Pet Food Market: Industry Perspective, Comprehensive Analysis and Forecast, 2015 – 2021
The concept of owning pets and taking care of them is a very urban phenomenon. Pet food is animal material intended for consumption by pets. Formulations of mainstream commercial pet foods are generally based on nutrition research and hence many manufacturers undertake animal nutrition studies. The pet food industry forms a part of the animal feed industry.
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Factors such as changing the perception of consumer towards pet health, rising concept of pet humanization, wherein pets are treated with increased care and hygiene, growing urbanization, and changing lifestyle are boosting the demand for pet food around the world. The increasing trend of the nuclear family where consumers are treating the pets as a family member and are more concerned with their eating habits, lifestyle and health are another major reason increasing the demand for pet food globally. In addition, awareness of benefits of high-quality pet food, concern for the health of pets due to rising trend of pet humanization, the increase in pet population, and an increase in palatability of pet food are the factors impacting the growth of the global pet food market.
On the basis of product type, the global pet food market is segmented as dry pet food, wet pet food, veterinary diets, treats/snacks, liquid food, and organic product. Further, based on the animal type, the global market is segmented as dog, cat, birds, fish, and other animal’s pet food. The market is also segmented on the basis of the source as animal derivatives, plant derivatives, and additives. Further, the global pet food market is segmented on the basis of its form as wet pet food and dry pet food.
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Asia-Pacific is the largest market for pet food owing to increasing disposable income and changing the lifestyle of the population in this region. This trend is followed by Europe. North America accounts for the highest market growth for pet food. In North America, the U.S holds the major shares for pets and pet owners. This, in turn, boosts the demand for pet food in this region.
Some of the major companies dominating the global pet food market are Koninklijke DSM N.V., Nestle SA, Mars Inc., Del Monte Foods Co., and Ingredion Incorporated, Colgate Palmolive Co. Other key players influencing the global market are PetSetGo, Bharat International Pet Foods, BASF SE, Drools, Agro Food Industries Pvt. Ltd., Archer Daniels Midland Company, IB Group, E.I. du Pont de Nemours and Company, and Gitwako Farms (I) Pvt. Ltd. In addition, the companies adopt growth strategies to gain the global market share and increase their geographical presence globally.
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Pet Food Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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