Global Pet Food Market: Snapshot
Amidst a high degree of competition, savvy players in the Europe pet food market are striving to expand their product portfolio for competitive gains. Expansion of distribution channels remains another key growth strategy of players in the Europe pet food market.
The increasing number of pet owners is the foremost factor driving the Europe pet food market. Nuclear family set-ups being the norm in the region accounts for increasing pet ownership for company. Especially elderly people living independently tend to have pet for company and for safety.
In addition, high disposable income is another key factor boosting the Europe pet food market. High economic growth in most countries of the region, along has augmented the buying capacity of individuals to a high degree. Individuals in the region spend high amount of money on pet food for adequate nutrition to their pet. High degree of awareness to provide adequate nutrition to pet also serves to boost the Europe pet food market.
A recent market study by Transparency Market Research (TMR) forecasts the Europe pet food market to rise at a tepid 1.30% CAGR between 2015 and 2021. At this pace, the market’s valuation of US$25.70 bn in 2014 is likely to be worth US$28. 14 bn by 2021-end.
Demand for Cat Food to lead Pack
The report studies the Europe pet food market on the basis of type of pet and type of pet food. In terms of type of pet, cat food, dog food, and others are key segments of the market. Among them, cat food leads the Europe pet food market. High cat pet ownership due to their small size and external appeal accounts for high market share of cat food segment.
In terms of type of food, nutritious food, dry food, wet/canned food, snacks/treats, and others (raw meat etc.) are key segments of Europe pet food market. Dry food currently enjoys leading share among all in the Europe pet food market. The dry food segment is anticipated to continue to command leading share over the forecast period. The demand for nutritious pet food is also likely to witness an upswing in the near future.
Spain to Register Strong Growth in future
The Europe pet food market is spread across the U.K., Netherlands, Spain, France, Germany, Italy, and the Rest of Europe. Among them, the U.K. registers maximum demand for pet food. However, in coming years, the U.K. is expected to display sluggish growth in Europe pet food market. On the other hand, Spain is likely to surface as a prominent pet food market in the region, thanks to rising pet ownership for companionship. France, Italy, and Netherlands are also likely to register healthy growth in pet food market over the forecast period.
Top companies in the Europe pet food market include Pedigree Whiskas, Nutro, Purina, and Cesar. Some other key companies in this market are Mars Inc., Nestle S.A., Affinity Petcare, Colgate-Palmolive, and Big Heart Pet Brands.
- Rest of Europe
- Dog Food
- Cat Food
- Dry Food
- Wet Food/ Canned Food
- Nutritious Food