The global pet food processing market is projected to grow from USD 4.4 billion in 2019 to USD 6.2 billion by 2026, recording a compound annual growth rate (CAGR) of 5.0% during the forecast period. The increasing trend of pet adoption, premiumization of pet food products, and the rising acceptance of pets across regions are factors that are projected to drive the growth of the pet food processing market. However, the depreciation of machinery over the years can degrade the quality of pet food products during pet food production, which is projected to inhibit the market growth.
Pet food is a high-grade animal food for consumption among pets, and its quality is at par with the one that is fit for human consumption and traditional feed. Pet food processing is involved in all the stages where various equipment and labor are involved in the production of final products (pet food), and these are used for consumption by pets.
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The increasing population of dogs has led to an increase in demand for dog food, due to which the dog food segment is estimated to dominate the pet food processing market in 2019. Due to the friendliness of dogs, people tend to adopt them as pets, which is projected to drive the demand for dog food products. This, in turn, is projected to increase the adoption of processing machinery among manufacturers.
The wet segment is projected to record a higher growth rate in the pet food processing market during the forecast period. The demand for the wet form of pet food is increasing due to the rising concerns among pet owners regarding the health of pets. Consumers are introducing wet food in their pet’s diet due to its nutrition-rich properties. These factors are projected to drive the demand for wet pet food in the upcoming years.
The forming equipment segment is estimated to dominate the pet food processing market in 2019. Pet food processors are shifting their focus toward extrusion-based manufacturing. The introduction of new extrusion technologies and its use in the pet food sector are factors that are projected to drive the demand for forming equipment in the market.
The Asia Pacific region is projected to be the fastest-growing market for pet food processing during the forecast period. The region witnesses a high demand for pet food products due to the increasing acceptance of pets. The rising concerns among pet owners regarding the health of pets have led to an increase in demand for high-quality pet food products that require specialized machinery. These factors are projected to create growth opportunities for equipment manufacturers in countries such as India, China, Japan, and Thailand.
The pet food processing market comprises major players, such as Andritz Group (Austria), Buhler Holding AG (Switzerland), The Middleby Corporation (US), GEA Group (Germany), Baker Perkins Ltd. (UK), Clextral SAS (France), Precision Food Innovations (US), Mepaco Group (US), Coperion GMBH (Germany), F.N. Smith Corporation (US), Reading Bakery Systems (US), and Selo (Netherlands). The study includes an in-depth competitive analysis of these players in the pet food processing market, with their company profiles, recent developments, and the key market strategies.
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