21-Apr-2021 | Zion Market Research
Some of key players in pet food market are Diamond Pet Foods, The J.M. Smucker Company, Blue Buffalo Pet Products, Inc., Total Alimentos SA, WellPet LLC, Nestlé Purina, The Hartz Mountain Corporation, Hill’s Pet Nutrition, Inc., Lupus Alimentos, Mars Incorporated, among others. These players are set to bolster the development of global pet food market.
According to analysts at Zion Market Research, the global pet food market accounted for USD 80.41 Billion in 2020 and is expected to reach USD 118.17 Billion by 2028, growing at a CAGR of more than 5.4% from 2021 to 2028.
This review is based on a report by Zion Market Research, titled “Pet Food Market By Product (Dry Food, Canned Food, Nutritious Food, Snacks, and Others), By Source (Animal-based, Plant-based, and Synthetic), By Type (Dog Food, Cat Food, and Others), By Distribution Channels (Online, Hypermarkets, Specialized Pet Shops, and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2028..”
Rise in Pet Humanization to Spur Growth
Rise in a trend of dog adoption has increased the demand for pet food. Especially dog adoption is driving the growth. Pet owners concern about the safety and health have also helped in the growth for pet food market. Growing variants in the pet food, rising disposable income and increase in the demand for premium pet food are also the reasons for the rise in the global pet food market.
Availability of different pet food products in the market may impel the growth of the market in the forecast period. Growing occurrence of obese pets had regulated various laws for nutrition content of the pet food which may obstruct the growth of the pet food market in coming years. Nevertheless, the introduction of high nutritious value food is expected to endow the pet food market with ample opportunities in the forecast period.
Presence of Big Players in The Region Support North American Dominance
Regionally, North America has been leading the worldwide pet food market and is anticipated to continue on the dominant position in the years to come. In the U.S., it was noted that around 60 % of houses possess pets in U.S. which in turn drives the pet food market. Moreover, the growing concern for pet’s health has resulted in high expenditure on pets in the U.S. This trend is expected to drive the pet food market in this region. Increasing vogue for different pets may persuade the pet food market growth in coming years. Increasing disposable income is anticipated to trigger the growth of pet food market in this region in the coming years.
Browse the full “Pet Food Market By Product (Dry Food, Canned Food, Nutritious Food, Snacks, And Others), By Source (Animal-Based, Plant-Based, And Synthetic), By Type (Dog Food, Cat Food, And Others), By Distribution Channels (Online, Hypermarkets, Specialized Pet Shops, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/pet-food-market
The global pet food market is segmented as follows:
By Distribution Channel
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