Global pettfood market to reach US$95.7 billion by 2017, report predicts
Report from Global Industry Analysts identifies market trends, provides analysis by product segment
Global Industry Analysts Inc. released a report on the global petfood market, which projects the market will reach US$95.7 billion by 2017, driven by macro regional economic conditions, pet population and consumer attitude.
The report, "Pet Foods: A Global Strategic Business Report," provides an overview of petfood industry trends, issues, strategic industry activities and profiles of major petfood manufacturers worldwide. It also provides market estimates and projections for the specific product segments of cat food, dog food and other petfood, including food for birds, fish and small animals) across geographic markets including the US, Canada, Japan, Europe, Asia Pacific, Latin America and the rest of the world.
The report says factors such as attitude changes towards pets combined with growing urbanization and increase in disposable incomes have contributed significantly to the increase in the number of households owning pets, driving up demand for petfoods. Some trends identified in the report are the increased popularity of organic petfoods, humanization of pets, and a greater interest in pet health and nutrition.
The report identifies Europe as the largest regional market, which is attributed to a health-oriented products, especially those meant for different ages and types of pets and pet treats, and identifies Asia-Pacific as the fastest growing regional market.
Dog food remains the largest and fastest growing market segment. Retail grocery chains dominate the distribution and marketing of petfood, while pet specialty stores and pet superstores also hold a moderate share, with the remainder accounted for by independent grocers, according to the report. Trends affecting the distribution of cat and dog foods include emergence of the new veterinarian/clinic distribution format, waning role of pet shops, and the rise of hypermarkets and supermarkets.
Major petfood manufacturers profiled in the report include C&D Foods Ltd., Del Monte Foods, Hartz Mountain Corporation, Hill's Pet Nutrition Inc., Mars Inc., Nestle Purina PetCare Company, Nutro Products Inc., and The Iams Company.