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Description
The global Pet Feed Market is expected to grow at a CAGR of 5% during the forecast period 2022 to 2028. Pet feed market is the animal or plant source material intended to provide the balanced diet to pets. The most commonly adopted pet animals are felines, canines, and rabbits etc. Pet feed is classified into two types namely, medicated feed and non-medicated feed. Medicated feed is used in the treatment of various diseases by mixing the medicament with normal feed, while the non-medicated feed is used to feed the pet animals to make them healthy. Global market is in the growing stage due to rise in the production of pet feed products. Pet feed helps to make the animal health and improve the physiological function and reproduction. Players are focusing on the manufacturing of ready to use pet feed products, which can be used directly without any cooking process. Lack of fortified minerals and nutrients in the natural pet feed is a key driver for the market growth. Acquisitions and mergers, collaborations, and getting marketing approvals are some key strategies followed by the players to gain a dominant share in market. The worldwide market is expected to rise in the projected period, because to rising pet parenting and increased awareness of feeding pets quality and packaged pet food. Premiumization and humanization trends are projected to remain important drivers of market growth over the long term over the forecast period. Pet owners are becoming more concerned about their pets’ health and nutrition as a result of the global pet humanization movement, which is predicted to enhance sales of organic, premium, and custom-made items over the research period.
