Pet Food Market is expected to grow at 5.5% CAGR during the forecast period 2019-2025
Published | March 2019
According to BlueWeave Consulting, the global Pet Food Market is anticipated to worth USD 87.05 billion by 2018, with a CAGR of 5.5% during 2019-2025. A multitude of health issues has become a grave issue for pet owners. Pets are afflicted with numerous diseases like digestive disorders, arthritis, brain aging, skin allergies, and obesity.
Over the years, the growing range of pet-owners has resulted in an intensive demand for pet food. There is a vast population that has adopted the trend of keeping pets owing to the nuclear family structure and changing lifestyle. The focus of individuals on pet health and wellness is growing. Pet owners are excessively concerned about pet health over the past few years on account of several problems, including obesity. Diseases like diabetes, high blood pressure, and arthritis have been significantly increasing among cats and dogs, causing immense discomfort and pain.
Hence, owners have been strictly shifting to low-calorie and high-nutrition products to maintain pet health. The Food and Drug Administration (FDA) ensures that the ingredients used in pet foods are enlisted on the labels based on weight. Besides, it assesses claims on pet foods such as “maintains urinary tract health,” “low magnesium,” and “hairball control,” which are anticipated to further propel the demand for pet food globally, over the forecast years.
Among products, dog food accounts for the largest market size in the global pet food market during the forecast period.
Dog Food is the leading segment in the overall pet food market and estimated to lead the market over the forecast period. Dogs need various kinds of nutrients to live a healthy life like fatty acids, minerals, water, proteins, carbohydrates, and vitamins. Owing to their high nutritional value, lower generation of waste, and longer storage, they are mainly targeted for the young animal. Pet owners have been focusing on providing food that contains these nutrients to keep them healthy. This is projected to fuel demand for nutritious food over the coming years. The availability of a varied range of pet food products with various flavors and nutritional values is propelling the global pet food market. Further, the advantages associated with dry pet food like enriching environment and convenience in cleaning teeth have fueled the growth of the product market.
Asia-Pacific is the fastest-growing region of the global pet food market during the forecast period.
Geographically, North America dominated the overall pet food industry and projected to lead the market over the forecast period. Rising necessity for nutritious, healthy, and organic pet food on account of increasing awareness regarding animal health is expected to augment market demand. Increasing life expectancy across the world has led to the older generation adopting pets to guide them through routine chores. Delayed parenthood in many urban areas of the country is also a trend saw in recent years, which is expected to enhance product demand over the coming years. Asia-Pacific is projected to have healthy growth throughout the forecast period.
Global Pet Food Market Competitive Landscape
Companies such as Cargill, Archer Daniels Midland Company, DSM, Nestle SA (Purina), DIAMOND PET FOODS INC., Hill’s Pet Nutrition, Merrick Pet Care, Ainsworth Pet Nutrition, MARS INC., Agrolimen SA, Nutriara Alimentos Ltd., WELLPET LLC, THE J. M. SMUCKER COMPANY (BIG HEART PET BRANDS), HERISTO AG are the leading players of pet food market across the globe.
Browse Detailed Analysis with TOC, “Global Pet Food Market Size, by Product (Dry, Wet/Canned, Nutritious, Snacks/Treats), by Pet (Dogs, Cats, Fish, and Others), by Sales Channel (Specialized Pet Shops, Online Channel, and Retail Stores), by Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Trend Analysis, Price Trends Analysis, Competitive Market Share and Forecast, 2015-2025”