Global Pet Food Market - Growth, Trends and Forecasts (2017 - 2022)
The Global Pet Food Market generated revenue of over USD 70 billion in 2015. North America accounts for the largest market share in the industry with over 35% of the global market share in 2016. The second largest market is Europe, which is followed by Asia-Pacific with close to 20% of the market share. This growth stimulates the large interest in pet ownership across the globe. In North America, the U.S. holds the major share of pets and pet owners and is predicted to grow at a high CAGR during the given forecast period. Market dynamics The demand from developing nations with the changing lifestyles in these countries is driving the market. The changing perception of consumers towards pet health is another major reason behind the growth of the global pet food market. Similarly, the demand is growing due to the increasing trend of nuclear families, where consumers treat their pets as family members and are more concerned with their lifestyle, eating habits, and health. The recent rise in the concept of pet humanization, wherein pets are treated with increased hygiene and care, is proving to be another major driver for the growth of this market and in turn, is leading to major changes in product packing and resourcing of ethically-viable products. The rise in NGOs is leading to increasing awareness among people which in turn is increasing pet adoption. This for obvious reasons has resulted in increased sales pet food. Obesity is a serious cause of concern among pet owners. Hence healthy food is more preferred which makes way for innovations in such a way that overeating shouldn’t affect the pets to a great extent. The pet allergies are also a major restraint for the market followed by regulatory issues. Since the number of pet owners is growing and the pet adoption rate is rising as well, the demand for pet food is also witnessing a growth. This rising growth requires for innovative products in the pet food industry, especially in North America, as the market share of US in pet owners is 40.0% of the total global pet owners. The pet food also needs a change in the taste and it should be healthy at the same time, and this need gives a rise to new opportunities in this market. Another opportunity is the increasing demand for online sales and home delivery facilities to the consumers, which is followed by the rise in demand for natural and organic pet foods. Segmentation On the basis of product dry pet foods (grain free and others) wet pet foods (grain free and others) veterinary diets treats/snacks liquid food organic products On the basis of pricing economic premium super premium On the basis of animal type dog cat bird Other animals On the basis of sales channels specialized pet shops Internet sales hypermarkets others (grocery and non-grocery stores) Lastly, on the basis of geography North America (U.S., Canada, Mexico, and others) Europe (Germany, U.K., France, Spain, Russia, Italy, and others) Asia-Pacific (China, Japan, India, Australia, and others) South America (Brazil, Argentina, and others) Africa (Egypt, South Africa, and others) Key players The global pet food market is highly concentrated with top ten companies accounting for more than 50.0% of the market share. The few companies are Mars Inc. Nestle SA, Colgate Palmolive Co. Del Monte Foods Co. The leading players in the market are focused in high R&D to develop high quality of products with a greater application scope. The profit margin is high due to which the small and medium scale industries are also entering the market. BREAKING NEWS Pet food brand Bob Martin launched Simply+, a range of products marketed as “nutritionally advanced food that provides dogs with all the essentials of a healthy diet,”.