Companion Animal Food Market To Present Opportunity Worth $98.8 Billion By 2022

The worldwide companion animal food market is anticipated to attain nearly USD 98.8 billion by 2022. It stood at approximately USD 70.8 billion in 2014. Popularity of pet adoption triggered by growing number of nuclear families in emerging economies of Asia Pacific is a key demand driver. Awareness regarding pet health fuels demand for organic & nutritious pet foods. Such a trend is expected to positively influence overall market growth during the forecast period (2015 to 2022). Stringent regulatory norms on nutritious and premium products & ingredients for pets further supports product demand.

Innovations in gourmet & specialty products and attractive packaging are expected to propel growth in Europe, the U.S., and Japan. Additionally, emphasis on healthy & functional foods and preference for dry pet foods can further drive the global companion animal food market. Demand for convenient & ready-to-serve pet products due to less water requirement and low maintenance costs is expected to support market expansion during the forecast period. Pet owners are keen on providing a good quality of life to their companion animals. This reflects on growing demand for organic ingredients & products in the market.

The global pet food market is segmented on the basis of products, applications, and regions. As per products, the segments are wet/canned food, dry food, snacks/treats, nutritious foods, and others. Dry food led the market in 2014. Demand in terms of volume stood at 8102.2 kilo tons during the same year. The dry dog food segment can grow considerably in the years to come. A number of prominent companies focus greatly on manufacturing this product. Snacks/treats may witness mild growth at an approximate CAGR of 2.8% from 2015 to 2022. However, prevalence of obesity & diseases among pets along with awareness regarding nutritional food may hinder growth of this segment over the forecast period.

In-depth research report on global animal food market - http://www.grandviewresearch.com/industry-analysis/pet-food-industry

On the basis of applications, the segments are cat food, dog food, and others. Dog food may continue dominating the overall market ascribed to worldwide popularity of dogs as the most favorite companion animal. Cat food on the other hand, may remain the second largest segment. It contributed to around 32% of the worldwide market in terms of volume in 2014.

Regional classifications are Europe, North America, Asia Pacific, and Rest of the World. With demand over 7,700 kilo tons, North America dominated the global market for companion animal food in 2014. The U.S. is expected to witness impressive year-on-year growth in dog population, with rising popularity of pocket dogs in the years to come. However, Asia Pacific is anticipated to register fastest growth at a 3.6% CAGR till 2022. Vietnam, China, India, and Japan are the largest markets that drive the region. Availability of inexpensive pet food is a key demand driver in these countries.

Noteworthy companies in the worldwide companion animal food market are Del Monte Foods Co.; Nestle SA; Colgate-Palmolive Co.; Procter & Gamble Co.; and Mars Inc. This oligopolistic market is characterized by fierce & price based competition. This impels chief players to develop novel products that help them achieve market dominance. As a result, most companies often engage in research & development initiatives. Modern pet owners are highly conscious about the food their pets eat. Companion animal food manufacturers pay close attention to these requirements to deliver the best meal options for pets.

Personalized menus and vegetarian pet diets are some of the most prominent & revolutionary market trends. Companies like Pawtions and Tails.Com deliver tailor-made pet diets suitable for individual eating habits & dietary requirements. Meat, which is a staple in pet diet, is often substituted with nourishing vegetables. This is expected to remain an upward trend over the next couple of years. Companies like Lily’s Kitchen and Billy + Margot supply vegetarian dietary options such as vegetable feasts & frozen treats for pets.

Source: Animal Food Market Analysis & Segment Forecast Report, 2022

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