Published on: December 05, 2019
The pet food market size is forecast to increase by USD 35.75 billion, with a CAGR of 5.71% between 2022 and 2027. There is substantial growth in this market, driven by the steady consumer inclination towards the adoption of pets, increased awareness about nutritious food for pets, and the growing trend of humanization of pets. This is especially true in urban areas, where people are more inclined towards companionship with domesticated animals. The market is expected to witness continued expansion in the forecast period, fueled by rising pet ownership rates and the demand for high-quality pet food products.
The pet food manufacturing process involves steps such as grinding, cooking, and mixing to ensure the desired texture, flavor, and nutritional content of the pet food products. Manufacturers utilize a range of raw materials, including agricultural-based product commodities like meat and grains to formulate balanced and palatable pet food products.
The organic pet food trend continues to grow in popularity, driven by consumer preferences for natural and healthy options. Manufacturers are responding to this trend by offering greater availability of organic pet food options designed to meet the needs of many different pets.
In a similar vein, demand has been rising for healthy dog food. With rising concerns around pet health, an increasing number of consumers are seeking out nutritious dog food formulations, focusing on high protein content and essential nutrients like probiotics and antioxidants. Pet foods can contain ingredients such as meat, meat byproducts, cereals, grains, fruits, animal protein meals, poultry (turkey and chicken), and rabbit-derived protein.
The humanization of pets is another growing trend in the pet food market. Owners are increasingly viewing their pets as family members, leading to demand for prepared pet food products that mirror human food trends, including aspects such as specialty proteins, gourmet flavors and sweeteners, vitamins and minerals, and premium ingredients. Pet owners also want to be prepared against health concerns: pet health issues such as joint diseases, obesity, and diabetes highlight the importance of pet food products that address specific health needs. The availability of these premium pet food products is therefore increasing as manufacturers develop new offerings to fill this market niche.
The market faces several challenges as well. Ensuring a consistent supply of high-quality ingredients, especially organic ones, can be difficult due to factors like seasonality and sourcing limitations. Fluctuations in raw material costs and market demand can impact pet food prices, which in turn can affect consumer purchasing decisions.
Technavio’s market research on this industry provides a detailed analysis of the market landscape, providing data on product types, regional markets, sales channels, and more.
Our pet food market segmentation covers topics such as:
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the car market during the forecast period. North America is expected to be the largest geographical segment of the global market during the forecast period. The growth of the market in North America is influenced by the large interest in pet ownership in countries across the region.
Demand in North America is also increasing due to the trend of humanizing pets. In countries like the U.S., owners are informed and closely monitoring the quality and origin of ingredients in dog food products. As the pet humanization trend is gaining traction, the demand for nutritional and premium food, like organic pet food, is increasing, which is driving the value sales of the market in this region. Also, owing to concerns regarding the extensive use of additives and preservatives in non-organic food, pet owners in the region have started to opt for organic food.
Technavio's pet food industry reports monitor the leading players in the global market along with their current and forecasted market share. Our analysis covers regional and global companies. Some of the top companies covered in our pet food market reports include:
Learn more about the pet food industry Explore Reports
In order to provide you with a comprehensive view of the pet food industry, our experts analyze the market from many different perspectives. Our reports help identify opportunities, risks, key competitors, and more, helping you make timely, informed decisions to optimize your position in the market.
Technavio reports insights include:
1.How do I identify key trends in the pet food market?
Technavio’s market research reports provide an analysis of current trends and how they are affecting the market. We also identify market drivers and challenges to help you discover opportunities and avoid pitfalls.
2.How do I decide which segments of the pet food market to focus on?
Every Technavio report includes detailed segmentation insights, breaking down the market in terms of product type, geography, sales channels, and more. And if you’re looking for something a little more specific, our Custom Research Solutions can tailor any report to meet your unique needs.
3.Who are the major players in the pet food market?
We provide detailed profiles on the biggest competitors in the market, including data such as business divisions, product offerings, and news. Our reports also include an overview of the competitive landscape as a whole, including the risks and opportunities that it presents.
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