Accelerating demand for premium pet food products and the increasing emphasis on pet’s health are the major factors that are responsible for the growth of the market in the coming years.
Dublin, Ireland – July 13, 2020 /MarketersMedia/ —
The primary factors driving the growth of the pet food market include the increasing adoption rate of pets and the strong demand for premium pet foods. The rising disposable income of the middle-class population has resulted in an increase in the total spending capacity on pets. With the emerging trend of keeping a pet as a companion of the owners and the growing health concerns of the pets, the pet owners are looking for healthy pet food options to maintain the health of their animals. As per the Pet Food Industry, approximately 95% of the pet owners assume their pets as a part of their family, thus focusing on the importance of the quality in the pet food. The fundamental shift in the consumer’s preference to opt for vegan and grain-free pet food products will further open new doors for the growth of the pet food market size in the coming years.
The pet food products consist of vegetables, fruits, chicken meal, lamb meat, and other preservatives, which helps in enhancing the color, flavor, and texture of the food items. The combination of these factors will attract many pet owners who are following the pet humanization trend all over the world. The easy availability of pet food products across numerous platforms such as retails shops, supermarkets, and online stores will further bring innumerable growth opportunities in the market. As per the pet food market analysis, the leading market players are emphasizing on product innovation, such as the introduction of vegan and grain-free pet food products to capture the changing demands of the pet owners. On the other edge of the spectrum, the outbreak of COVID-19 has resulted in several restrictions on the manufacturing activities, which in turn, is affecting the supply of the pet food products. However, the market is expected to bounce back in 2021, while growing at a significant rate from 2022 onwards.
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On the basis of product, the dry food segment exhibits substantial growth potential and is predicted to gain traction over the forecast period. This is due to the remarkable properties such as cost-effective nature, low-moisture content, and highly convenient in terms of storage and feeding to the pets. The changing lifestyle and the growing awareness regarding the organic dry pet food products will further accelerate the demand of the segment over the forecast period.
Based on the application, the dog segment is anticipated to witness considerable growth in the next six years. The growing consumer awareness related to pet health has resulted in an increased emphasis on enhancing the weight of dogs and maintaining their overall health. The growing concern regarding pet health, followed by the increasing awareness about the benefits of commercial dog food, will further complement the growth of the segment in the market. In addition to this, the emerging trend of pets at the workplace is promoting the adoption of pets, especially dogs will further strengthen the growth of the market.
On the basis of the region, the North American region is projected to lead the pet food market in the next six years. This is attributed to the increasing consumer awareness related to the exceptional advantages offered by the pet food products and the emerging trend of humanization of pets. Additionally, the increasing trend of adopting pets, especially among the millennials, is further enhancing the growth of the market. On the other hand, the Asia-Pacific region is expected to witness considerable growth owing to the strong demand for premium dog food products in Asian countries.
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The key players of the pet food market include Total Alimentos SA, Blue Buffalo Pet Products, Inc., The Hartz Mountain Corporation, Mars Incorporated, Hill’s Pet Nutrition, Inc., The J.M. Smucker Company, Nestlé Purina, Lupus Alimentos, WellPet LLC, and Diamond Pet Foods, among others.
The research report on the pet food market provides an in-depth analysis of the market revenue based on product, application, and region for the forecast period from 2020 to 2027. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the market. The report also analyses the competitive landscape, major players, and their strategies in 2019. The competitive landscape section of the report captures and highlights.
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