Amid COVID-19 Crisis, the Global Pet Food Market is Forecast to Register a CAGR of 5.4% During 2020 and 2025
Dublin, Dec. 07, 2020 (GLOBE NEWSWIRE) — The “Pet Food Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The global pet food market was valued at USD 87.08 billion in 2018 and it is expected to register a CAGR of 5.4% during the forecast period. In 2019, North America is the largest geographical segment of the market studied and accounted for a share of around 39.2% of the overall market.
The pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world’s largest pet food markets are in the United States, France, Japan, and Germany, accounting for over half of the sales in pet food.
According to the Association for Pet Obesity Prevention (APOP), 52.6% of the dogs and 57.6% of the cats in the United States are overweight or obese. This trend of rising obesity among pets mirrors human obesity patterns. As a result, the major players in the pet food market have started to follow human health trends, with foods to support weight loss. The major constraint identified in the growth of the global pet food market is the issue with the regulatory system.
Key Market Trends
Rising Trend of Pet Humanization
The shift in pet ‘ownership’ to ‘parenting’ has been a very crucial and defining trend in the pet food market, more so in the developed countries. Over a third of the households in the developed countries own a pet. Traditionally, pet owners fed their pet the leftovers and scraps from family meals. However, consumers are now becoming aware about that pet food and home-made food consist of separate nutritional elements, and that pets need to be fed a diverse range of food, as part of an adequate diet.
Buyers are looking for products, which are locally grown, or natural, or have digestive benefits. Hence, it is not a surprise that the sales of premium and specialized pet foods are higher than the sales of mid-priced products. Additionally, the pet humanization trend led to an increase in health consciousness and has generated demand for pet food free of sugars, grains, dyes, and other chemical additives.
North America Dominates the Pet Food Market
Increasing pet humanization and pet ownership, the emergence of private label store brands, and growing urbanization are some of the major driving forces propelling the growth of the North American pet food market. The market is driven by heavy influences from human nutrition, which is driving research to better and safer food for pets that have high nutritional and dietary benefits. Additionally, locally-sourced products and ethically-sourced products are propelling the market, due to the small manufacturers extending their presence in the domestic market.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Mars, Inc.
- Nestle Purina Petcare Company
- The J.M. Smucker Company (Big Heart Pet Brands, Inc.)
- Nutriara Alimentos Ltda
- Colgate-Palmolive Company (Hill’s Pet Nutrition, Inc.)
- Blue Buffalo Pet Products, Inc.
- WellPet LLC
- Yamahisa Pet Care
- InVivo NSA
- Diamond Pet Foods
For more information about this report visit https://www.researchandmarkets.com/r/u8ik1f
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