-Palmolive Company, Mars Incorporated, PetGuard, Harringtons, Simmon Pet Food lnc. Pllie Pet lnc. And Heristo AG and others

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Pet Food Market Segmentation:

By type of animal:

  • dog food
  • cat food
  • Other pet food

By model:

  • dry pet food
  • Wet food for pets
  • Dog treats and mixers

By distribution channel:

  • Hypermarket
  • Specialized pet stores
  • Online sales
  • Aharon

By type of ingredients:

  • animal derivatives
  • vegetable derivatives
  • artificial

Pet Food Market: Regional Analysis

The Pet Food Market report is segmented into major regions, including: North AmaricaAnd EuropeAnd Asia PacificAnd Latin america, And Middle east & Africa. Among those, North Amarica The area shows great promise for growth, thanks to a large pet ownership base. The area is also still home to some unique and exotic species of pets including Arabian horses, hedgehogs, sugar gliders, skunks, quats, and more. The growing demand for nutritious pet foods, and the growing concern about pet-related illnesses, remain major new opportunities for players in the North American region.

The Asia Pacific The region promises the fastest growing pet food market during the forecast period. The increased availability of rare breeds of dogs, and the increased recognition of the value of pets in homes promise new opportunities for growth. The Asia Pacific The area is still home to some unique species of dogs including the Tibetan Mastiff among others. The growing demand for exotic, rare, and proprietary pets like this one is leading to a major promise of growth in the Asian pet food market.

Regional covered in this report:

North Amarica

Europe

  • Germany
  • France
  • United kingdom
  • Italy
  • Spain
  • Sweden
  • Holland
  • Turkey
  • Switzerland
  • Belgium
  • rest of Europe

Asia Pacific

  • South Korea
  • Japan
  • China
  • India
  • Australia
  • philippines
  • Singapore
  • Malaysia
  • Thailand
  • Indonesia
  • Rest of Asia and the Pacific

Latin america

  • Mexico
  • Colombia
  • Brazil
  • Argentina
  • Peru
  • rest of South America

Middle east And Africa

  • Kingdom Saudi Arabia
  • The United Arab Emirates
  • Egypt
  • South Africa
  • Rest of the Middle East and Africa

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