The ‘Global Pet Food Market Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global pet food market, assessing the market on the basis of its segments like pet types, product types, pricing types, ingredient types, distribution channels, and major regions.
PET FOOD MARKET SIZE, TRENDS, INDUSTRY REPORT, KEY PLAYER, MAJOR SEGMENTS AND FORECAST
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 5.5%
The growing prevalence of keeping pets, even multiple pets in a single home, is driving the demand for pet food. With increase in stress and loneliness among people, more are choosing to adopt pets for purposes of animal companionship, driving the pet food market growth. Increasing popularity of hefty dog breeds which have a high nutritional requirement, such as Great Danes and Rottweilers, among others, is escalating the demand for high quality and large volume pet food.
The rising demand for high nutrition and specialised pet food products, owing to the increasing cases of insufficient nutrition among domesticated dogs and cats is further adding to the market numbers. Meanwhile, the increasing prevalence of chronic diseases such as parvo virus and canine influenza, among others, is boosting the demand for healthy and hygienic pet food products. The rising import and export of high-quality dog and cat breeds is further leading to premiumisation of pet food products.
Pet Food Industry Definition And Major Segments
Pet food is defined as a type of food which is specifically prepared for domesticated pets such as cats or dogs. Pet foods contain nutritious ingredients which boost the overall health of the pets. Pet foods can vary from each other according to the nutritional requirements of animal. The increasing awareness about pet health is driving the pet food market.
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On the basis of pet type, the market can be segmented into:
• Dog Food
• Cat Food
By product type, the market can be divided into:
• Dry Pet Food
• Wet and Canned Pet Food
• Snacks and Treats
Based on pricing type, the market has been segmented into:
• Mass Products
• Premium Products
The market can be categorised based on ingredient type into:
• Animal Derived
• Plant Derived
By distribution channel, the market has been categorised into:
• Supermarkets and Hypermarkets
• Specialty Stores
• Online Stores
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Pet Food Market Trends
The key trends in the global pet food market include the thriving e-commerce industry which is propelling the sale of clean-labelled pet foods. The increasing online purchasing power, increasing expansion of pet food portfolio on e-commerce websites, and robust branding and promotion by the major pet food manufacturers are some of the major factors promoting the demand for pet foods via the online sales channels.
Subscription boxes for pet food are a rising trend in the pet food market. With a subscription box system, pet-owners can specify the pet breed, nutritional requirements, and frequency of delivery to have a steady supply of pet food. Research and development activities by key market players are further supporting the market by focusing on manufacturing specialised pet foods for advanced nutritional needs and with innovative flavours for picky eaters.
The increasing popularity of pets and rising pet empathy owing to the awareness about animal cruelty being spread on the social media platforms is further leading to a heightened adoption of animals. Pet-owners are becoming more likely to spend money on food for their pets, which is likely to lead to a higher demand for premium pet food.
Key Market Players
The major players in the Global Pet Food Market are :
- Nestlé S.A.
- Hill’s Pet Nutrition, Inc.
- The J.M. Smucker Company
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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