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Pet Food Market to Expand at 4.20% CAGR till 2017
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The world market for pet foods is dominated by North America accounting for around 40% of the total pet food market. Emerging economies like India, China, and Brazil are considered future pet food markets due to the growing importance of pets with the trend of nuclear families in these regions. The pet food market is deeply influenced by recent trends in the human food industry as pet owners prefer the best quality food for their pets. As a result, the global market for pet foods is steadily shifting towards healthier, more nutritious and organic pet foods.
Global pet food manufacturers are responding to the increasing requirements of better quality pet food products as owners believe that food they give to their pets should be as good as they have themselves.
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Increasing problems of obesity in pets due to consumption of pet food with high fat content, and rising incidence of pet allergies to humans due to pets are some challenges to the growth of this industry.
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