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Description
Pet Food Market size was valued at 41.15 Billion in 2021 and is estimated to reach 1055.54 Billion by 2028, at a CAGR of 6.6% during the forecast period 2022 to 2028. Some of the key factors fueling the market growth include increase in pet expenditure with a substantial rise in pet food expenditure, rising pet humanization and pet ownership, growing urbanization, the emergence of private label store brands, increased awareness about pet health and rising per capita income of the consumer. However, non-uniformity of regulations, limited availability of ingredients and price sensitivity will limit the market growth. In addition, technological advancements to enhance product developments, increase in ownership of pets in developing nations and rise in e-commerce sales provides huge growth opportunity for the market growth. Product demand is expected to be driven by convenience benefits associated with dry organic and natural pet food. Organic and natural pet meals are employed on a big basis, unlike most conventional pet feeds. Over the projected period, the pet food market is expected to be driven by rising dog food demand and increased traction in the luxury pet food category. Due to its simplicity in terms of storage and feeding dogs without making a mess, dry food is seeing tremendous development in demand as compared to other product rivals. This has a good impact on urban consumers, who are increasingly choosing dry pet food.
