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Animal And Pet Food Market 2023 : Trends, Growth, Major Players Analysis And Forecast 2032 | Cargill Incorporated, Nestle S.A., New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited
Animal And Pet Food Market Growth
The Business Research Company's Animal And Pet Food Global Market Report 2023 identifies stable economic growth as the major driver for the Animal And Pet Food market's growth in the forecast period. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth.
The global animal and pet food market grew from $366.13 billion in 2022 to $398.07 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The animal and pet food market is expected to grow to $534.36 billion in 2027 at a CAGR of 7.6%.
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Major competitors in the Animal And Pet Food market are Cargill Incorporated, Nestle S.A., New Hope Liuhe Co. Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Diamond Pet Foods Inc., Mitsui, CJ Cheiljedang Corp, Land O'Lakes Inc., and J.M. Smucker Company.
A key trend in the Animal And Pet Food market includes increasingly using automation technologies such as advanced production. These technologies automate formulation, extrusion, batching, drying, coating, and liquid delivery processes. This results in cost-effective processing and consistent product quality. For example, Champion Petfoods, a Canadian producer of pet food, has video-monitored production lines, with cooking processes connected through Rockwell hardware and software systems.
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The Animal And Pet Food market is segmented -
By Type: Pet Food, Animal Food
By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Animal And Pet Food market.
The Business Research Company's "Global Animal And Pet Food Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Animal And Pet Food Market Include:
1. Executive Summary
2. Report Structure
3. Animal And Pet Food Market Characteristics
4. Animal And Pet Food Market Product Analysis
5. Animal And Pet Food Market Supply Chain
……
22. Key Mergers And Acquisitions In The Animal And Pet Food Market
23. Market Background: Defense Market
24. Recommendations
25. Appendix
26. Copyright And Disclaimer
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