The global pet food market size is expected to gain momentum by reaching USD 136.82 billion by 2028 while exhibiting a CAGR of 4.96% between 2021 to 2028. In its report titled “Pet Food Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 93.94 billion in 2020.
In recent times, people are working from home,
therefore, many used this as an opportunity to get the family pet. Several
studies have shown that people who adopt pets are less likely to suffer from loneliness
and depression. As the pets brings the companionship to their owners. Besides,
in tough times of pandemic demand for pets increased. For instance, as per
report published by Mars Petcare, a leading pet (dog& cat) food
manufacturer, stated that the combined sales of cat and dog treats grew by 6.5%
in the 12 weeks between February and May 2020.
List of Key Players Profiled in Report
Mars Incorporated (Virginia, U.S.)
Nestle S.A. (Vevey, Switzerland)
The J.M. Smucker Company (Ohio, U.S.)
Colgate-Palmolive Company (New York,
U.S.)
General Mills, Inc. (Minnesota, U.S.)
Diamond Pet Foods (Missouri, U.S.)
Heristo
AG (Osnabruck, Germany)
Tiernahrung
Deuerer GmbH (Bretten, Germany)
Merrick
Pet Care, Inc. (Texas, U.S.)
WellPet LLC (Massachusetts, U.S.)
What
does the Report Provide?
The
market for pet food report provides a detailed analysis of several factors such
as the key drivers and restraints that will impact growth. Additionally, the
report provides insights into the regional analysis that covers different
regions, contributing to the growth of the market. It includes the competitive
landscape that involves the leading companies and the adoption of strategies to
introduce new products, announce partnerships, and collaboration to contribute
to the market growth.
Driving
Factor
Rising Pet Ownership across Developing
Economies to Aid Growth
The increasing adoption rate of pets
worldwide, especially in the developing regions is expected to drive the pet
food market growth. The emergence of nuclear families, rising urbanization and
pet humanization is making owners to go for nutritious and quality food for
their pets, is further fueling the market growth. Additionally, the rising per
capita income of the consumer is allowing them to spend on organic food
products for pet animals. Moreover, the easy availability pets’ products at
varied price is also generating traction, as it offers customers range of
options.
Read a
Detailed Summary of This Report: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
COVID-19 Impact
The ongoing COVID-19 pandemic situation has
adversely impacted the market. These disruptions in the supply chain occurred
due to a shortage in raw materials, workers, and restrictions on transport.
However, the operations were back to normal on the upliftment of lockdown.
Additionally, higher pet adoption, rising demand for premium dog & cat food,
and change in strategies by pet animal food manufacturers have positively
impacted the global sales of dog & cat food
Regional Insights
North America to Dominate
Backed by Increasing Adoption of Pets in the Region
North America is expected to remain at the
forefront and hold the highest position in the market during the forecast
period. This is attributable to increased adoption of pets in the U.S. households.
For instance, according to survey done by the American Pet Products
Association (APPA), around 85 million U.S. households i.e. around 67% of the
total households present in the U.S. own a pet. The
region’s market stood at USD 36.22 billion in 2020.
Europe is expected to show significant pet food market share owing
to increased spending on sustainable and safe pet animal food. Additionally, in Europe pet owners demand for
transparency in pet animal food product ingredients. U.K. is the largest pet
animal food market in Europe; and is followed by Germany and France.
Competitive Landscape
Key Players to Focus on Facility
Expansion & Investment to Strengthen their Market Prospectus
The global market for pet food contains a
large number of prominent companies that are constantly trying to develop
unique devices to cater to the demand from patients across the globe. To do so,
they are joining hands with local or reputed firms, launching new solutions to
strengthen their portfolio in the market. Below are two industry developments:
March 2021: A leading pet food manufacturer based in the
U.S., Mars, Inc, made an investment of USD 200 million for facility expansion of
its Royal canin plant in Lebanon.
December 2020: Nestle Purina Petcare declared that it
invested USD 550 million to expand its pet food manufacturing facility in
Georgia.
Read Press Release: https://www.fortunebusinessinsights.com/press-release/pet-food-market-10028
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