Pet Food, Global Market Trends, Growth, Insights 2024

The Business Research Company recently released a comprehensive report on the Global Pet Food Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=3339&type=smp

According to The Business Research Company's, The pet food market size has grown strongly in recent years. It will grow from $68.67 billion in 2023 to $73.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increased pet spending, increased pet ownership by gen z and gen y adults, and emerging markets growth.

The pet food market size is expected to see strong growth in the next few years. It will grow to $97.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing demand for premium and organic pet food, influence of digital media marketing and social media, rising demand due to increase in stockpiling of pet food, increasing feeding of stray animals and other abandoned pets, and increasing demand for pets . Major trends in the forecast period include investing in facilities to produce quality grain-free dog food products, offering premium pet food products, using ecommerce platforms to sell products online, adopting automation technologies to maximize production efficiencies, focusing on offering customized food according to customer's needs, focusing on producing pet foods with organic ingredients, focus on gaining more subscribers, investing in pet food for product differentiation, and investing in increasing their online sales channels. player-adopted strategies in the pet food market include investing in expanding manufacturing operations, enhancing product portfolio through strategic acquisitions and investing in r&d to develop new improved and premium products.

Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/pet-food-global-market-report

Market Drivers and Trends:

The pet food manufacturing market's growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.

Pet food manufacturing companies are using automation technologies such as advanced production lines and software solutions to improve safety and operational efficiency. These technologies automate formulation, batching, drying, coating, and liquid delivery processes. This results in cost-effective processing and consistent product quality. For example, Champion Petfood's, a Canadian producer of pet food, has video-monitored production lines, with cooking processes connected through Rockwell hardware and software systems. It also uses bulk bins and conveying systems, votator heat exchangers, and advanced extrusion and drying systems. United Pet Group's pet food manufacturing plant in St. Louis used FactoryTalk software from Rockwell Automation to reduce overtime by 10% and increase labor efficiency by 15%.

Key Benefits for Stakeholders:

• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:

Coherus BioSciences, Sandoz, Biocon/Mylan, Intas Biopharmaceuticals Ltd, Mundipharma GmbH, Dr. Reddy's Laboratories, Pfizer Inc., Emcure Pharmaceuticals, USV Private Limited, Apotex Pty Ltd, Kyowa Kirin Co. Ltd, Qilu Pharmaceutical, Gennova Biopharmaceuticals Limited, Lupin Limited, Coherus Biosciences Inc, Fresenius Kabi, Napp Pharmaceuticals, Boicon, Amega Biotech.

Pet Food Market 2024 Key Insights:

• The pet food market size is expected to see strong growth in the next few years. It will grow to $97.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Economic Growth And Its Impact On The Pet Food Manufacturing Market
• Automation Advancements In Pet Food Manufacturing For Efficiency And Quality
• North America was the largest region in the pet food market in 2023

We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=3339&type=smp

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

Contact Us:

The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: mailto:info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model

Learn More About The Business Research Company

The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

This release was published on openPR.