SAN FRANCISCO, June 21, 2022 /PRNewswire/ — The global pet food market size is expected to reach USD 139.29 trillion by 2030, registering a CAGR of 4.4%, as per a new report by Grand View Research Inc. Packaged pet food provides standard nutritional value required in pet’s daily life. This is projected to drive market growth over the forecast period.
Key Industry Insights & Findings from the report:
- The dog segment dominated the market and accounted for over 40% of revenue share in 2021. According to the American Pet Product Association, a cat or dog owner, on average, spends between USD200 and $300 on pet food annually, owing to massive attachment toward the pets.
- Dry food accounted for the largest share of 44.9% for the year 2021. It is useful in ensuring good oral care in dogs with minimal tartar buildup on the animal’s teeth and by reducing plaque.
- Manufacturers are focusing on entering the premium food products segment and thereby improving their overall profit margin, which is leading the pet food market to foresee immense growth in the coming years
Get more Insights from full market research report, “Pet Food Market Size, Share & Trends Analysis Report By Type (Dry Food, Wet Food, Snacks/Treats), By Animal (Dog, Cat, Others), By Region, And Segment Forecasts , 2022 – 2030”, published by Grand View Research.
Pet Food Market Growth & Trends
The number of pet owners purchasing online increased during COVID-19. E-Commerce platforms are growing increasingly and more people are exploring possible pet food companies than ever before.
The demand for pet medicines, food, and accessories has been increasing with an increase in the adoption of cats and dogs. According to the American Pet Product Association, a cat or dog owner, on average, spends between USD200 and 300 on pet food annually.
In 2021 Europe emerged as the second-largest market for pet food after North America. The growth in this region can be accredited to the strong presence of major industry participants along with a high pet population. Increasing demand for premium pet foods is projected to drive the industry growth in the region.
Introduction to the new processing technologies along with the automated systems for the production of ingredients is anticipated to drive the growth of the market in the forthcoming years. Additionally, there is an upsurge in the adoption of drying technologies to preserve temperature-sensitive ingredients.
Pet Food Market Segmentation
Grand View Research has segmented the global pet food market based on type, animal, and region:
Pet Foods Market – Type Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
- Dry Food
Pet Foods Market – Animal Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
Pet Foods Market – Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
- North America
- south korea
- Central & South-America
- Middle East & Africa
List of Key Players in Pet Food Market
- The JM Smucker Company
- The Hartz Mountain Corporation
- Mars Incorporated
- Hill’s Pet Nutrition, Inc.
- Nestle Purina
- Lupus Alimentos
- Total Alimentos S.A.
- Blue Buffalo Pet Products, Inc.
- WellPet LLC
- Diamond Pet Foods
Check out more related studies published by Grand View Research:
- Pet Food Ingredients Market – The global pet food ingredients market size is expected to reach USD 59.45 trillion by 2025, according to a new report by Grand View Research, Inc., rising at a CAGR of 5.9% during the forecast period Increasing pet ownership is one of the key trends escalating market growth.
- Animal Feed Enzymes Market – The global animal feed enzymes market size is expected to reach USD 2.67 trillion by 2025, according to a new report conducted by Grand View Research, Inc. Rising requirement for enhanced nutritional value and quality in meat & dairy products is estimated to provide significant scope for the consumption of key feed processing additives including enzymes, vitamins, and emulsifiers over the years ahead. Furthermore, growing consumer awareness regarding the vitality of animal protein intake is likely to play a crucial role in influencing the scenario of the feed enzyme industry.
- Animal Feed Additives Market – The global animal feed additives market size is expected to reach USD 53.7 trillion by 2030, as per a new report by Grand View Research, Inc. Furthermore, the industry is projected to advance at a CAGR of 3.5% from 2022 to 2030. The growth is majorly driven by the increased consumption of meat and the rise in the livestock population worldwide.
Browse through Grand View Research’s Animal Feed and Feed Additives Industry Research Reports.
About Grand View Research
Grand View Research, US-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in san francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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