Global Pet Food Market is Majorly Driven by The Growth of Food and Beverage Industry Across the Globe
Global Pet Food market is expected to expand at a compound annual growth rate (CAGR) of 5.6% over the forecast period i.e. 2016-2024.Growing health mindfulness among consumers has given rise to novel health-driven selections for pets, such as organic and natural pet food, as well as innovations in functional and fortified products.
Health will remain to be significant to consumers, even though expense will play a robust role than in the past. High-quality products that do not contain additives/preservatives and fortified with vitamins, minerals, and additional nutrients, will expand ground in the marketplace.Consumers’ inclination to humanize pets has driven premiumization in pet food.Owners remain delicate to the quality, safety and ingredient source of pet food, as adulteration and recalls continue to affect this market.Pet food manufacturers are grasping opportunities to grow sales through varied segmentation, such as by targeting life stages and specific breeds.Dog treats signify the fastest growing pet food segment in the United States with dollar sales up 3.2% in 2015 from 2014.
“Pet Food Market” study report covers the present ground scenario and future opportunity prospects for the market players to analyze the target markets across the globe. Moreover, the competitive analysis includes the in-depth analysis of the major players and leaders in pet food industry. The market study conducted on the basis of primary as well as secondary research where the analysts fragment the data from various databases such as Bloomberg, Factiva, Owler, and others. Our primary research team conducted various interviews, surveys and group discussions with industry professionals, Pet Food manufacturers, aftermarket vendors and component suppliers to analyze the future prospects of the overall pet food industry.
Global Pet Food Market Segmentation can be classified on the basis of:-
By Food Type
- Dry food
- Wet food / Canned food
- Veterinary food
- Organic food
- Nutrition food
By Distribution Channel
- Online stores
- Retail stores
- Pet shops
- Others (Fish, Birds, Livestock, etc)
Based on Geography
- North America (U.S. & Canada) pet food market
- Latin America (Brazil, Mexico, Argentina & Rest of Latin America) pet food market
- Europe (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden &RoE) pet food market
- Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia) pet food market
- The Middle East & Africa (GCC, South Africa, North Africa, RoMEA) pet food market
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Pet Food Industry Trends, Drivers, and Challenges
One of the major drivers for the growth of pet food market across the globe is the amplified consciousness of pet nutrition and mounting inclination of pet owners towards healthier and safer pet food products. Also, the necessity of the nuclear families and their disposable income is impelling this market. In 2016, U.S. pet owners paid an average USD 235 on pet food, which was greater as relative to other pet care spending.While fruit chews and nutrient boosted waters have appreciated substantial fruitful in the human food realm, it may be hard to visualize buying these kinds of products for one’s pet. However, pet owners particularly Americans— may not think them so far-fetched. By far, fruit or vegetable chews echoed most intensely with both French and American pet owners as a potential new product form.
“Global Pet Food Industry Report” has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the market space. The report also includes Porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global Pet Food market report also recognizes value chain analysis to understand the cost differentiation to provide a competitive advantage to the existing and new entry players.
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