The companies covered in this Pet Food market research report include Mars Incorporated (Virginia, USA), Nestlé S.A. (Fife, Switzerland), GM Smoker Corporation (Ohio, USA), Colgate-Palmolive Corporation (New York, USA) , General Mills, Inc (Minnesota, US), Diamond Pet Foods (Missouri, US), Heristo AG (Osnabruck, Germany), Tiernahrung Deuerer GmbH (Bretten, Germany), Merrick Pet Care, Inc. (Texas, US), WellPet LLC (Massachusetts, US), and more players out there.
Pune, India, November 11, 2021 (GLOBE NEWSWIRE) – World Pet food market size It is expected to gain momentum by reaching US$136.82 billion by 2028 while showing a compound annual growth rate of 4.96% between 2021 and 2028. In its report titled “Pet Food Market, 2021-2028, ” Fortune Business Insight It is reported that the market reached 93.94 billion US dollars in 2020.
Recently, people are working from home, so many have used this as an opportunity to have a family pet. Several studies have shown that people who adopt pets are less likely to suffer from loneliness and depression. Pets also bring companionship to their owners. Besides, in the difficult times of the epidemic the demand for pets has increased. For example, according to a report published by Mars Petcare, a leading manufacturer of pet (dog and cat) food, it stated that consolidated sales of cat and dog treats grew 6.5% in the 12 weeks between February and May 2020.
Impact of COVID-19
The ongoing epidemiological situation of COVID-19 has negatively affected the market. These disruptions in the supply chain occurred due to shortages of raw materials, workers and transportation restrictions. However, operations returned to normal with the lifting of the lockdown. In addition, high pet adoption, growing demand for premium dog and cat foods, and change in strategies by pet food manufacturers have positively impacted global sales of dog and cat food.
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By type of animal, the market is segmented into dogs, cats, and others.
Based on animal type, dogs captured a market share of 58.34% in 2020. This is attributed to higher spending related to dog maintenance and welfare. In addition, the launch of dog treats and nutrition-rich foods is another important reason contributing to the growth of this segment.
By form, they are divided into dry and wet food for pets, snacks and sweets. Based on distribution and channel, they are divided into supermarkets/supermarkets, specialty pet food stores, online channels, and others. Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America, Middle East and Africa.
What does the report provide?
The report provides a detailed analysis of several factors such as the main factors and restraints that will influence the growth. Additionally, the report offers insight into regional analysis covering different regions, thus contributing to the market growth. It includes a competitive landscape that includes leading companies and adopting strategies to introduce new products, advertising partnerships, and collaborating to contribute to market growth.
Increase pet ownership across developing economies to aid growth
The growing pet adoption rate worldwide, especially in the developing regions, is expected to lead to the growth of the pet food market. The emergence of nuclear families, increasing urbanization, and the humanization of pets are causing owners to turn to high-quality, nutritious food for their pets, fueling market growth. In addition, the higher per capita income of the consumer allows them to spend on organic food products for pets. Moreover, the ease of availability of pet products at varying prices also generates traction, providing customers with a range of options.
North America dominates support by increasing pet adoption in the region
North America is expected to remain on top and hold the number one market position during the forecast period. This is attributed to the increase in pet adoption in American households. For example, according to a survey by the American Pet Products Association (APPA), about 85 million American households or about 67% of all households in the United States own a pet. The region’s market reached $36.22 billion in 2020.
Europe is expected to show a large share in the pet food market due to increased spending on sustainable and safe pet food. Additionally, pet owners in Europe are demanding transparency in pet food product ingredients. The UK is the largest pet food market in Europe. It is followed by Germany and France.
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The major players should focus on expanding the facility and investing to strengthen the market prospectus
The global market contains a large number of eminent companies that are constantly trying to develop unique devices to meet the demand of patients all over the world. To do this, they collaborate with local or reputable companies, and launch new solutions to strengthen their portfolio in the market.
Here are two developments in the industry:
March 2021: Mars, Inc., a leading US-based pet food manufacturer, has invested $200 million to expand its plant facility in Royal canin in Lebanon.
December 2020: Nestle Purina Petcare has announced that it has invested $550 million to expand its food manufacturing facility in Georgia.
List of key players included in the report
Mars Incorporated (Virginia, USA)
Nestlé SA (Vivi, Switzerland)
GM Smoker Corporation (Ohio, USA)
Colgate-Palmolive Corporation (New York, USA)
General Mills Corporation (Minnesota, USA)
Diamond Pet Foods (Missouri, US)
Heristo AG (Osnabrück, Germany)
Tiernahrung Deuerer GmbH (Britten, Germany)
Merrick Pet Care, Inc. (Texas, United States)
WellPet LLC (Massachusetts, USA)
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