The global market for pet food is growing steadily and is considered as one of the fastest growing food industry segments. Smaller families, increasing disposable incomes, decreasing birth rates, and many more factors are leading to the increasing adoption of pets in families. Increasing adoption of pets and their growing importance in homes is mainly driving the market for pet foods globally. Advancement in pet food packaging techniques and innovations in specialty and premium pet food products are expected to propel the growth in larger markets such as U.S., Europe and Japan. Focus on nutritive and functional pet food, and shift in preference for dry pet food are some key determinants for the growth of pet food industry in developing economies.
Global Pet Food Market: Overview
The number of pet owners is rising consistently across the world, driven by the rising disposable income in several regions and the easy availability of a wide variety of pet products. Pet food has thus become a key concern, as it is the most influential factor deciding pet health. Providing the adequate type of pet food is crucial, since most pets aren’t as omnivorous as humans and require a specific nutrient structure in their diet.
The report provides a thorough historical review of the development trajectory exhibited by the global pet food market and a solid analysis of the market’s present figures. This has allowed analysts to present reliable forecasts regarding the global pet food market’s development in the coming years. The various determinant factors affecting the growth of the global pet food market are examined in the report. The segmentation of the pet food market is also elaborated upon to provide a clear granular view of the market.
By pet type, the report primarily examines the demand for cat food and dog food, since these are the most popular pet animals across the world. In the near future, dog food is likely to remain the leader in the global pet food market, despite a steady increase in the demand for exotic pets and dietary innovations designed to fulfill their unique needs
Global Pet Food Market: Trends and Opportunities
One of the key drivers for the global pet food market is the increasing preference for nuclear families rather than large, traditionally structured families. Due to the structure of the nuclear family, pets are becoming popular for companionship as well as security.
This has been helped significantly by the rapid urbanization observed in developing regions. While pet care is already a lucrative industry in developed countries, the gradual loosening of social customs in regions such as Southeast Asia and Latin America, brought about by the steady urbanization, has become a key factor in the pet food market’s growth in the last few years.
Urbanization has also helped boost the purchasing power of consumers in developing countries, which has opened up a high-volume market for leading players in the global pet food market. The rising disposable income has created a significant scope for product differentiation, as even premium brands and grades of pet food are now becoming economically sustainable in the pet food market.
On the other hand, the risk of food allergies and the growing problem of pet obesity are the key restraints on the global pet food market. Nevertheless, the pet food industry has acknowledged these concerns and many players now take them into account while designing new products.
Global Pet Food Market: Geographical and Competitive Dynamics
Geographically, the global pet food market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, North America dominates the global pet food market and is likely to account for more than a third of the market in the coming years. Pet ownership is quite common across North America, and the presence of several key pet food producers in the region has also led to it becoming the key innovation center in the global industry. This has led to smooth growth of the market over the last few decades.
In the coming years, emerging regions such as Asia Pacific are likely to be vital to the global pet food market’s development. India, China, and Brazil are particularly lucrative due to their dynamic economies, which has resulted in a steady increase in disposable incomes over the last few years.
The report provides a comprehensive overview of the competitive dynamics of the global pet food market by profiling leading companies such as Nestle, Del Monte Foods Co., Colgate Palmolive Inc., Proctor & Gamble Co., Marc Inc., and Mogiana Alimentos SA.
Global Pet Food Market by Pet Type
- Dog Food
- Cat Food
Global Pet Food Market by Food Type
- Dry Food
- Wet/Canned Food
- Nutritious Food
Global Pet Food Market by Geography
- North America
- Asia Pacific
- Rest of the World