The pet food market was worth around USD 70 billion in 2014. It will reach about USD 98 billion by 2022. This growth will be propelled by demand for readymade pet food. Awareness regarding healthy and organic food for pets is rising. Pet food has various environmental and economic benefits. It requires less water and involves low maintenance costs. Strict regulations also promote quality and nutritious pet food.
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Escalating nuclear families in emerging economies is boosting the demand for pets. This in turn, is steering the market. Higher life expectancies lead to more pet adoption among the geriatric population. Pets, especially dogs, help elders with their routine chores and serve as their companions. These factors also contribute market incomes.
The pet food market is segmented on the basis of products, applications, and regions. Products include nutritious food, dry food, snacks/treats, wet/canned food, and others. Dry food was the largest product in 2014. It contributed volumes worth 8, 100 kilo tons that year. It is highly nutritious and valuable for dogs. Several manufacturers of dry dog food exist due to high demand for the latter.
The segment of snacks/treats would grow moderately at a CAGR of 2.7% from 2015 to 2022. Growth of this product will be hampered by obesity, diabetes, and other ailments in pets. Due to these ailments, nutritious food would witness fastest growth in the near future.
The applications comprise dogs, cats, and others. Dogs dominated the pet food market in 2014. Cat foods accounted for more than 30% of the total volumes that year. Most of these commercial foods contain supplementary nutrients.
Among the four regions (North America, Europe, Asia Pacific, and Rest of the World), North America held volumes worth around 7, 800 kilo tons in 2014. Europe’s share in the global market was about USD 16 billion that year. Asia Pacific is predicted to grow at a CAGR of 3.5% in the next seven years.
Countries fueling the region are China, Japan, India, and Vietnam. Affordable products drive the region. The worldwide pet food market is oligopolistic and experiences product developments as a part of its growth strategies. Leading participants include Colgate-Palmolive Co., Agrolimen SA, Del Monte Foods Co., and Mars Inc.
Information Source: Radiants Insights