Global Pet Food Market to Expand at 4.20% CAGR till 2017, Driven by High-quality Nutritious Pet Food
The featured report from Transparency Market Research, titled “Pet Food Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2011 - 2017”, offers the latest intelligence on the market. The report states that the global pet food market will expand at a modest CAGR of 4.2% during the forecast period from 2011 to 2017. In 2011, the global pet food market was estimated at US$58.6 bn and by 2017, the market is expected to be worth US$74.8 bn.
Browse the full Pet Food Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2011 - 2017 report at https://www.transparencymarketresearch.com/pet-food-market.html
Pet owners around the world are demanding the best products for their pets. This is evolving beyond the usual standards such as flavor. Pet owners want products with a high nutritional value and manufacturing safety standards, similar to human food. This is projected to drive the global pet food market greatly in the coming few years. According to a study, a quarter of American pet owners worry if the pet food they are buying will make their pet obese.
The global pet food market is also driven by trends such as the changing lifestyle, growing urbanization, and rising level of disposable incomes. In addition to this, the accelerating trend of nuclear families will further boost the global pet food market in the foreseeable future. On the other hand, the rising obesity in pets, regulatory issues, and pet allergies will suppress the global pet food market.By pet type, the global pet food market is divided into cat food, dog food, and others. According to food type, the global pet food market is classified into snacks/treats, nutritious food, wet/canned food, and dry food. The global pet food market is dominated by the dry pet food segment, with a market share of 39%. The second largest segment in the global pet food market is that of snacks/treats, holding a market share of 21%.
Geography-wise, the global pet food market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). Currently, North America dominates the global pet food market with a market share of almost 40%. The North America pet food market is projected to expand at a 3.5% CAGR in the given forecast period. In 2011, the North America pet food market was worth US$21.7 bn and by 2019, it will be worth US$26.6 bn.Europe is the second largest regional market in the global pet food market and is expected to progress at a 4.4% CAGR during the forecasting horizon. The Asia Pacific pet food market is expected to grow rapidly in the coming few years and emerge as the fastest growing regional market by the end of the forecast period. The rising trend of keeping pets at home is driving the regional market of Asia Pacific in the global pet food market.
The key players operating in the global pet food market are Del Monte Foods Co., Colgate-Palmolive Co., Proctor & Gamble Co., Nestle’ SA, Marc Inc., Total Alimentos SA, Nutriara Alimentos Ltd., Uni-Charm Corp., and Agrolimen SA. Players in the global pet food market are increasingly broadening their product portfolio to offer nutritious products such as organic pet food.
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