Adapted from a press release
ResearchAndMarkets.com has released its "Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report which noted today's market reached $118.9 billion in 2022. Looking forward the market is will grow to US$161.6 billion by 2028, exhibiting a growth rate (CAGR) of 5.35% during 2023-2028.
This report provides deep insight into the global pet food industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter's five forces analysis, value chain analysis and more. The report also provides a comprehensive analysis for setting up a pet food manufacturing plant.
Over the years, the growing number of pet owners has resulted in an extensive demand for pet food. Research and studies conducted by the manufacturers have also increased their knowledge of pet nutrition. In addition, they are now offering products which ensure palatability and meet the nutritional requirements of pets.
Moreover, several pet food associations and federations have introduced strict legislation for the manufacturers to produce safe and high-quality pet food.
Global pet food market drivers
As pet food helps in combating skin allergies and infections as well as improving the overall health and life expectancy of pets, owners are increasingly looking for pet food products that address these health concerns. Manufacturers are also introducing products specific to the breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and owners.
Apart from this, pet food companies are developing organic variants which are made using ingredients that are grown without the use of pesticides, synthetic fertilizers, hormones or antibiotics. This has increased consumer's interest in natural formulations, thereby increasing the potential of the companies to further diversify their offerings.
Key market segmentation
Breakup by pet type: On the basis of pet type, the market is segmented into dog food, cat food and others. Currently, dog food dominates the market due to increasing dog ownership coupled with the rising pet humanization trend across the globe.
Breakup by product type: Based on product type, dry pet food represents the most popular product type as it is more affordable and has a long-standing market presence.
Breakup by pricing type: The market is also categorized on the basis of pricing into mass products and premium products. Amongst these, mass products account for the majority of the global sales.
Breakup by ingredient type: On the basis of ingredient type, the report finds that animal-derived pet food is the leading segment.
Breakup by distribution channel: Based on distribution channel, supermarkets and hypermarkets currently hold the largest share as they offer convenience to the consumers.
Regional insights: North America enjoys the leading position in the global pet food market on account of the growing pet adoption rate in the region. Other major regions include Asia-Pacific, Europe, Latin America, and Middle East and Africa.
Competitive landscape: The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market include Mars Petcare Inc., Nestlé Purina Pet Care (Nestlé SA), Hill's Pet Nutrition and the J.M. Smucker Company.
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