The global pet food market is expected to reach USD 98.81
billion by 2022, according to a new report by Grand View Research, Inc. Growing
trend towards pet adoption as a result of increasing number of nuclear families
in emerging economies of Asia Pacific including India, China, Vietnam, and
Indonesia is expected to drive the industry over the forecast period.
Rising need for nutritious, healthy, and organic food on
account of increasing awareness towards pet health is expected to augment
demand. Increasing life expectancy in the region has led to older generation
adopting pets to guide them through routine chores; this is expected to fuel
demand over the forecast period.
Innovations in specialty, premium and gourmet products, and
packaging techniques are expected to propel growth in larger regions of the
U.S., Europe, and Japan. In addition, focus on nutritive and functional pet
foods and shift in preference towards dry pet food are key drivers for industry
growth in developing economies.
Browse full research report on Pet Food Market: http://www.grandviewresearch.com/industry-analysis/pet-food-industry
Further key findings from the report suggest:
- Nutritious
food is expected to witness fastest growth, growing at a CAGR of 5.2% from
2015 to 2022. Changing lifestyles and growing concerns among consumers
regarding pet health have led to increased consumer spending on nutritious
pet food. Rising cases of obesity and other diseases including arthritis,
diabetes, and high blood pressure among pets are expected to drive demand
for nutritious products over the next seven years.
- Dogs
accounted for the largest consumption of these products, which accounted
for over 59.0% share in 2014. Rising urbanization, increasing disposable
incomes, and rising trend of nuclear families are some major reasons for
rising pet ownerships, thus increasing demand for dog food over the
forecast period.
- In
Europe, demand was valued at USD 15.71 billion in 2014. The market in
Europe, especially Central and Eastern Europe, is growing, as consumers
are increasingly humanizing pets and considering them as their family
members. Pet owners are responding actively to the changing trends of
innovation and trading in better quality substitutes. Pet population is
considerably growing in Europe as people are adopting more and more pets
for companionship. As a result, the growing number of pets in European
households is contributing to the robust growth.
- Some
of the major players in industry include Mars Inc., Nestle SA,
Colgate-Palmolive Co., Proctor & Gamble Co., Del Monte Foods Co.,
Agrolimen SA, Uni-Charm Corp., Nutriara Alimentos Ltda., Total Alimentos
SA, Mogiana Alimentos SA, and others. Mars and Nestle are the leading
players in the market accounting for around 55% of the total share.
Grand View Research has segmented the global pet food market
on the basis of product, application, and region:
Pet Food Product Outlook (Revenue, USD Billion, 2012 -
2022)
- Dry
Food
- Wet/Canned
Food
- Nutritious
Food
- Snacks/Treats
- Others
Pet Food Application Outlook (Revenue, USD Billion, 2012
- 2022)
- Dog
- Cat
- Others
Pet Food Regional Outlook (Revenue, USD Billion, 2012 -
2022)
- North
America
- Europe
- Asia
Pacific
- Others
Access press release of this research report by Grand
View Research: http://www.grandviewresearch.com/press-release/global-pet-food-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
For more Info: www.grandviewresearch.com
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