Pet Food Market Demand Analysis, Size, Share, Trend, Top Key Players, Gross Margin and Forecast to 2024

Market Scenario
The global Pet Food Market is expected to register rapid growth during the forecast period due to the increasing awareness among consumers about digestive disorders, healthier lifestyle, high energy level, healthy weight, and longer lifespan for their pets. Additionally, innovation in products and various marketing strategies to increase the popularity of pet food by key players in the market are also expected to drive the market growth.
The players in the market are expanding their product lines of pet food, to provide enhanced and high-quality products. For instance, since 2015, Nestlé Purina PetCare Company—a part of Switzerland based company Nestle S.A.—started offering Purina Pro Plan Savor Shredded Blend; this product included hard, dry kibble mixed with tender meat, to provide enhanced taste and texture to the product.

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The global market is projected to garner a revenue of USD 121.43 billion by 2024, registering a CAGR of 5.4% during the forecast period of 2019–2024. Pet food is gaining acceptance globally owing to increasing health concerns about their pets among the consumers. Increasing awareness among the consumers regarding the nutrition required by the pets and benefits of these products are some of the factors driving the growth of the global pet food industry

Segmentation
According to MRFR analysis, the global pet food market has been segmented into pet type, product type, distribution channel, and region.
By pet type, the global market has been classified as cat, dog, fish, and others. The dog segment holds the major market share in global market and is also expected to be the fastest-growing segment.
Based on product type, the global market has been bifurcated into dry food, wet food, snacks & treats. The dry food segment accounts for the largest share in the global market; this segment is also projected to exhibit the highest CAGR during the review period.
The global pet food industry has been categorized, on the basis of distribution channel, as store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is expected to dominate the market. However, the non-store-based segment is expected to account the higher growth rate during the review period of 2019 to 2024.
The global pet food market has been studied with regard to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American pet food market has further been segmented into the US, Canada, and Mexico. The European pet food market has been classified as the UK, Germany, France, Italy, Spain, and the rest of Europe. The market in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The market in the rest of the world has been segmented into South America, the Middle East, and Africa.

Key Players
Mars Inc. (US), Nestlé Purina PetCare Company (US), InVivo NSA (US), Yamahisa Pet Care (Japan), The J.M. Smucker Company (US), WellPet LLC (US), Blue Buffalo Company, Ltd. (US), Diamond Pet Foods (US), Gott Pet Products (Charlee Bear Products) (US), Heristo AG (Germany), Petsworld, Inc. (India), International Pet Food Company Limited (Thailand), Tiernahrung Deuerer Gmbh (Germany), are some of the key players in the global pet food market.

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Regional Market
In 2018, North America accounted for the largest market share; this can be attributed to the increasing pet adoption rate. Also, growing number of organizations and pet farm for pet care is also increasing the sales of pet food. The market in Asia-Pacific is expected to register the highest growth rate in the global market. Increasing awareness among consumers about pet food and homemade food consisting of separate nutritional elements, and that pets need to be fed a diverse range of nutrition, as part of an adequate diet. Which, in turn, is projected to boost the growth of the Asia-Pacific pet food market.

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This release was published on openPR.