Worldwide Outlook of Pet Food Market in Global Industry : Trends, Insight and Application 2017
The report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall global pet food market has also been forecasted for the period 2016-2020, taking into consideration the previous growth patterns, the growth drivers and the current and future trends. The competition in the global pet food market is stiff and dominated by the big players like Nestle Purina PetCare Company. Further, key players of the market Hills Pet Nutrition Company and Mars, Incorporated., are also profiled with their financial information and respective business strategies.
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Nestle Purina PetCare Company
Hills Pet Nutrition Company
The global pet food market witnessed an upsurge at a significant CAGR during the span of 5 years, i.e., 2010-2015 and projections are made that the market would rise in the next five years i.e. 2016-2020 tremendously. The market is spread across North America, Europe and Asia. Among these regions, the North America held the largest share, followed by the Europe and Asia-Pacific region.
The pet food market can be segmented on the basis of pet type, product type, ingredients and price. On the basis of pet type, market can be segmented into dog food, cat food and other pet food, while on the basis of product type, the market can be classified into wet food, dry food and treats & mixers. The market can be distinguished into natural and non-natural food, on the basis of ingredients. However, on the basis of price, the food market can be segmented into economy pet food, mid-priced pet food and premium pet food. Among all the classifications, segmentation on the basis of pet type is most popular, with dog food dominating the market.
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The major growth drivers for the global pet food market are: an increase in the pet population, pet humanization, health conscious consumers, upsurge in urbanization and personal disposable income. Despite the market is governed by various growth drivers, there are certain challenges faced by the market such as pet obesity, grinding challenge, supply chain challenge and nutritional sustainability. Some of the recent trends in the market include the rise in social awareness among consumers, sustainable packaging, cooked pet food and exotic ingredients
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