DUBLIN--(BUSINESS WIRE)--The "Pet Food Market by Pet Type, Food Type and Sales Channel: Global Opportunity Analysis and Industry Forecast 2021-2030" report has been added to ResearchAndMarkets.com's offering.
The global pet food market was valued at $87,268.2 million in 2020, and is projected to reach $133,430.9 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.
The global pet food market is booming, owing to increased pet ownership across the globe due to rising consumers' disposable income. The consumers are increasingly treating their pets like their own family members, therefore, the demand for organic and nutritional pet food is likely to exhibit the highest CAGR.
Rise in trend of nuclear families, rapid humanization of pets, and increase in awareness about pet health is presently driving the growth of pet food market. Additionally, increase in pet ownership in developing nations and rise in e-commerce sales act as an opportunity for the global pet food market. However, increase concerns toward pet obesity and pet food recalls are likely to restrict the market growth.
Pet food is one of the most strongly regulated food categories in the food & beverage sector. Pet food needs to be strictly scrutinized in developed countries at every stage. The regulations imposed by government on manufacturing of pet food can limit the growth of the pet food market. Furthermore, in some developing countries, a lack of acceptance of premium and high-priced pet food might hinder the pet food market growth.
The global pet food market is classified on the basis of pet type, food type, sales channel, and region. By pet type, the market is segmented into dogs, cats, and other pets. Based on food type, the pet food market is segregated into dry food, wet food, treats & snacks, and others. By sales channel, the market is categorized into supermarkets & hypermarkets, specialized pet shops, online sales channel, and others. Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the pet food market during the forecast period.
Dry food was the highest revenue generating food type because it is one of the most convenient types of food, easy to store, requires no refrigeration, and is available at affordable prices as compared to other types of food. Rising trend of nuclear families and their need to keep dogs for companionship and security resulted into highest revenue generation in 2020. North America and Europe would provide lucrative growth opportunities until 2030, owing to considerable increase in pet food production and increasing global pet population.
The impact of COVID-19 on global pet food market had both positive and negative impact. The people during the lockdown were forced to stay at homes. This resulted in growing emergence of adopting pets for companionship, which had a positive outlook on the market.
Key Benefits
- This report provides a quantitative analysis of current trends, estimations, and dynamics of the global pet food market from 2021 to 2030 to identify the prevailing market opportunities.
- Porter's five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global industry. The market player positioning segment facilitates benchmarking while providing a clear understanding of the present position of key market players.
- The report includes analyses of the regional as well as global market, key players, market segments, application areas, and growth strategies.
Market Dynamics
Drivers
- Rise in trend of nuclear families
- Rapid humanization of pets
- Increase in awareness about pet health
Restraints
- Increase in pet obesity
- Pet food recalls
Opportunities
- Increase in pet ownership in developing nations
- Rise in e-commerce sales
Key Market Segments
By Pet Type
- Dogs
- Cats
- Others
By Food Type
- Dry Food
- Wet Food
- Treats & Snacks
- Others
By Sales Channel
- Supermarkets & Hypermarkets
- Specialized Pet Shops
- Online Sales Channel
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- France
- Netherlands
- Germany
- Turkey
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- UAE
- Rest of LAMEA
Companies Mentioned
- Blue Buffalo Co. Ltd. (General Mills, Inc.)
- Colgate-Palmolive Company
- Farmina Pet Foods
- Heristo AG
- Mars, Incorporated
- Nestle Purina Petcare (Nestle S.A.)
- Schell & Kampeter, Inc.
- The J. M. Smucker Company
- Tiernahrung Deuerer GmbH
- Wellpet LLC
For more information about this report visit https://www.researchandmarkets.com/r/v7omxm
