The "Global Pet Food Market Outlook 2027" report has been added to ResearchAndMarkets.com's offering.
The market was valued around USD 142 billion in 2021, which is anticipated to reach USD 195 billion by 2027. Further, the CAGR is projected to be more than 5% for 2022-2027.
Pet guardians are much attracted towards ready to eat nourishment for their pets. These are snacks and treat a form of food that indulges the habit of taking small meals as what humans do it more often.
This report helps to understand the in-depth understanding of global pet food market products along with its historical and forecasted analysis and the top profiled companies. Pet food is considered as one of the largest adapted segment among all the pet products. The report shows the prominence of pet food in the market as it has registered a dynamic growth historically.
Apart from these top-performing regions, the market has posed its expansion in the nascent markets like South America, the Middle East. The South American pet food market has heavily relied on local brands like Biobase Animal Feed in Brazil, Laboratorio Pro Agro in Argentina, etc. Globally pet foods in the market are segmented in the form of dry pet food, snacks, and treats, wet & canned food products. All these food products have their importance while dry food posing the highest adaption in the market.
Growing dog food demand along with higher traction in the premium pet food segment is anticipated to drive the pet food market over the forecast period. Dry food is witnessing rapid growth in demand as compared to other product counterparts owing to its convenience in terms of storage and feeding pets without creating a mess.
This is positively influencing urban consumers to increasingly opt for dry pet food. Canned food is more palatable to dogs and cats as this product type contains proteins, fats, and a few carbohydrates. Wet/canned pet food is easy to digest and thus limits the backyard cleaning activity to a minimal. The higher digestibility offered by wet food makes it preferable for cats and dogs with illnesses and those that are finicky eaters.
On the other hand, the rising trend of dog adoption as a companion for families is projected to propel the product demand. Particularly dogs are witnessing an upward trend in terms of the concept of humanization of pets. This has resulted in an increased number of people owning dogs and feeding them premium food.
Furthermore, rapid urbanization is among the key factors driving the market. According to recent estimates from the Pet Food Manufacturers Association, 3.2 million homes in the U.K. have adopted a pet since the outbreak began (Paley, 2021). Pet-owning households presently number 17 million in the U.S. The previously stagnating levels of pet ownership in the last five years have risen to 57 percent in May 2021 (Mintel, 2021).
New trends in the pet food market are attracting customers. There is a growing demand for protective and informative packaging of pet food. Hence, manufacturers in the pet food market are increasing their efforts to develop sustainable pet food packaging. Growing concerns about the environmental impact of plastic has led to a rise in the development of sustainable packaging solutions. For instance, in April 2019, global flexible packaging company ProAmpac, revealed their fiber-based PRO-EVP multiwall bags that are made from renewable resources.
How personalization of pet foods is gaining importance?
The people want custom-made food for their pets because they know what is better for them. There are special stores in the market, where the pet owners can decide the ingredients liked and easily digested by their pets and customize the food accordingly. It is expected that this pattern will open new doors in pet food advertizing.
Concerning personalization, there are no restrictions on anybody's creativity. Presently it is the opportunity to bounce on to, that may take the brand stand out in the crowd. Particularly in the pet food segment, the pet guardians appear to welcome this trend with all their hearts as this gives them the sentiment of having more command over the fixings they are taking care of their pets.
Major companies present in the market
Considered in this report
Aspects covered in this report
Segment covered in the report
By Pet Type in the report
By Food Type in the report
For more information about this report visit https://www.researchandmarkets.com/r/1mj2c8
By Lindsay Beaton
Guideline revisions are necessary to bring the U.S. up-to-date with global trends.
By Lindsay Beaton
Premium pricing hasn’t stopped demand from pet owners looking for the highest-quality products for their animals.