Global Pet Food Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The Global Pet Food Market was estimated at a value of about USD 78.76 billion in 2017. The industry is forecasted to register a CAGR of over 5.03% over the forecast period. Increasing trend of nuclear family Rapid urbanization and development of economic and professional constructs are the main reasons for the growing trend of nuclear families. The increasing urban nature of the society, which results in separation from farm animals and nature, is stimulating the desire to bring pets home. The market for pet food closely shadows the market for pets.
The social comfort, company, security, and the aesthetic sense offered by pets are the main reasons cited for owning a pet. The growth of one-person households and decline of families have also led to seek pet companionship. People belonging to these social segments are a major boost for the market, as they tend to humanize pets to a great extent, thereby taking extra care of their diet and wellness. The other aspect of nuclear families is the increase in the population of elderly people living alone. Reduced interaction with family and financial stability are factors, which promote pet adoption and their proper care, among the aging population.
Pet Allergies Various pet food and related ingredients can be a major cause of skin diseases and allergies in pets. Humanizing pets and indiscriminate feeding of available food products is one of the major reasons that leads to improper animal health and diseases. For example – cats are 100% carnivores and they lack the enzymes in their stomach to digest complex carbohydrates, like corn, wheat, soy, and other vegetable matter. Though dogs are a little tolerant to vegetation, excessive amounts of corn or wheat can cause allergies. Food allergies/intolerance among pets can be caused by a reaction to a particular ingredient, mostly by protein products, like beef, milk products, and fish. Hence, safe and suitable pet products should be selected carefully.
Other than corn and wheat, some of the other products that should not be a part of animal food are – soy, BHA/BHT, ethoxyquin, propylin glycol, and some by-products. Adding these products only worsens the health of the animal and results in subsequent diseases. To worsen the scenario, there are no strong regulations in the United States on the usage of these ingredients in pet foods. These animals are exposed to harmful chemicals and ingredients, which may cause severe diseases in pets. Controlling the negative impact of food in the form of diseases and allergies is essential for the growth of the pet food industry. The major challenge here is to find and avoid the food ingredients responsible for skin and/or gastrointestinal conditions, allergies, and diseases.
Key Developments in the Market:
• February 2018: Pet Supplies Plus launched Redford Naturals® Dry Cat Food Line
MARS INC., NESTLE PURINA PET CARE, HILLS PET NUTRITION INC., WELLPET LLC amongst others.
Reasons to Purchase this Report:
• Provides latest insights into the Global Pet Food Market.
• Gives a detailed analysis of the competitive landscape in the pet food industry segmented by product, by pricing, by sales channel, by ingredient type, by animal type and by geography.
• Analyses the market scenario with the help of Porter’s Five Forces Analysis.
• Forecasts the market volume and value by assessing the impact of the market drivers and constraints.
• 3 months analyst support along with the Market Estimate sheet (in excel).
This Global Pet Food Market Research report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs.
Published By: Mordor Intelligence
Published Date: Q1 2018