Dog Food And Snacks Market is set to grow from its current market value of more than $55.5 billion to over $75 billion by 2025, according to a new research report by Global Market Insights.
Increasing spending power along with growing urbanization have led the increase of nuclear families to move in flats, apartments, societies, etc. seeking better quality of life. Canines are being adopted by these nuclear families for many reasons such as safety, companionship, and as service dogs for elderly people. Surge in canine ownership for various purposes along with rising health concern may encourage the product usage, swelling the dog food & snack market by 2025. Likewise, rising adoption of canines to overcome autism or ADHD in teens, warding off depression and reduced risk for heart disease would also contribute towards the industry growth. Additionally, service dogs require a balanced form of nutritious diet so as to manage their day-to-day activities. The above-mentioned trends will drive the dog food and snacks market by 2025.
Increasing concern of severe diseases that humans can contract from canines such as rabies, dander, etc. limit the industry growth. Obesity in canines is another major issue among pet owners. Increasing consumption of nutritious diets and lack of exercise can lead to health issues for the canines. This may hinder the product market size in the projected timespan as pet owners will opt for homemade meals instead of the ones that are commercially available.
On the basis of type, the market can be classified into dog food and treat & mixtures. Dog food captures more than half of the overall market. It has high moisture content that includes large portion per meal without adding extra calories to the diet. The segment is further categorized into dry and wet. Wet food is mainly preferred when the canine is ill or is lacking in appetite. It is a good option for canines with poorly aligned jaws, missing teeth or smaller mouths.
In terms of revenue, among the different distribution channels, specialized pet food shops will gain by a substantial CAGR rate exceeding 4.5% during the expected timeframe. They offer a broad range of products with vital specifications to select from. Rising product demand and increasing penetration of the e-commerce sector will boost online sellers distribution channel growth by 2025.
Dog food and snack registers a CAGR over 4% by 2025. This is due to its popular use in domestic and professional practice. Moreover, dogs are the most preferred pets over other domestic animals, due to their behavior, resiliency, and their inclination to provide the owner’s family members with love and loyalty, that will drive the dog food and snack market.
Dog food by type is further classified into dry food and wet food. Dry food captures the maximum share of over 60% in 2018. It has low moisture content and includes extruded foods, flakes, etc. Whereas, wet food has high moisture content and are usually sealed under high pressure, these consist of foil trays, cans and pouches where the contents include chunks in jelly, chunks in gravy and meatloaf formats.
Dog food and snack market by distribution channels are likely to grow with a significant rate of CAGR over 4.5% by 2025 for online sellers. It is eminent as they offer wide variety of dog food and snack products with required specifications to choose from. Moreover, with increasing demand for the product and convenient use of e-commerce is likely to upsurge the dog food and snack market in the coming years.
Asia Pacific dog food & snack market generated a revenue of over $10 billion in 2018 and will be the fastest rising regional market for the product in future. This is mainly due to people in Asia-pacific region adopting canines for social comfort, security and as a companion. This in turn will boost the regional dog food and snack market in the near future.
Dog food and snack industry share is extremely competitive, with numerous players. The main players include Mars Petcare, Nestlé SA, Colgate-Palmolive Co, JM Smucker Company, Big Heart Pet Brands, Diamond Pet Foods, Blue Buffalo, Deuerer, Heristo AG, Unicharm Corp., Thai Union Group, Nippon Pet Food, Hill's Pet Nutrition and CJ Cheiljedang Corp.
By Lindsay Beaton
This country is straddling the line between developing and developed as more of its citizens see the value in pet ownership.
By Lindsay Beaton