The "Global Pet Food Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, Animal Type, Ingredient, Animal Age Group Distribution Channel Region" report has been added to ResearchAndMarkets.com's offering.
Global Pet Food Market was valued at ~US$ 75 billion in 2017. It is estimated to be ~US$ 95 billion by 2022 and is expected to reach a market size of ~US$ 125 billion by 2028 growing at a CAGR of ~5% during the forecast period (2022-2028).
Consumer awareness of natural and organic pet food products has compelled producers to change their attention from synthetic to natural products, which has served as one of the major factors influencing the worldwide industry.
The adoption of dogs as family pets is a growing trend, which is expected to drive up pet food demand. When it comes to the idea of humanizing pets, dogs in particular have seen an upward trend. As a result, an increasing number of individuals own dogs and feed them premium food. Additionally, one of the main factors influencing the industry is rising urbanization.
Consumers' increased per capita incomes encourage them to spend on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the global market's expansion.
As pet food demand increases, a lot of pet food manufacturers focus on several growth initiatives, new facilities, and/or facility expansions. However, during the past couple of years, the cost of manufacturing equipment, and components, such as stainless steel, have grown from $1.28 per pound in February 2020 to $3.59 per pound in September 2021, according to EnSight Solutions.
Supply networks were negatively impacted by the COVID-19 outbreak. As a result of restrictions on the flow of raw materials, the pet food industry suffered in terms of supply and cash flow.
On the other side, as a greater number of people adopted pets in response to a growing desire for the company during the lockdown, pet food consumption steadily increased in various regions of the world. Market participants shifted their attention away from physical storefronts and toward e-commerce platforms to meet this requirement.
Competitive Landscape
The Global Pet Food Market is highly competitive with ~200 players which include globally diversified players, regional players, and country-niche players with their niche in pet food.
Regional players constitute ~45% of the competitors, while the county-niche players are the second largest by type.
Conclusion
The Global Pet Food Market is forecasted to continue the growth that is witnessed since 2017. Some of the primary factors driving market expansion are an increase in per capita disposable income, an increase in the tendency of nuclear families, and a quick increase in pet humanization. Though the market is highly competitive with ~200 players, few global players control the dominant market share and regional players also hold a significant market share.
Key Topics Covered in the Report
- Snapshot of the Global Pet Food Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Pet Food Market
- Historic Growth of the Overall Global Pet Food Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Global Pet Food Industry
- Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
- COVID-19 Impact on the Overall Global Pet Food Market
- Future Market Forecast and Growth Rates of the Total Global Pet Food Market and by Segments
- Market Size of Application Segments with Historical CAGR and Future Forecasts
- Analysis of Global Pet Food in Major Regions
- Major Production/Supply and Consumption/Demand Hubs within Each Region
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Region
Major Players Mentioned in the report
- Mars, Incorporated
- Hill's Pet Nutrition, Inc
- The J.M. Smucker Company
- Schell & Kampeter, Inc
- The Hartz Mountain Corporation
- Nestle Purina
- Blue Buffalo Company, Ltd
- Wellness Pet Company, Inc
- Tiernahrung Deuerer GmbH
- Head up for tails
- Lafeber Co.
- 4Legs Pet Food Company
- Champion Petfoods.
- Betagro Public Company Limited
- Fromm Family Foods LLC.
Scope of the Report
Product Type
- Dry Food
- Wet Food
- Snacks and Treats
Animal Type
- Dog Food
- Cat Food
- Others
Ingredient
- Animal Derived
- Plant Derived
- Others
Animal Age Group
- Below 6 months
- Above 6 months
Distribution Channel
- Supermarkets and Hypermarkets
- Pet Stores
- Online Stores
- Others
By Geography
- North America (USA, Canada, Mexico)
- Europe (Germany, UK, France, Spain, Italy)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Australia)
- LAMEA (Latin America, Middle East, Africa)
For more information about this report visit https://www.researchandmarkets.com/r/lpt24
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View source version on businesswire.com: https://www.businesswire.com/news/home/20230517005495/en/
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