NEW YORK, Feb. 20, 2024 /PRNewswire/ — The pet food market the size is expected to grow by USD 35.75 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will develop at a CAGR of around 5.71% during the forecast period. Growing demand is dramatically driving the growth of the market. Increasing consumer focus on pet health is driving demand for organic pet food, which complies with USDA regulations. This trend reflects growing concern for human food ingredients. With pets treated as members of the family, demand for organic and natural products is increasing, particularly in the small mammal category. Although options for organic food for small reptiles are currently limited due to lower adoption rates, as the adoption of smaller reptiles increases, so will the demand for organic products. in this segment. This increasing demand is expected to fuel the expansion of the global pet food market during the forecast period. Technavio provides a comprehensive summary report that describes the market size and forecast along with the research methodology. A sample report is available in PDF format
Technavio has released its latest market research report titled Global Pet Food Market 2023-2027
Key Segment Analysis
The market is segmented by product (Dry food, Wet food, and Snacks and treats), type (Dog food, Cat food, and Others), and geography (North America, EuropeAPAC, South Americaand Middle East and Africa).
- The market share growth of the dry food segment will be significant during the forecast period. Dry pet food offers convenient storage and transportation, providing cost savings and benefits to customers. With little risk in its storage, it maintains its quality over time. Compared to wet pet food with a high water content of 75%, it contains only 10% water, which contributes to better oral hygiene for pets. Additionally, it can be used in food puzzle toys, promoting controlled food intake. The increasing number of pet owners around the world, especially in emerging markets such as India and Malaysia, is driving the growth of the dry food segment in the global market during the forecast period. To know additional highlights and key points on various market segments and their impact in the coming years, View PDF Sample Report.
Geographical Market Analysis
- North America is estimated to contribute 35% to the global market growth during the forecast period.
Company Insights
The market is fragmented, and companies deploy organic and inorganic growth strategies to compete in the market. The report analyzes the competitive landscape of the market and offers information on several companies in the market, including Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The JM Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., and Unicharm Corp.
One of the main Challenges
- The use of artificial colors or flavor enhancers, antibiotics, herbicides, pesticides, and chemical preservatives in the offerings is a major challenge that hinders the growth of the market. View PDF Sample Report to find additional highlights on the growth strategies adopted by the companies and their product offerings.
Consumers’ passion for healthy food is changing trends. Pet owners are putting health first, looking for multi-functional and innovative ingredients like probiotics and antioxidants. With increasing demand for organic products, manufacturers are adapting, sourcing quality meat and meat byproducts from trusted raw material suppliers. Cereals, grains, and specialty proteins are enriching the formulations, reflecting the growth of the market. The market value chain sees the collaboration of manufacturers, distributors and end-users, ensuring premium quality and satisfaction. As pets become beloved members of the family, an emphasis on nutrition underscores a dynamic industry that meets changing needs.
Suppliers strive to meet the nutritional needs of pets by including a range of ingredients such as grains, fruits, animal protein foods, and essential vitamins and minerals. Palatants, flavors, and sweeteners enhance the appeal, while enzymes aid in digestion. Manufacturers prioritize quality and availability while optimizing the manufacturing process to manage costs. However, changes in prices can affect the purchasing decisions of residents. Despite the challenges, the market continues to expand, catering to the diverse needs of pet owners and their furry companions, thus reflecting the evolving relationship between humans and pets.
Related Reports:
The pet food supplement market is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The market size is estimated to increase by USD 914.46 million.
The daycare market and pet boarding size is estimated to grow at a CAGR of 6.98% between 2022 and 2027. The market size is estimated to increase by USD 10.18 billion.
TOC:
1 Executive Summary
2 Landscapes
3 Measuring
4 Historical Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With more than 500 expert analysts, Technavio’s report library consists of more than 17,000 reports and counts, covering 800 technologies, covering 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within the changing market situations.
Contacts
Technavio research
Jesse Maida
Media and Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
