According to the latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global pet food market size reached US$ 98.3 Billion in 2018. Over the years, there has been a rise in pet adoption rates across the globe, which has accelerated the demand for pet food. Various studies conducted by the manufacturers have also increased the knowledge of pet nutrition among owners. In line with this, they are now opting for products which ensure palatability and meet the nutritional requirements of pets. Moreover, manufacturers are introducing pet food which is formulated according to the specific breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and their owners.
Global Pet Food Market Trends:
Pet owners have started to treat their pets as a member of the family and have become highly sensitive towards their pets’ needs. This trend of pet humanization has encouraged pet food companies to develop healthier and organic products which aid in reducing or controlling weight and avoiding obesity. In addition, it has also led to several innovations in the taste and flavor of pet food with recipes showing a strong influence from social dining. Besides this, the rapid expansion of the e-commerce sector has popularized the online retailing of pet food since it is convenient and profitable for both the buyers and sellers. Moreover, governments of several countries have taken initiatives to protect pet health by regulating the manufacturing process and promoting the use of safe and healthy ingredients. Looking forward, the market value is projected to reach US$ 128.4 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
- Based on the pet type, dog food currently accounts for more than half of the total global market share, followed by cat food and others.
- On the basis of the product type, the report finds that dry pet food holds the largest share in the market. Some of the other popular product types include wet and canned pet food, and snacks and treats.
- The market has been categorized based on the pricing type into mass and premium products. Amongst these, premium products dominate the market, holding the largest share.
- Based on the ingredient type, the market has been segregated into animal-derived and plant- derived pet food. Amongst these, animal-derived ingredients represent the leading segment.
- The market has been classified on the basis of the distribution channel into supermarkets and hypermarkets, specialty stores, online and others. Presently, supermarkets and hypermarkets are the largest distribution channel.
- Region-wise, North America exhibits a clear dominance in the market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has also been examined with some of the key players being Mars PetCare Inc., Nestlé Purina PetCare, Hill's Pet Nutrition, Proctor & Gamble Co. and The J.M. Smucker Company.
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