Pet Food Market : Moving Towards a Brighter Future
Pet Food Market size is projected to reach $92,747 million, registering a CAGR of 4.1% during 2016 – 2022. Moreover, North America is expected to dominate the global pet food market throughout the analysis period, registering a notable CAGR of 3.8%.
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Increase in pet humanization has led to the trend of adopting human food ingredients such as prebiotics, probiotics, and omega-3 in the pet food products for their wellness. This trend has evolved beyond flavors, shapes, and sizes to ensure the use of high quality ingredients, nutritional benefits, and manufacturing standards for pet foods. Growing consumer interests towards pet foods complying with the highest standards of manufacturing has created opportunities for manufacturers to offer gluten-free and locally sourced products to increase their consumer base.
The global pet food industry is segmented based on pet type, food type, sales channel, and geography. Based on the type of pet, the market is segmented into dogs, cats, and other pets. In 2015, the dog food segment accounted for the largest share in the global market, owing to rising trend of nuclear families and growing inclination of consumers towards dogs for companionship and security. Based on the type of food, the global pet food market is segregated into dry food, wet/canned food, treats & snacks, and others. Based on the sales channel, the market is categorized into specialized pet shops, internet sales, hypermarkets, and others. The global pet food market is segmented based on region into North America, Europe, Asia-Pacific, and LAMEA. The North American pet food market had a dominant share in the world in 2015, and is expected to maintain its dominance during the forecast period.
he rising online pet food sales would propel the overall pet food market size. In the U.S., the sales of pet food through e-commerce platforms increased by more than 50%, and is expected to outpace the overall e-commerce or retail sales by 2022.
The key players profiled in the report include Mars Petcare US Inc., The Procter & Gamble Company, Big Heart Pet Brands, Nestle Purina PetCare, Diamond Pet Foods, Hill’s Pet Nutrition, Tiernahrung Deuerer GmbH, WellPet LLC, Blue Buffalo Co., Ltd., and Heristo Aktiengesellschaft.