Pet Food Market (Covid-19 update) Demand, Growth, Volume, Challenges, Analysis and Forecasts To 2022

The global pet food market is emerging at considerable pace owing to the growth in pet ownerships, rise in pet humanization, and surge in need for premiumization, and increased focus on therapeutic and organic pet food products.

The global pet food market generated revenue of $68,109 million in 2014, and is expected to garner $92,747 million by 2022, registering a CAGR of 4.1% from 2016 to 2022.

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The global pet food market is driven by factors such as rising trend of nuclear families, rapid humanization of pets, and increased awareness about pet health. In addition, increase in ownership of pets in developing nations and rise in e-commerce sales offer opportunities for the market players. However, increasing concerns about pet obesity and pet food recalls by companies hamper the growth of the global market.

Increased awareness for ethical treatment of animals and growth in humanization have improved the health and fitness of domesticated animals. Premium organic pet food products, which have the following characteristics including grain-free, low-caloric, high-fiber, and protein-rich content are in high demand among pet owners, owing to their nutritional benefits. Pet owners have shifted their focus from dry and canned foods to organic and therapeutic foods; thereby, ensuring increased product offerings and high profit margins.

Increase in pet population has contributed to the burgeoning demand for pet foods. In 2013, the U.S. owned around 88.3 million cats and more than 74 million dogs. Increase in pet ownership is expected to witness stronger year-on-year growth; thereby contributing significantly to the growth of the pet food industry.

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The pet food market is segmented, based on the type of pet food, into dry food, wet or canned food, treats & snacks, and others. The dry food segment generated the highest revenue in the global market in 2015, because it costs less than other foods and offers convenience to pet owners while feeding their pets in larger portions. Dry foods contain adequate amount of nutrients, and does not require refrigeration unlike wet foods. However, treats & snacks segment has witnessed considerable growth in the recent years, as they are healthier and provide functional benefits such as weight control, joint care, dental care digestive health, and improves immune system of pets.

The key players profiled in the report include Mars Petcare US Inc., The Procter & Gamble Company, Big Heart Pet Brands, Nestle Purina PetCare, Diamond Pet Foods, Hill's Pet Nutrition, Tiernahrung Deuerer GmbH, WellPet LLC, Blue Buffalo Co., Ltd., and Heristo Aktiengesellschaft.

The other prominent players in the market include The Nutro Company, Devenish Nutrition Ltd., Tuffy's Pet Foods, Inc., Canine Caviar Pet Foods, NUTTSABOUTPETS, Simmons Pet Food, Inc., Nisshin Petfood Inc., Spectrum Brands/United Pet Group, Mogiana Alimentos SA, and Nutriara Alimentos Ltda.

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