|11-12-2018 02:38 PM CET - Business, Economy, Finances, Banking & Insurance||
Pet Food Market Trends, Segment and Future Growth to 2023 - Major Key Players are Mars, Inc., Del Monte Foods, Hills Pet Nutrition, INC, Unicharm Corporation, Nippon Formula Feed Manufacturing Company LTD, Pet Center, and Incorporated (PCI)
Press release from: Market Data Forecast
Pet Food Market Overview:
“Pet food” means any commercial feed prepared for consumption by dogs and cats, supplements or a food intended as sole ration. Pet food consists of products like pet treats, biscuits, training foods, and more traditional pet foods.
The market is mainly driven by factors such as the growth of product availability and awareness among consumers Rise in pet ownership in many Asian countries has led to increased consumption of pet food. The private label sales in the U.S. are also expected to increase in the near future as consumers have started looking for cheaper and equally effective products. Major restraint of the market is the increase in essential raw materials such as corn, soybeans, and wheat, which in turn led to an increase in the price of most protein sources. The issue of rendered meat is also hindering the market. Concerns over the use of pesticides, genetically-modified organisms or artificial flavors in the pet food led to increasing in demand for pet food containing balanced diet with organic proteins, vegetables, rice, and fewer fillers are continuing to grow, creating an opportunity for organic pet food.
Pet Food Market Forecast Report (2018-2023):
Global Pet Food market has been estimated at USD 82.92 Billion in 2018 and is projected to reach USD 104.83 Billion by 2023, at a CAGR of 4.8% during the forecast period from 2018 to 2023.
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Pet Food Market Segmentation:
The global market for Pet food is segmented into ingredients, animal type, and geography. Each of these segments is further sub-segmented into
• Ingredient: Animal Derivatives, Fish derivatives, Fruits & Vegetables, Cereals & Cereal by-products, Fats & Oils, Vitamins & Minerals, Additives
• Animal Type: Dog, Cat, Bird, Others animals.
Geographically, the Global market for is Pet Food is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle-East and Africa. The global market is being driven mostly by the North American Region which has the largest market share. Asia-Pacific and South America is the high growth and potential market in the industry. The North American market is being mainly driven by the U.S. primarily due to sluggish economic growth.
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Key Players in Pet Food:
The global pet food industry is highly concentrated with ten major players together accounting for more than 50% of the market share and remaining market share distributed among a large number of small manufacturers.
• Mars, Inc.,
• Del Monte Foods,
• Hills Pet Nutrition, INC,
• Unicharm Corporation,
• Nippon Formula Feed Manufacturing Company LTD,
• Pet Center, Incorporated (PCI),
• Nestle Purina PetCare,
• Nisshin Saifun Group INC.
• Natural Dog Food Company,
• Purely for Pets,
• Marukan CO. LTD.,
• Spectrum Brands, INC.
Are the major companies in the market.
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Reasons to Purchase Pet Food Market Report:
• Current and future Pet Food Market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet in excel
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This release was published on openPR.
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