According to the findings of a research report available on Radiant Insights, Inc.; the global pet food market is projected to expand at a growth rate of around 6% by 2022. Rising demand for readymade pet food products on account of various factors, such as economic and environmental benefits like decreased maintenance costs, is likely to drive the market growth. In addition, strict regulatory scenarios across various regions regarding the usage of high quality, healthy, and nutritious foods for pets are also likely to fuel the market over the forecast period (2018 to 2022).
Moreover, escalating demand for healthy and organic pet foods as a result of rising awareness levels toward pet health is also projected to drive the development of the market for pet food. Various market trends such as product innovations, high demand for freeze-dried, grain-free products, and advancements in packaging methods are also anticipated to contribute toward the growth of market in near future. Increasing adoption of pets and companion animals across the world is also considered as one of the vital driving factors for this market.
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The global pet food market is categorized on the basis of product type, enduser, distribution channel, and region. Based on product type, the market is categorized into wet pet food, dry pet food, and pet treats and snacks. Based on end user, the market is categorized into cat food, dog food, and other small pet food. Based on distribution channel, the market is divided into hypermarkets, supermarkets, pet-specialty stores, vet clinics, convenience stores, and others. Based on region, the market is divided into Americas, Asia Pacific, and Europe and Middle East and Africa (EMEA).In 2017, the Americas held the major share of the global market and would have a steady expansion rate during the forecast period. This growth can be attributed to the presence of a large number of convenience stores, hypermarkets, and supermarkets in the region.
The Asia Pacific region is projected to be the fastest-growing regional market for pet foods on account of availability of low-cost products and increased demand. Emerging economies such as India and Japan, in particular, are expected to offer the maximum growth opportunities for the Asia Pacific regional market. In addition, rising awareness levels among people regarding various health benefits of having pets has resulted in an increased number of pets. This factor is also projected to have a huge impact on the development of the regional market over the next few years.
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The EMEA region is also likely to witness substantial growth over the coming years on account of growing number of pets in the region. In addition, extreme sensitivity among people toward pets and their health is also estimated to drive the demand for pet food products during the forecast years.
Colgate-Palmolive Company; Spectrum Brands Holdings, Inc.; Blue Buffalo Co., Ltd.; Nestlé S.A.; and The J. M. Smucker Company are some of the leading companies operating in the worldwide pet food market. Most of these market players are gaining business traction due to emphasis on marketing communication using magazines and newspapers along with social media networks such as Facebook, Instagram, and Twitter for their products.
Most of these companies also focus on product innovation and on differentiating their products by using unique packaging techniques in order to gain competitive edge over their competitors. For example, Pan Panorama recently launched a new private-labeled pet food series, Zóa, for cats and dogs. The new range includes both premium and basic food items categorized according to the animal age and size.
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