The global pet food market is likely to rise at a CAGR of 6% in the forecast period, 2019 to 2029. The rise in adoption of pets as companion animals is a prime factor promoting the growth of this market. Besides this, the increasing rate of growth of pet clinics and the rise in awareness about the importance of pet food for animals will further boost the growth of human grade pet food market in the forecast period.
As per the recent pet food market analysis, the rapidly growing demand for clean-label products will prompt companies to increase their production rates to meet customer demands. Companies are investing more in R&D to create safe pet food, which will benefit the future human-grade pet food market. The competition is increasing as there is a greater demand for highly palatable pet food made from a limited list of ingredients that falls under the clean label category. The entry of new players will further intensify the overall market competition in the near future.
The growing inclination towards safe and sustainable meals and snacks or treat for pets will propel the demand for global pet food. The organic segment is anticipated to emerge dominant by generating revenue of US$ 23.5 Bn by the end of the forecast period. Among animal types, the cat section is anticipated to generate notable revenues on account of their rising adoption. Factors supporting the growth of cat segment's contribution in the pet food market share include the low maintenance, and more friendly approach.
Key Findings of Study
- Introduction of New Flavors for Optimal Pet Nutrition will Spur Growth:
With the increasing awareness about importance of pet food and its nutritional quality, vendors are focusing on the innovation and investing heavily on research and development. This investment is likely to turn fruitful in the form of new flavors in pet food and snack items.
- Rising Number of Startups in Pet Products and Pet Food Sector will Bode Well for Market: The rising trend and growing popularity of pet adoption worldwide leaves opportunity for new players to enter into the market competition with their innovative quality products. The existing players will also make significant efforts to ensure they maintain their position in the market.
- The advent of the clean label food for pets is likely to serve as a significant growth driver for this market. The demand for highly palatable and allergy-proof food products will also augment growth of the market. The need to manufacture safe quality food with longer shelf life will further help the organic pet food market earn lucrative growth opportunities in the forecast period.
- The advent and increasing popularity of dry food items will promote the growth of this market in the near future. Besides this, there is more demand for high-protein and grain-free artificial ingredients in pet food, innovations in which will help generate notable revenues for the globa market in the long run.
Regional Growth Dynamics
- North America emerged dominant in 2019 on account of the increasing presence of major pet parents and a well-aware consumer base. Besides this, the presence of major players in this region and willingness of consumers to spend on their pet's health and maintenance will further help this region continue dominance.
- Europe market will give tough competition to North America in the forecast period owing to the increasing trend of pet adoption and growing demand for pet food product ingredients.