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Pet Food Market Size, Share and Forecast to 2026

(Food-Beverage-News.Com, October 10, 2019 ) Market Overview:
Pet food is plant or animal material intended for consumption by pets. Typically sold in pet stores and supermarkets, it is usually specific to the type of animals, such as dog food or cat food. Pet food industry is one of those enterprises, which has been performing admirably, notwithstanding the financial downturn. The administration of different nations has taken some activities and few initiatives to advance the utilization of healthy and safe ingredients to improve the general health of pets.

Market Dynamics:
Pet refinement/humanization influencing the purchasing decisions, changing the perception of consumer towards pet health, changing demographics, increasing product differentiation are the key drivers for the market growth.

Apart from the traditional segments of flavors, snacks treat, the more specific and healthy domains such as therapeutics and nutraceuticals are also witnessing a rise. This arises from the need to address certain micro-trends that emerge in the consumer buying patterns. Few products that have been making a significant impact in the US are ‘life stage’ products and fresh ingredients.

Increasing product differentiation and issue over rendered meat are the market restraints for the market growth. The commodity price hike has hampered the pet food industry leading to increase in the price of the final product. The price increases in essential raw materials such as corn, soybeans, and wheat have mostly been attributed to increased demand from developing BRIC countries. This has also led to an increase in the price of most protein sources which are fed by these essential food commodities.

Market Segmentation:
Based on the product, the market for pet food is broadly segmented as wet pet food, dry pet food, and veterinary food. The wet pet food market was worth $69.1 billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of XX% during the forecast period. It is expected to hold the highest market share in the forecast period. Wet food is significantly higher in moisture than dry or semi-moist food.

On the basis of price, the market for pet food is broadly classified as economic, premium and super-premium. The global economic pet food market was worth $35.4 billion in 2018 and is forecasted to reach $XX billion by 2026, at a CAGR of XX% during the forecast period. The premium segment is expected to hold the highest market share in the forecast period.

Depends on the application, the global market for pet food is broadly categorized into dog, cat, bird, and, others. Globally, the dog food segment is majorly driving the pet food market with CAGR 4% in the forecast period. This segment covers nearly 60% of the total market and the cat food market is expected to grow at the fastest rate in the pet food industry. Dogs are the major consumers of pet foods.

Geographical Analysis:
By region, the market is segmented into:
• North America
• South America
• Asia-Pacific
• Europe
• The Middle East and Africa

North America is the largest market for Pet food globally with a global market share of 43%. In North America, the market is mainly dominated by the US followed by Mexico and Canada. Higher pet ownership and more focus on pet nutrition and health are the key factors driving the market. North America continues its dominant position in the pet food market.

Europe is the second-largest market for pet food in the world with a market share of 34% as of 2018. The market is primarily being driven by the increase in pet humanization and change in trend to urbanization leading to closer contact with pets and hence a higher tendency to look after the nutritional needs and health of the pet.

The pet food market in the Asia Pacific region has grown remarkably over the past few years due to the growth in the emerging markets such as China, India, Indonesia, Thailand, Malaysia, and Taiwan. In addition, the changing preference of the people to adopt a pet in the Asia-Pacific region especially in India and China has also fueled the growth of the pet food market in the recent past.

Competitive Analysis:
Few key market players are Big Heart Pet Brands, Blue Buffalo, Deuerer, Heristo AG, Hill’s Pet Nutrition, Laroy Group, Mars Petcare Inc, Nestlé Purina PetCare, Spectrum Brands / United Pet Group and Unicharm Corp.

The Global Pet food market is majorly dominated by five companies. These big five companies account for 55% of the market. In fact, two of the companies account for 46% of the market. The two big companies are Mars and Nestle account for 24% and 22% of the market respectively.

View full report: https://www.datamintelligence.com/research-report/pet-food-market

Download free sample: https://www.datamintelligence.com/downlaod-sample/pet-food-market

About Us:
DataM Intelligence was incorporated in the early weeks of 2017 as a Market Research and Consulting firm with just two people on board. Within a span of less than a year we have secured more than 100 unique customers from established organizations all over the world.

For more information:
Sai Kiran
Sales Manager at Data M Intelligence
Email: pr@datamintelligence.com
Tel: +1 877 441 4866
Website: www.datamintelligence.com

DataM Intelligence

Sai Kiran

+1 877 441 4866

pr@datamintelligence.com

Source: EmailWire.Com
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