3 Key Insights on US$ 125 Bn Opportunity in Global Pet Food Market: Ken Research

Some of the primary factors which are driving the pet food market are an increase in per capita disposable income, an increase in the tendency of nuclear families, and a quick increase in humanization, the Pet Food Market is Forecasted to Reach US$ 125 Bn by 2028 says Ken Research Study.

Pet foods are specialized foods produced from plant-based or animal-based food ingredients and prepared to meet the nutritional needs of domesticated animals. Pet foods are created in unique forms and have eye-catching hues to appeal to owners, and special flavor enhancers are added to enhance the taste so that animals can easily consume the food. Pet food is animal feed that is meant to be consumed by pets. It is commonly available at pet stores and supermarkets and is particular to the animal, such as dog food or cat food.

According to Ken Research estimates, the Global Pet Food Market - which grew from around US$ 75 billion in 2017 to nearly US$ 95 billion in 2022 - is expected to grow further into a ~US$ 125 billion opportunity by 2028.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

Increasing Pet Food Manufacturers' Innovation to Positively Influence the Market

To meet the needs of diverse species of animals belonging to various age groups, the major players in the global market are concentrating on releasing a variety of pet food products. This is expected to drive global market demand. Companies including General Mills, Nestle, and Mars Inc. have launched luxury food items in recent years to attract customers' attention and meet the requirements of expanding pet foods. For instance, to better utilize the resources of the planet, Nestle Purina introduced pet food in November 2020 that is based on alternative proteins. Insects and millet and fava bean proteins are included in the variety.

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Growing Pet Humanization Propelling the Growth of the Global Pet Food Market

Pet humanization has gained a lot of attention in the mainstream media recently. A significant and defining trend in the pet food industry, particularly in industrialized nations, is the transition from pet ownership to pet parenting. In developed nations, more than one-third of families have a pet. According to the National Pet Owners Survey (2019-20), which was done by the American Pet Products Association (APPA), more than 85 million households in the USA have one or more pets, with dogs making up the majority of those. It follows that the pet food market is expected to grow as pets become more humanized.

Pets are now seen as members of the family as a result of this trend toward pet humanization. Consumers' willingness to spend more on pet food is influenced by the growing attachment between pet owners and their animals. Consumers are becoming more concerned about their pets' health and are purchasing high-nutritional-value pet food for the benefit of their beloved dogs. Nowadays, pet owners are looking for pet consumables that are not only locally produced and natural but also have special health benefits.

Pet Food's High Cost and Stringent Regulations Hampers Market Growth.

Pet food is one of the food items with stringent regulations, particularly in western markets. Pet foods are carefully inspected in developed markets at every stage, from the ingredients used in food preparation to sales and marketing. The high standards required for commercialization may be a significant barrier to the market's expansion. Additionally, a barrier to the market's expansion may also be some developing economies' lesser acceptance of premium or expensive pet foods.

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Key Topics Covered in the Report

Snapshot of the Global Pet Food Market
Industry Value Chain and Ecosystem Analysis
Market size and Segmentation of the Global Pet Food Market
Historic Growth of the Overall Global Pet Food Market and Segments
Competition Scenario of the Market and Key Developments of Competitors
Porter's 5 Forces Analysis of the Global Pet Food Industry
Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
COVID-19 Impact on the Overall Global Pet Food Market
Future Market Forecast and Growth Rates of the Total Global Pet Food Market and by Segments
Market Size of Application Segments with Historical CAGR and Future Forecasts
Analysis of Global Pet Food in Major Regions
Major Production/Supply and Consumption/Demand Hubs within Each Region
Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
Overview of Notable Emerging Competitor Companies within Each Major Region

Major Players Mentioned in the Report

Mars, Incorporated
Hill's Pet Nutrition, Inc.
The J.M. Smucker Company.
Schell & Kampeter, Inc.
The Hartz Mountain Corporation
Nestlé Purina
Blue Buffalo Company, Ltd.
Wellness Pet Company, Inc.
Tiernahrung Deuerer GmbH
Head up for tails

Notable Emerging Companies Mentioned in the Report

Lafeber Co.
4Legs Pet Food Company
Champion Petfoods.
Betagro Public Company Limited
Fromm Family Foods LLC.

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Pet Food Companies
Animal Welfare Associations
Pet Food Manufactures
Pet Food Supplier
Company Research and Development Institutes
Market Research & Consulting Firms
Banking and Financial Service Providers
Government & Regulatory Authorities
Raw Meat Suppliers
Investors in Pet Food Start-ups
Start-ups & Incumbents in Pet Food Sector
Certification & Inspection Companies
Marketing Agencies
Online Retail Platforms

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-pet-food-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.