Global Pet Food Market Trends And Strategies
The global pet food market reached a value of nearly $74,554.1 million in 2019, having increased at a compound annual growth rate (CAGR) of 2.7% since 2015. The market is expected to register a slow growth from $74,554.1 million in 2019 to $75,494.8 million in 2020 at a growth rate of 1.26%. The slow growth is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5.6% from 2021 ad reach $88,478.1 million in 2023. Going forward, increasing demand for premium and organic pet food, influence of digital media marketing and social media, rising demand due to increase in stockpiling of pet food, increasing feeding of stray animals and other abandoned pets, and increasing demand for pets will drive the growth. Factors that could hinder the growth of the pet food market in the future include reductions in free trade, and supply chain disruption.
The pet food market consists of sales of goods and services by entities associated with manufacturing cat and dog food and other animal food from ingredients such as grains, oilseed mill products and meat products. The industry includes the establishments that produce dog food, cat food, and other animal food. Other animal includes birds, mammals and aquatic animals. Pet foods are specialty foods prepared according to the nutritional requirements of domesticated animals that can be either made from plant or animal-based food materials. Pet foods are made with innovative shapes and attractive colors to entice the owners and are added with special flavorings to enhance the taste so that animals easily eat the food.
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The global pet food market is further segmented based on type and geography.
By Type: Dog And Cat Food; Other Pet Food
By Distribution Channel: Specialized Pet Shops; Internet Sales; Hypermarkets; Others
By Ingredients: Animal Derivatives; Plant Derivatives
By Geography: The global pet food market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America has the largest share, accounting for 38.5% of the global pet food market.
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Trends In The Pet Food Market
Pet food manufacturers are providing pet foods that are personalized from customer’s end. The manufacturers prepare customized food according to the details provided by the customers, such as preferences of grain or grain free food for dog, nutritional values to be added according to his activities and few other details. Once the personalized blend is ready according to customer’s demand, the pet food gets delivered to doorstep with feeding instructions and details of ingredients present in the food. The development of e-commerce is supporting the trend of personalization and customization of pet foods.
Pet Food Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides pet food market overviews, analyzes and forecasts pet food market size and growth for the global pet food market, pet food market share, pet food market players, pet food market size, pet food market segments and geographies, pet food market trends, pet food market drivers and pet food market restraints, pet food market’s leading competitors’ revenues, profiles and market shares. The pet food market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.