Pet Food Market 2020 Research Report Insights Will Gain $9.8 Billion By 2023

TheBusinessResearchCompany.com offers "Pet Food Market Analysis - By Type (Dog, Cat and Other Pet Food) Ingredient (Animal Derivatives, Plant Derivatives and Synthetic) Distribution Channel (Internet Sales, Hypermarkets, Specialized Pet Shops and Others) and Regions | Global Forecast to 2023" from its research store.

The pet food market consists sales of goods and services by entities (organizations, sole traders and partnerships) associated with manufacturing cat and dog food and other animal food from ingredients such as grains, oilseed mill products and meat products. The industry includes the establishments that produce dog food, cat food, and other animal food. Other animal includes birds, mammals and aquatic animals.

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The top opportunities in the pet food market will arise in the dog food market segment, which will gain $9.8 billion of global annual sales by 2023.The pet food market size will gain the most in the USA at $1.9 billion.

The increasing humanization of pets is enabling pet food manufacturers to offer premium products targeted towards pet owners. Humanization of pets implies that pet owners treat pets like members of their family, and thus they are increasingly buying premium and super-premium foods and sophisticated snacks and treats for pets. Premium pet foods are natural, organic, have higher quality and are safer than regular pet foods.

Pet food companies are using automation technologies such as advanced production lines and software solutions to improve safety and operational efficiency. These technologies automate formulation, extrusion, batching, drying, coating and liquid delivery processes. This results in cost-effective processing and consistent product quality.

Pet Food Market Segmentation: -
By Type
1. Cat Food
2. Dog Food
3. Other Pet Food

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By Distribution Channel
1. Internet Sales
2. Hypermarkets
3. Specialized Pet Shops
4. Others

By Ingredient Source
1. Animal Derivatives
2. Plant Derivatives
3. Synthetic

North America was the largest region in the pet food market, accounting for 38.5% of the global market in 2019. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest growing regions in the pet food market will be Eastern Europe and Asia Pacific.

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Some of the major key players involved in the pet food market are Mars Incorporated, Nestle S.A., The J.M. Smucker Company, Colgate-Palmolive Company, Diamond Pet Foods Inc., General Mills, Inc., Archer Daniels Midland Company, Saturn Petcare GMBH, Unicharm Corporation, Tiernahrung Deuerer GmbH, Ingredion Incorporated, Pet Food UK, Cagatay Pet Food, Natural Pet Foods, Malta Cleyton, Nutreco, Elmira Pet Products Ltd.

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This release was published on openPR.