Some of the primary factors which are driving the pet food market are an increase in per capita disposable income, an increase in the tendency of nuclear families, and a quick increase in humanization, the Pet Food Market is Forecasted to Reach US$ 125 Bn by 2028 says Ken Research Study.
Pet foods are specialized foods produced from plant-based or animal-based food ingredients and prepared to meet the nutritional needs of domesticated animals. Pet foods are created in unique forms and have eye-catching hues to appeal to owners, and special flavor enhancers are added to enhance the taste so that animals can easily consume the food. Pet food is animal feed that is meant to be consumed by pets. It is commonly available at pet stores and supermarkets and is particular to the animal, such as dog food or cat food.
According to Ken Research estimates, the Global Pet Food Market – which grew from around US$ 75 billion in 2017 to nearly US$ 95 billion in 2022 – is expected to grow further into a ~US$ 125 billion opportunity by 2028.
Ken Research shares 3 key insights on this high-opportunity market from its latest research study.
Increasing Pet Food Manufacturers’ Innovation to Positively Influence the Market
To meet the needs of diverse species of animals belonging to various age groups, the major players in the global market are concentrating on releasing a variety of pet food products. This is expected to drive global market demand. Companies including General Mills, Nestle, and Mars Inc. have launched luxury food items in recent years to attract customers’ attention and meet the requirements of expanding pet foods. For instance, to better utilize the resources of the planet, Nestle Purina introduced pet food in November 2020 that is based on alternative proteins. Insects and millet and fava bean proteins are included in the variety.
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Growing Pet Humanization Propelling the Growth of the Global Pet Food Market
Pet humanization has gained a lot of attention in the mainstream media recently. A significant and defining trend in the pet food industry, particularly in industrialized nations, is the transition from pet ownership to pet parenting. In developed nations, more than one-third of families have a pet. According to the National Pet Owners Survey (2019–20), which was done by the American Pet Products Association (APPA), more than 85 million households in the USA have one or more pets, with dogs making up the majority of those. It follows that the pet food market is expected to grow as pets become more humanized.
Pets are now seen as members of the family as a result of this trend toward pet humanization. Consumers’ willingness to spend more on pet food is influenced by the growing attachment between pet owners and their animals. Consumers are becoming more concerned about their pets’ health and are purchasing high-nutritional-value pet food for the benefit of their beloved dogs. Nowadays, pet owners are looking for pet consumables that are not only locally produced and natural but also have special health benefits.
Pet Food’s High Cost and Stringent Regulations Hampers Market Growth.
Pet food is one of the food items with stringent regulations, particularly in western markets. Pet foods are carefully inspected in developed markets at every stage, from the ingredients used in food preparation to sales and marketing. The high standards required for commercialization may be a significant barrier to the market’s expansion. Additionally, a barrier to the market’s expansion may also be some developing economies’ lesser acceptance of premium or expensive pet foods.
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Key Topics Covered in the Report
- Snapshot of the Global Pet Food Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Pet Food Market
- Historic Growth of the Overall Global Pet Food Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Pet Food Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Pet Food Market
- Future Market Forecast and Growth Rates of the Total Global Pet Food Market and by Segments
- Market Size of Application Segments with Historical CAGR and Future Forecasts
- Analysis of Global Pet Food in Major Regions
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the Report
- Mars, Incorporated
- Hill’s Pet Nutrition, Inc.
- The J.M. Smucker Company.
- Schell & Kampeter, Inc.
- The Hartz Mountain Corporation
- Nestlé Purina
- Blue Buffalo Company, Ltd.
- Wellness Pet Company, Inc.
- Tiernahrung Deuerer GmbH
- Head up for tails
Notable Emerging Companies Mentioned in the Report
- Lafeber Co.
- 4Legs Pet Food Company
- Champion Petfoods.
- Betagro Public Company Limited
- Fromm Family Foods LLC.
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Pet Food Companies
- Animal Welfare Associations
- Pet Food Manufactures
- Pet Food Supplier
- Company Research and Development Institutes
- Market Research & Consulting Firms
- Banking and Financial Service Providers
- Government & Regulatory Authorities
- Raw Meat Suppliers
- Investors in Pet Food Start-ups
- Start-ups & Incumbents in Pet Food Sector
- Certification & Inspection Companies
- Marketing Agencies
- Online Retail Platforms
For More Information on the Research Report, refer to below links: –
Global Pet Food Market: Ken Research
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