Recent introduction of best quality food products is aiding to the growth of the global pet food market. The above information was shared by Fortune Business Insights in a report, titled “Pet Food Market Size, Share And Global Trend By Product Type (Wet Pet Foods, Dry Pet Foods, Snacks & Treats), By Ingredient (Cereals, Vegetables & Fruits, Meat Products, Fats), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Retailers, Online Channels, Retail), And Geography Forecast Till 2026.” The market is expected to witness considerable growth on account of availability of product offerings in the animal food industry.
In addition to this, the growing availability of organic pet food is likely to expand the market in the forthcoming years.
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Some of the leading players operating in the Global Pet Food market includes;
- Mars, Inc.
- Nestlé Purina North America
- WellPet, LLC
- Diamond Pet Foods
- PetWell Partners.
- Total Alimentos
- Hill’s Pet Nutrition
- Nutrition Inc.
- Blue Buffalo Co
- PetGuard Holdings
- Beaphar B.V.
Demand for Wet Pet Foods to See Remarkable Rise
Wet pet food products help to build the energy and muscles among pets. These foods are especially given to those animals who don’t consume enough water during the day. Among different types of pet food products such as wet pet foods, dry pet foods, and snacks, wet pet foods are expected to grow considerably in the forecast period. This is mainly attributable to the escalating demand for high-energy pet foods. Apart from wet pet foods, dry pet food segment is anticipated to expand over the projected horizon. Low-waste generation, easy storage, and longer shelf-life are factors responsible for positively impacting the growth of the pet food market.
High Demand for Meat and Meat Products Owing to the Presence of Essential Nutrients
The demand for several ingredients such as vegetables & fruits, meat products, cereals, and fats is expected to increase in the pet food market. Of these, meat and meat products are likely to hold a leading position on account of their growing demand and consumption. Meat products contain essential nutrients. These nutrients play a crucial role in the growth of pets. These products are cost-effective as they are made from the by-products of meat available for human consumption. All of the above factors are contributing to the growth of the market.
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Rising Pet Ownership in North America Drives the Market
North America is anticipated to hold a dominant share in the global pet food market during the forecast period. The rising number of pet owners in this region enables growth in the market. Other factors propelling growth in the market are increasing urbanization and pet ownership, especially in countries such as Canada and the U.S. As per a study conducted by the American Pet Product Association (APPA), around 68% of the people in the U.S. own a pet. The rising number of pet owners and the presence of local players in the region are likely to create attractive growth opportunities for the market.
Rapid Shift from ‘Pet Ownership’ to ‘Pet Parenting’ Drives the Market
“Each pet has separate nutrient requirement depending on their digestive system mechanisms, therefore pet owners should choose an appropriate and relevant food for their pet owners,” said a lead analyst at Fortune Business Insights. “Pet owners are looking for specialized pet foods with digestive benefits, which is expected to drive the market,” he added.
Over the years, the trend has shifted from pet ownership to pet parenting. Pet parenting or humanization has now become a significant trend in the pet food market. Driven by the pet humanization trend, pet owners have become more aware of their pet’s health. This has further generated demand for specific pet foods.
A growing number of nuclear families especially in developing economies is likely to increase the adoption of pets. This will eventually stimulate growth in the market. On the other hand, some people for instance asthma patients are allergic to pets which can lower the adoption of pets. This, in turn, may hamper the growth of the market to an extent.
NPIC’s New Product Launch Help the Market to Expand
Some of the notable players operating in the global pet food market include Mars Inc., Colgate-Palmolive Co., Nestle Purina Pet Care, Wellpet LLC., PetWell Partners LLC., Diamond Pet Foods, Unicharm Corporation, Hills Pet Nutrition Inc., Total Alimentos SA, Blue Buffalo Company, Beaphar, and PetGuard. Among these, PetWell Partners launched a new line of pet beverages called TruLife CBD in December 2018. Other companies are also planning to launch new products in order to offer maximum health benefits to animals and fulfil their customer specific requirements. Another company called NPIC launched a new product line of pet treat in January 2019. The plant-based pet treat products come in different flavours and this product line was launched at the Global Pet Expo 2019. In February 2019, Pets Choice entered into a merger and acquisition (M&A) with Rufus Foods to broaden its product portfolio.
KEY QUESTIONS ANSWERED:
What is the market size and growth rate of the global and regional market by various segments?
What is the market size and growth rate of the market for selective countries?
Which region or sub-segment is expected to drive the market in the forecast period?
What Factors are estimated to drive and restrain the market growth?
What are the key technological and market trends shaping the market?
What are the key opportunities in the market?
What are the key companies operating in the market?
Which company accounted for the highest market share?
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