Global Pet Food Market Size, Share, Development, Growth and Demand Forecast to 2023
The global pet food market is anticipated to witness a stable growth in the coming years due to major factors like transformation in lifestyle, rise in numbers of nuclear families, rising disposable income of people, increasing trend of pet humanization among many others.
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The dry pet food held the largest market share in the global pet foods market, followed by snacks and treats, and wet foods. Manufacturers in the global pet food market are becoming increasingly responsive towards demand for better quality standards and healthier products owing to rising concern of pet owners to provide their pet with foods with high nutrition level.
Geographically, North America dominates the global pet food market and is expected to grow at a consistent pace. According to American Pet Products Association, the total pet care industry expenditure in the U.S. was $58 billion in 2014 which is expected to increase exponentially in the coming years. The total expenditure in the U.S pet food industry is expected to be $23 billion in 2015 increasing from $22 billion in 2014. Europe occupies the second largest share in the global pet food market after North America. However, the pet food market in Europe is growing at a higher pace as compared to North America due to increasing pet adoption in the region. Among regions, Asia Pacific is the fastest growing pet food market which can be attributed to factors such as under-penetrated market structure, growing disposable incomes, and rising numbers of nuclear families.
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The major vendors in the global pet food market include Mars Inc., Colgate-Palmolive Co, Nestlé and Del Monte Pacific Ltd, Agrolimen SA, Barking Heads, Diamond Pet Foods Inc., and Vitakraft AG. Nestle dominated the cat food market in North America, followed by Mars. On the other hand, Mars held the largest share in the dog food market in the region. Colgate Palmolive and Blue Buffalo are the other major players for cat and dog food market in the region.
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