The pet food market size will reach USD 133,430.9 million by 2030 at a CAGR of 4.6%
BANGALORE, India, January 27, 2022 /PRNewswire/ — The pet food market is segmented by type of animal (dogs, cats and others), type of food (dry food, wet food, treats and snacks and others) and Sales channel (Supermarkets & Hypermarkets, Specialized Pet Shops, Online Sales Channel, and Others). The report covers global opportunity analysis, regional outlook, growth potential and industry forecast from 2021 to 2030.
The global pet food market size was valued at $87,268.2 million in 2020 and is expected to reach $133,430.9 million by 2030, registering a compound annual growth rate (CAGR) of 4.6% from 2021 to 2030.
The major factors driving the growth of the pet food market are:
Some of the major factors driving the growth of the pet food market include increasing per capita disposable income, increasing consumer awareness of natural and organic pet food products, increasing trend of nuclear families and a rapid increase in humanization.
Other factors influencing the growth of the global pet food market are an increase in the population of pets, an increase in e-commerce sales and an increase in the number of pet owners in the countries. in development.
Additionally, during the COVID-19 pandemic, growing adoption of pets and increased empathy for pets has driven sales in the pet food market. Increased pet adoption, growing demand for premium dog and cat food, and shifts in pet food manufacturers’ strategies have all boosted global dog food sales and cats.
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Trends Influencing Pet Food Market Growth:
During the forecast period, the pet food market is expected to be driven by the growing demand for dog food and increasing traction in the premium pet food segment. Due to its convenience in terms of storage and feeding pets without making a mess, dry food is experiencing rapid growth in demand compared to other counterpart products. This has a positive impact on urban consumers, who are increasingly choosing dry pet food.
Pet owners aspire for their pets to have the same level of health and well-being, if not more, than themselves. Pets, like humans, have dietary needs that require supplementation. As animal health awareness grows, better supplements are in high demand. This trend is expected to create a lucrative growth opportunity for a player in the pet food market. Many companies have started offering hemp-derived pet products to appeal to health-conscious consumers seeking natural remedies for issues such as anxiety, pain management and inflammation. themselves and their pets.
Various governments have taken steps to promote the use of safe and wholesome ingredients to improve the overall health of pets. To protect the health of pets and regulate the manufacturing process, the Japanese government has enacted the Pet Food Safety Law, which applies to pet food manufacturers, importers and wholesalers. . Such moves would help propel the global pet food market size.
In addition, the increase in the number of elderly couples and DINK (dual income, childless) families, as well as the increase in disposable income, are driving the adoption of pets, which in turn is increasing growth. of the pet food market.
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Pet Food Market Share Analysis:
Based on the type of pet, the dog segment is expected to hold the largest market share with $39,646.2 million in 2020 and is expected to reach $61,049.5 million by 2030, at a CAGR of 4.7% over the forecast period.
Based on food type, the dry food segment is expected to hold the largest market share, with $29,386.8 million in 2020, and should reach $47,937.5 million by 2030, at a CAGR of 5.3% over the forecast period.
Based on the sales channel, the specialty pet stores segment is expected to hold the largest market share with $31,414.8 million in 2020 and is expected to reach $50,533.1 million by 2030, at a CAGR of 5.1% over the forecast period.
Based on the region, North America is expected to hold the largest market share. Accounting for $30,369.3 million in 2020, and should reach $48,435.4 million by 2030 at a CAGR of 5.0%. Strong sales and growth figures reflected an excellent year for the pet industry in United Stateswhich not only survived a global pandemic and subsequent economic crisis, but also thrived as more people welcomed pets into their homes and focused on the health and well-being of their loved ones. animals as full members of their family.
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Major players in the pet food industry are Mars Petcare Inc., The Hartz Mountain Corporation, Big Heart Pet Brands, Nestle Purina PetCare, Diamond Pet Foods, Hill’s Pet Nutrition, Deuerer, WellPet, Blue Buffalo and Heristo AG .
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- In 2020, the world Fresh pet food market the size was $505.6 million and it is expected to reach $1345.6 million by the end of 2027 growing at a CAGR of 15.0% over the period 2021-2027.
- The Global pet food processing market the size should reach $3782.7 million by 2027, $3197.1 million in 2020, at a CAGR of 2.0% over the period 2021-2027.
- The Global smart pet products market the size should reach $10730 million by 2028, $2737.2 million in 2021, at a CAGR of 21.3% over the period 2022-2028
- The Global pet technology market the size should reach $12180 million by 2027, $4836.8 million in 2020, at a CAGR of 13.6% over the period 2021-2027.
- The Global smart pet collar market the size is estimated at the value $891.6 million in 2022 and is expected to reach a readjusted size of $3209.8 million by 2028 with a CAGR of 23.8% over the review period
- The Global veterinary software market size was estimated at $1.31 billion in 2019 and is expected to reach $2.08 billion by 2027, growing at a compound annual growth rate (CAGR) of 6.1% from 2020 to 2027.
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