The global pet care market is anticipated to grow at a moderate compound annual growth rate of almost 5 percent between 2016 and 2020, according to Global Pet Care Market 2016-2020, a report by Technavio’s pet food market research analysts.
North America will be the highest revenue-generating region in the pet care market and is anticipated to occupy more than 40 percent of the total market share, according to the report. Much of the market’s growth can be attributed to the rising pet ownership and increased spending on premium pet food and accessories. Moreover, the consumers in this region treat their pets as family members and are willing to spend for them liberally. Factors such as premium pet food products will propel the growth of the pet food market in this region over the next four years.
The global pet food market is extremely competitive, according to the report, where several vendors compete in terms of product differentiation, product portfolios, quality and pricing. Many vendors in the market are extending their businesses to emerging markets such as Central and South America, and APAC. The intense competition prevailing in the pet food market will lead to consolidation among market vendors in the coming years. The growing demand for pet food that is grain-free, organic, natural and with low-glycemic content are gaining popularity among pet owners, which has pushed the manufacturers to formulate new products to meet consumer requirements.
Other prominent vendors in the pet care market include Aller Petfood, Barking Heads and Meowing Heads, BHJ Pet Food, Blue Buffalo, Bob Martin, BOSHEL, Chelsea Dogs, Diamond Pet Foods, earthbath, Ferplast, Inaba Petfood, Johnson's Veterinary Products, Just for Pets, Oster, Pet Brands, Pettex, Platinum Pets, Reef One, Rolf C Hagen, Rosewood Pet Products, Tetra, The Hartz Mountain, Vitakraft, and Yantai China Pet Foods.
Pet owners want a lot from their pet food brands. They want primary proteins that suit what they believe is best for their animal. They want grains or they don't. They want something customized, but it has to be easy to understand.
Constraints and crises, like those experienced in 2020, help drive innovation and sustainability offers context.