Pet Food Market Dynamics
Pet food refers to plant-based or animal-based food specially formulated to be consumed by pets such as fishes, dogs, and cats. Pet food products have become very popular among pet owners and offer an adequate amount of nutritional value to pets. Accelerating per capita income, rising trend of nuclear families, and increasing pet adoption are some of the prominent factors driving the pet food market growth. The increasing pet parenting and the rising health concerns have encouraged pet owners to seek for healthy food options to maintain their pet’s health, which in turn is projected to boost the sale of high-quality, organic, and customized products.
Pet food helps fight skin allergies and infections, which improves pets’ overall health. The pet food includes vegetables, chicken meals, and lamb meat, which improves the flavor, texture, and color of food items. The leading market players are emphasizing launching a variety of food products for pets to fulfill the needs of different animals belonging to different age groups. This is anticipated to steer the pet food industry size.
The coronavirus pandemic negatively impacted the supply chains. Due to the restrictions imposed on the movement of raw materials, the pet food industry is likely to suffer initially in terms of supply. However, the demand for pet food experienced steady growth as many people adopted pets with the need for companionship during the lockdown.
Product Segment Analysis
The dry food segment is expected to hold a larger share during the forecast period. Dry food ensures good oral care in dogs by decreasing plague. The food offers remarkable features such as cost-efficiency, low-moisture content, and convenience in terms of feeding pets without creating a mess. With the changing lifestyle and increasing awareness about organic dry pet food products, urban consumers have inclined toward dry pet food.
Application Segment Analysis
The dog segment is expected to expand at a higher CAGR over the forecast period. Growing consumer awareness regarding pet health has increased the focus on maintaining the overall health of dogs. Customers are choosing between different available foods and depend majorly on product brands. Manufacturers are continuously emphasizing purchasing premium food products, thereby fuelling the market growth.
The North American region is anticipated to dominate the overall pet food market over the forecast period. As per the pet food market analysis, the regional demand for pet food is attributed to the increasing awareness about the beneficial impact on the health of the pet and the rising trend of pet adoption among millennials. The Asia-Pacific region is likely to witness faster growth over the coming years. The growing demand for high-quality pet food is one of the major factors fuelling the market growth.
Various notable players operating in the market include Blue Buffalo Pet Products, Inc., Nestlé Purina, Hill’s Pet Nutrition, Inc., Mars Incorporated, The J.M. Smucker Company, WellPet LLC, and Deuerer, Omega Protein Corporation, Diamond Pet Foods, and Nutriara Alimentos Ltd., among others.
•In 2017, Mars Petcare Inc., launched, CRAVE, a new brand of dog and cat food to nourish pets with high-protein, meat-first, grain-free recipes. Through this expansion in the product portfolio, the brand intends to develop a unique brand image among its target audience
Pet Food Market Segmentation:
Pet Food Market by Product
Pet Food Market by Application
Pet Food Market by Region:
oRest of APAC
oUnited States of America
oRest of Europe
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