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Consumer Demand Drives Rapid Growth In Pet Food Market

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Consumer Demand Drives Rapid Growth In Pet Food Market

August 07
04:30 2019
Consumer Demand Drives Rapid Growth In Pet Food Market

Grand View Research, Inc. – Market Research And Consulting.
Here’s how the pet food industry has changed with the new trends of pet adoption is expected to be a major driving factor over the coming years.

According to report published by Grand View Research,“Pet Food Market Size, Share & Trends Analysis Report By Product (Dry, Wet/Canned, Nutritious, Snacks/Treats), By Application (Dog, Cat, Others), By Region, Competitive Landscape, And Segment Forecasts, 2012 – 2022”, Growing trend of pet adoption as a result of increasing number of nuclear families in emerging economies is expected to be a major growth driver over the coming years.

Increasing number of nuclear families in emerging economies of Asia Pacific, particularly India, China, Vietnam, and Indonesia, has resulted in the growing trend of pet adoption and this is expected to drive market growth over the forecast period. Rising need 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 globe has led to older generation adopting pets to guide them through routine chores; this is expected to fuel pet food demand over the forecast period. Innovation in specialty, premium, and gourmet pet food products and packaging techniques is expected to propel growth in larger markets of U.S., Europe, and Japan.

Natural and organic products were once a niche segment in the industry; however, major food manufacturers today, such as Nestle’s Purina, Mars’s Pedigree, and Del Monte Foods, market natural products sold at major retailers. This is likely to have a positive impact on the market over the forecast period.

Major key players include Big Heart Pet Brands, Unicharm Corporation, Mars Incorporated, Colgate-Palmolive Co., Nestle SA, Lupus Alimentos Ltda, and Total Alimentos SA. These players are actively involved in new product development to provide high nutritional value to pets.

U.K. pet food market size, by product, 2012 - 2022 (USD Billion)

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Further key findings from the report suggest:

  • Demand for dry products is anticipated to exhibit a CAGR of 2.5% in terms of volume from 2015 to 2022 owing to handling convenience. It does not require special handling and can be stored easily

  • The wet/canned segment is projected to expand at a CAGR of 4.9% in terms of revenue over the forecast period due to increasing demand for products with high water content

  • Demand for dog products is predicted to rise at a CAGR of 2.7% in terms of volume from 2015 to 2022 on account of rising trend of dog ownership across the globe

  • In 2014, approximately 83.3 million dogs were taken in as pets in U.S. Demand for dog food is expected to rise at a CAGR of 2.5%, in terms of volume, over the forecast period

  • A number of manufacturers are involved in new product development. For instance, in March 2014, Big Heart Pet Brands added a new product to its Milk-Bone brand called brushing chews.

Global pet food market share, by application, 2015 (%)

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Grand View Research has segmented the global pet food market on the basis of product, application, and region:

Pet Food Product Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 – 2022)

  • Dry Food

  • Wet/Canned Food

  • Nutritious Food

  • Snacks/treats

  • Others

Pet Food Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 – 2022)

  • Dogs

  • Cats

  • Others

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 26 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 426 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 600 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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