According to the latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global pet food market size reached US$ 102.7 Billion in 2019. Pet food refers to the commercially available food that is formulated for consumption by pet animals. It is usually prepared using a mix of agricultural and animal-feed grade ingredients, which include meat, fish, cereals, vegetables, and feed grain by-products. These foods are a rich source of essential minerals, vitamins, proteins and carbohydrates that are essential for meeting the dietary and nutritional requirements of pets. Their consumption is associated with improving metabolism, regulating digestion and boosting immunity while enhancing the quality of the pet’s skin and coat. Several manufacturers are now introducing pet food in smaller, disposable, single-serve containers to offer convenience to the pets as well as the owners.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Pet Food Market Trends:
The market is primarily driven by a significant rise in cat and dog ownership rates on the global level, along with the rising trend of pet humanization among owners. The growing awareness regarding pet health has encouraged key players to introduce fortified variants in the market, such as multigrain, grain-free and gluten-free foods, which assist in maintaining a healthy weight and improving the life expectancy of pets. The market is further driven by the growing preference for premium product variants prepared with natural raw materials and flavorings. Along with this, the easy availability of pet food products that are devoid of pesticides, preservatives and genetically modified organisms (GMOs) is also creating a positive outlook for the market. Furthermore, proliferating online retail channels, which offer enhanced convenience at a better price point, along with flexible return and exchange policies, is also driving the market. On account of the aforementioned factors, the market is projected to exhibit moderate growth during the forecast period (2020-2025).
Market Summary:
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