Pet food refers to food for domesticated animals formulated according to their nutritional needs. It consists of animal and vegetable fats, and plant ingredients, including peas, corn, cereals, grain, barley, etc. In addition to this, a number of dietary fibres are also used in pet food, such as dried chicory root, powdered cellulose, inulin and dried beet pulp. A new research report titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, by IMARC Group estimates that the market was around US$ 94 Billion in 2017. The report further anticipates the market to cross US$ 122 Billion by 2023, at a projected CAGR of 4.5% over the forecast period.
Global Pet Food Market Drivers/Constraints:
- The major factor influencing the growth of the global pet food market is the increasing awareness among the consumers regarding the requirement of the proper nutrients for their pet’s health.
- The rising demand for pet food consisting of organic ingredients and less fillers are creating a market for organic pet food which is free from pesticides, artificial flavours or genetically modified organisms. This is leading to major changes in product manufacturing and resourcing of ethically-viable products.
- The continual rise in the number of pet owners along with the growing pet humanisation trend, where pets are taken care of as a family member, are the major factors contributing to the demand for pet food.
- However, allergies caused by specific food products is hampering the market growth. Moreover, the shift towards feeding rendered meat to the pets is also a major deterrent for the pet food market.
Product Type Insights:
On the basis of type, the market has been segmented as dry pet food, wet and canned pet food, and snacks and treats. Currently, dry pet food is the most popular product type amongst the pet owners due to its convenience and low cost.
Pet Type Insights:
Based on pet type, the market has been segregated into dog food, cat food and others. Currently, dog food represents the most popular pet type as dogs are more preferable as compared to the other animals.
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Regional Insights:
Region-wise, the market has been segmented as North America, Europe, Asia Pacific, Latin America and others. Amongst these, North America accounts for the largest market share due to the increasing rate of pet adoption and concern over the pet’s health.
Competitive Landscape:
The market is highly concentrated with the presence of small number of manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Mars Petcare Inc.
- Nestlé Purina PetCare
- Hill’s Pet Nutrition
- Big Heart Pet Brands
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