Global pet food market size was estimated over USD 70 billion in 2014. Stringent regulations regarding nutritious and quality food for pets is likely to fuel demand for these products. The market is driven by many factors such as rapid humanization of pets, increasing trend of nuclear families, and rising awareness regarding pet health. Increasing ownership of pets and development of e-commerce as an upcoming distribution channel is expected to boost demand over the forecast period.
Raw materials used in the manufacturing of the pet food are seeds, suet, plant derivatives, meat, insects, and others. Other components used are vitamins, additives, and essential nutrients. Many owners are buying organic pet food products for their pets to improve their health. The demand for organic ingredients with good nutrition profile is expected to boost market growth.
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Dry food was the major product segment in the pet food market and accounted for over 8,000 kilotons in 2014. The dry product contains high nutritional value ingredients which help in puppy’s growth. The growing demand for these products has led to many manufacturers adding them to their product portfolio.
Snacks products are projected to witness moderate growth over the forecast period. Growing demand for nutritional foods coupled with concerns of obesity among pets due to consumption of snacks is expected to reduce their demand over the forecast period.
Dog pet food accounted for over USD 42 billion in 2014. The growing preference for the dog as pets is expected to propel demand for these products. Rising urbanization and increasing disposable incomes are some of the major factors which are expected to have a positive impact on market growth. In 2014, cat food application segment contributed over 30% in terms of volume. The presence of amino acids in these supplements is expected to boost the demand for these products.
In 2014, the demand for pet product in North America was over 7,500 kilotons. The demand in the region is driven by growing number of nuclear families adopting pets such as dogs, rabbits, turtles, and cats. The rising dog population in U.S. coupled with growing trend of adoption of small dogs is anticipated to drive market growth.
The demand in Asia Pacific is expected to grow rapidly at a CAGR of 3.6% from 2015 to 2022. The demand in this region is driven by China, India, Vietnam, and Japan The presence of a large number of low-cost products is expected to boost market growth. Healthier and better quality products, shorter product lifecycles, product innovation and convenience are the major factors driving the demand for these products.
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The market is dominated by Nestle SA, Proctor & Gamble, Colgate-Palmolive, Marc Inc., Del Monte. The other industry participants include Mogiana Alimentos SA, Uni-Charm Corp., Total Alimentos SA, Agrolimen SA and Nutriara Alimentos Ltd.
The market is oligopolistic in natures as top 5 companies account for more than 40% of the global share. Companies are involved in extensive R & D for new product development to improve their offerings and gain maximum market share.
Pet Food Product Outlook (Revenue, USD Billion, 2012 – 2022)
• Dry Food
• Wet/Canned Food
• Nutritious Food
Pet Food Application Outlook (Revenue, USD Billion, 2012 – 2022)
Pet Food Regional Outlook (Revenue, USD Billion, 2012 – 2022)
• North America
• Asia Pacific
Related Reports of This Category Available at Million Insights: https://www.millioninsights.com/industry/food
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