Market Overview:
The Global Pet Foods market size is expected to grow from USD 80,150.99 Million in 2022 to USD 1,15,739.7 Million by 2030, at a CAGR of 4.7% during the forecast period (2023-2030).
Pet food is an animal food in the form of whole food, snacks, dry food and wet food for consumption by pets. The pet food market includes sales of goods and services by entities associated with manufacturing cat and dog food and other animal food from ingredients such as grains, oilseed, mill products and meat products. In addition, the industry comprises the establishments that produce dog food, cat food, and another animal food. Furthermore, pet foods are specialty foods made according to the nutritional requirements and regulations of domesticated animals that can be either prepared from plant or animal-based food materials.
Top Key Players for Pet Foods market:
Wagg Foods Ltd , Kriser's Natural Pet, Wellness Pet Company, Gambol Pet Group Co., LTD , Yantai China Pet Foods Co., Ltd. (“Wanpy”), Butcher’s Pet Care, Royal Canin SAS, BRF, Nisshin Seifun Group Inc.,Affinity Petcare, General Mills, Mars, Hill's Pet Nutrition, Purina, The J.M. Smucker Company, Colgate-Palmolive Company, Schell & Kampeter Inc and Other Major Players.
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The report summarizes all the information collected and serves the customer's requirements. However, these market analyses help in understanding market growth at both global and regional levels. For market data analysis, we have market panorama tools such as Market Dynamics, PESTEL Analysis, SWOT Analysis, Porter Five Forces Analysis, Value Chain Analysis, Technology Roadmap, Regulatory Framework, Price Trend Analysis, Patent Analysis, Covid-19 Impact Analysis, Russia-Ukraine War Impact and others. This will help us understand the market potential. The research report includes quantitative data that helps us fully understand the industry and future market scope.
Market Dynamics and Factors for Pet Foods market:
Drivers:
An Increasing Demand For The Premium And Organic Pet Food
An increasing demand for the premium and organic pet food driving the market growth. Pet owners often view pets as family members and are wish to spend on best pet products and services therefore they are buying organic and premium products to feed their cat, dogs and others. Additionally, organic pet foods are free from artificial colors, flavors, antibiotics, synthetic hormones, toxic pesticides and preservatives whereas premium pet foods contain higher quality ingredients as compared to traditional pet foods. Key players that manufacture premium pet foods develop diets in order to the nutritional requirements of an animal. For instance, premium brand companies offer foods that are specially prepared for growing puppies, large- and small-breed dogs, lactating and gestating animals, and geriatric animals.
Opportunities:
Investment In Facilities To Produce Quality Grain-Free Dog Food Products
Investment in facilities to produce quality grain-free dog food products, offering premium pet food products, using ecommerce platforms to sell products online, adopting automation technologies to maximize production efficiencies, focusing on serving tailored food by the customer’s needs, focusing on producing pet foods with organic ingredients, focus on gaining more subscribers, investing in CBD pet food for product differentiation, and investing in increasing their online sales channels are expected to growth in upcoming years.
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Segmentation Analysis of the Pet Foods market:
By Food Type, "Dry food" is a broad term used to describe food items that have low moisture content. It is the opposite of "wet" or "moist" food, which contains a higher amount of water.
· Dry Food
· Wet Food
· Snacks
· Treats
· Nutritious Food
By Pet Type, Dogs belong to the family Canidae, which includes other animals like wolves, foxes, and coyotes. They are part of the species Canis lupus familiaris.
· Dogs
· Cats
· Others
By Distribution Channel
· Specialized Pet Stores
· Supermarkets
· Online
· Others
Regional Analysis of the Pet Foods market:
In North America region, growing humanization of pets and awareness of pet foods with high nutritional benefits have affected consumer purchasing decisions. According to the American Pet Products Association, about 67% of United States pet owners, own a pet in 2019-2020, which is analogous to 84.9 million homes and is expected to grow over forecast period. Awareness of benefits of high-quality pet foods, rising the population, and concern for the health of pets owing to growth in trend of pet humanization and rising the deliciousness of pet food are key factor leads to growth of the market in the region in projected period.
· North America (U.S., Canada, Mexico)
· Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
· Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
· Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
· Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
· South America (Brazil, Argentina, Rest of SA)
Key Industry Development:
March 2021, Mars, Inc, a leading pet food manufacturer based in the U.S., invested USD 200 million to expand its Royal Canin plant in Lebanon. The company will add five new corporation lines to double the production capacity.
December 2020: Nestle Purina Petcare announced to invest USD 550 million to expand its pet food manufacturing facility in Georgia.
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