Global Pet Food Market Opportunities & Forecast (2018-2025)-GMI Research
global pet food market was valued at USD 47,234.1 million in 2017 and is projected to reach USD 68,759.1 million by the end of 2025, growing at a CAGR of 4.9% during 2018–2025
The global pet food market was valued at USD 47,234.1 million in 2017 and is projected to reach USD 68,759.1 million by the end of 2025, growing at a CAGR of 4.9% during 2018–2025.
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Figure 1: Global Pet Food Market Revenue, 2018–2025 (USD Million)
Source: GMI Research
The key factors bolstering the market growth are growing pet population and pet adoption, rising trend of humanization of pets and rising demand for nutritious and high-quality food for the pets.
Based on the pet type, dogs are anticipated to lead the market during 2018–2025
The global pet food industry is driven by the dog pet food industry. The growing aged population and increasing number of nuclear families are inspiring the people to adopt pets, specifically, cats and dogs. For instance, in Europe, about 70 million population have at least one pet. The rising trend of urbanization and humanization is encouraging the pet owners to spend more on pet food, and high-end accessories.
In 2017, dry food held the largest share in global pet food market by food type, since, dry foods are the popular among dogs, whereas, wet foods are preferred by the cats.
Fats and additives are expected to witness significant growth during the forecast period. Fish and birds are expected to drive the growth of the global pet food market. The global pet care market is highly competitive and is driven by players, such as Omega Protein Corporation, Mars Petcare Inc., Nestlé Purina PetCare, Hill's Pet Nutrition, J.M. Smucker, Diamond Pet Foods, and Blue Buffalo.
Figure 2: Global Pet food Market Revenue, by Region, 2017
Source: GMI Research
North America captured the largest share in global pet food market in 2017 owing to factors, such as growing pet population and pet adoption in the region and increased spending by the pet owners on the pet food and pet accessories. Asia-Pacific is the fastest growing pet food market due to rapid urbanization and growing investment by the players in the region. Countries such as China, India ad South Korea are contributing towards the growth of the market.
Some of the key players operating in global pet food market, include Mars Petcare Inc., Nestlé Purina PetCare, Hill's Pet Nutrition, J.M. Smucker, Diamond Pet Foods, Blue Buffalo, Deuerer, Omega Protein Corporation, and Nutriara Alimentos Ltd.
The global pet food market has been segmented based on pet type, point of sale, food type, food category, and key geographies. Based on pet type, the market has been categorized into dogs, cats, and others (fish, and birds). Based on point of sales, the market has been categorized into online, hypermarkets and specialized retail stores.
Based on the food category, the market has been segmented into meat, cereals, vegetables and fruits, and fats and additives. The meat food category includes fresh meat and frozen meat. The cereals food category includes corn and cornmeal, wheat and wheat meal, barely and rice, and others. The vegetables and fruits category include potatoes, carrots, soybean and soybean meals, fruits and others. The fats and additives category includes fish oil, poultry fat, vitamins and minerals, and others.
The research report "global pet food market" provides in-depth analysis of pet food market across the globe, based on pet type, the point of sale, food type, food category and key geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the pet food market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
Key questions answered in this research report:
1- At what pace is pet food market growing, globally? What will be the growth trend in future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints over the coming years?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in global pet food market?
4- What are the various application areas and how they are poised to grow?
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