Global Pet Food Market Report Description:
Global pet food market report gives comprehensive outlook on pet food across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The report on global market gives historical, current, and future market sizes (US$ Mn) on the basis of product, application, sales channel and region. This report studies global market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global pet food market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product Opportunities). Key stakeholders of the global pet food market report include suppliers, manufacturers, marketers, policy makers, and service providers engaged in global pet food products.
Global Pet Food Market:
The global pet food market was valued US XX Mn in 2019 and is poised to grow with a CAGR of XX% over 2020-2026. 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.
Dry Food Accounts for Larger Market Revenue Share in Global Pet Food Market
Dry Food accounted for larger revenue share in global pet food market with a CAGR of XX% and is expected to grow over the forecast years. Dry pet food is extremely favored as it can be simply stored and transported. The cost savings related with the ease of storage and transportation of such food products benefit the customers. Moreover, dry pet food is associated with least storage risk and also facilitates the maintenance of oral hygiene in pets. Dry pet food can be simply arranged in food puzzle toys and facilitates the controlled intake of food by pets.
North America Accounts for Larger Market Revenue Share in Global Pet Food Market
North America accounted for larger revenue share in global pet food market with a CAGR of XX% and is expected to grow over the forecast years. North America is anticipated to held largest pet food market share and will present numerous growth opportunities to market players during the predicted period. The pet humanization trend and the rising demand for nutritional and premium pet food will considerably influence market growth in this region.US is one of the key markets for pet food in North America. Asia Pacific held significant market share during estimated period owing to increasing demand for premium dog food.
Key player’s profiles in the global pet food market include:
- Nestlé Purina
- Mars Incorporated
- Hill’s Pet Nutrition, Inc.
- Blue Buffalo Pet Products, Inc.
- The J.M. Smucker Company
- WellPet LLC
- Diamond Pet Foods
- Omega Protein Corporation
- Nutriara Alimentos Ltd.
Global pet food market is surging owing to expansion of their production facilities for pet food to meet the demands of the customers in the market. For instance,
- In April 2020, Nestle Purina Petcare Company completed the acquisition of Lily’s Kitchen, a prominent dog and cat natural food producer. The aim behind this acquisition was to expand its natural pet food product portfolio, as the demand for natural food products for pets is intensifying significantly.
- In January 2017, Mars Inc acquired Procter & Gamble’s pet care brands outside Europe. This acquisition helped Mars Inc to expand its relatively weak premium offer and strengthened its underdeveloped presence in the US market.
Key Findings of the Report:
- Global pet food market expanding at significant CAGR over 2020 to 2026 owing to increase in pet expenditure with a substantial rise in pet food expenditure
- Based on region, North America accounted for larger market revenue share in 2019 and projected gain market revenue share over the forecast period
- Players focusing on innovation of newer products and collaboration strategies to retain market position in global pet food market
- Dry Food
- Wet/Canned Food
- Nutritious Food
By Sales Channel
- Specialized Pet Shops
- Internet Sales
- Others (Grocery Stores, Non-grocery Stores)
- Rest of Europe
- Au & NZ
- Rest of Europe
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of MEA
Key Features of the Report:
- The report provides granular level information about the market size, regional market share, historic market (2015-2019) and forecast (2020-2026)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments and startup’s details that are actively working in the market
- The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
- The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market