Felton, 2 December
2019 - Pet Food Market is anticipated to
reach USD 98.81 billion by 2022. The market is anticipated to grow at a healthy
rate in the years to come. The factors that propel the growth of the market
include rapid urbanization & industrialization, increasing demand,
increasing trend of nuclear families, improved consciousness about pet health,
and fast humanization of pets, product development & technological
innovations.
In addition, factors such as changing standard of living,
rise in disposable income, increase in number of pet owners, and growing pet
humanization significantly fuel the market growth. On the other hand, there are
factors that may hamper the growth of the market such as growing obesity in
pets and increasing pet allergies. The Pet Food Market is anticipated to grow
at a significant CAGR of 4.3% in the upcoming period as the scope, product
types, and its applications are increasing across the globe.
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The market may be explored by food product, applications,
sale channel, and geography. Pet Food Market may be explored by food product as
Wet/Canned Food, Dry Food, Snacks/treats, Nutritious Food, and Others. The “Dry
products” segment dominated the Pet Food Market in 2014 and anticipated to
maintain its dominance by 2022. Dry food products are mostly targeted for young
animals due to their high nutritive value. These products are accessible in an
extensive price range, standard, standard premium, super premium, and economy.
Important factors driving demand for dry products comprise lower generation of
waste, longer storage, and handling convenience.
Pet Food Market may be explored by application as Cats,
Dogs, and Others. The “Dog” segment dominated the application of the Pet Food
Market in 2014 and is anticipated to maintain its dominance by 2022. Dogs are
the friendliest animals kept as pets across the globe. Accessibility of dog
food for various types is expected to have an optimistic influence on industry
development over the forecast period.
The market may be explored by sale channel as Hypermarkets,
Specialized Pet Shops, Internet Sales, and Others (Grocery Stores, Non-grocery
Stores). Asia-Pacific accounted for the major share of the market in 2014 and
will continue to lead in the forecast period. The factors that could be
attributed to the growth include increasing urbanization across the developing
economies that has resulted in larger adoption of several animals as companions
will boost the Pet Food Market growth in the years to come.
Some of the key players that fuel the growth of the Pet Food
Market comprise Gitwako Farms (I) Pvt. Ltd., Avanti Overseas Pvt. Ltd., Agro
Food Industries Pvt. Ltd., Frigorifico Allana Pvt. Ltd., Doggie Dabbas,
Cuddleup Diet Products Pvt. Ltd., Bharat International Pet Foods Pvt. Ltd.,
Mars International India Pvt. Ltd., Venky's (India) Ltd, and Khanal Foods Pvt.
Ltd. The leading companies are taking up partnerships, mergers and
acquisitions, and joint ventures in order to boost the inorganic growth of the
industry.
Market Segment:
Pet Food Product
Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
• Dry Food
• Wet/Canned Food
• Nutritious Food
• Snacks/treats
• Others
Pet Food Application
Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
• Dogs
• Cats
• Others
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