According to the latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global pet food market size reached US$ 102.7 Billion in 2019. Looking forward, the market to exhibit moderate growth during 2020-2025.
Over the years, there has been a rise in pet adoption rates across the globe, which has accelerated the demand for pet food. Various studies conducted by the manufacturers have also increased the knowledge of pet nutrition among owners. In line with this, they are now opting for products which ensure palatability and meet the nutritional requirements of pets. Moreover, manufacturers are introducing pet food which is formulated according to the specific breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and their owners.
Global Pet Food Market Trends:
Pet owners have started to treat their pets as a member of the family and have become highly sensitive towards their pets’ needs. This trend of pet humanization has encouraged pet food companies to develop healthier and organic products which aid in reducing or controlling weight and avoiding obesity. In addition, it has also led to several innovations in the taste and flavor of pet food with recipes showing a strong influence from social dining.
Besides this, the rapid expansion of the e-commerce sector has popularized the online retailing of pet food since it is convenient and profitable for both the buyers and sellers. Moreover, governments of several countries have taken initiatives to protect pet health by regulating the manufacturing process and promoting the use of safe and healthy ingredients.
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Note: As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Market Summary:
- On the basis of the pet type, dog food currently exhibits a clear dominance in the market, followed by cat food and others.
- Based on the product type, dry pet food represents the most preferred segment. The other products include wet and canned pet food, and snacks and treats.
- The market has been divided based on the pricing type into mass and premium products. Among these, premium products hold the leading share in the market.
- Based on the ingredient type, the market has been bifurcated into animal- and plant-derived pet food, wherein animal-derived ingredients account for a majority of the total market share.
- On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, online and others. Currently, supermarkets and hypermarkets dominate the market.
- On the geographical front, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined in the report with the detailed profiles of the key players. Some of these players include Mars, Incorporated, Nestlé Purina PetCare Company (NSRGY), Hill’s Pet Nutrition, Inc., The Procter & Gamble Company (NYSE: PG), and The J.M. Smucker Company.
View Report TOC, Figures and Tables: https://www.imarcgroup.com/pet-food-market
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