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.
Browse more reports of this category by Grand View
Research: http://www.grandviewresearch.com/industry/animal-feed-and-feed-additives
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
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.
No comments:
Post a Comment