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Pet Food Market Size, Share & Industry Analysis, By Animal Type (Dogs, Cats, and Others), Form (Dry Pet Food, Wet Pet Food, and Snacks & Treats), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Pet Food Stores, Online Channels, and Others), and Regional Forecast, 2020 - 2027

Region : Global | Format: PDF | Report ID: FBI100554

 

KEY MARKET INSIGHTS

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The global pet food market size was valued at USD 90.13 billion in 2019 and is projected to reach USD 127.21 billion by 2027, exhibiting a CAGR of 4.60% during the forecast period (2020-2027).

COVID-19 Cover

This report covers COVID-19 impact analysis on Pet Food Market

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The global pet food industry is expanding rapidly on account of the rising empathy towards pets which is leading to their increased adoption. Premiumized and natural pet food is becoming increasingly popular as they are mainly formulated by using high quality and natural ingredients and are also free from preservative ingredients. The demand for pet animal/bird food with proactive and functional ingredients is on the rise as they offer several health benefits. Moreover, governmental support to increase the usage of safe, healthy, and natural ingredients in pet food preparation and bring more transparency in selling these products are boosting the growth of the global market.


The current global outbreak of COVID-19, followed by lockdowns across several economies is impacting almost all the industry and this market is no exception. The crisis is expected to continue in the upcoming months due to suspended trade across economies at present. Complete or partial suspension of manufacturing, processing, and packaging activities across several economies is impacting the market negatively. The uncertainty associated with the situation is making it difficult to predict the market statistics in the future years, however, considerable fluctuations are expected to occur in the market numbers. The market giants such as Mars Inc. and Nestle are making continuous efforts to ensure that food supplies for pet animals don’t get disrupted. The manufacturing facilities of these companies across some of the economies are operational and they are completely adhering to social distancing and other safety and hygiene regulations suggested by the government.


LATEST TRENDS


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Personalized Pet Food is Gaining Rapid Traction in the Global Market


The concept of personalized food products for pets is becoming widespread across the developed markets and is expected to become popular across the developing markets in the forthcoming years. Personalization of food products for pet animals has a lot of potentials to grow significantly as the pet owners are becoming increasingly conscious about the food they are feeding to their pets. Pet owners are inclining towards having a better control on the ingredients that are used in the preparation food products for pets, which gives a huge growth opportunity to brands or companies that offer specially formulated and customized food products for pet animals. Furthermore, custom food products hold a lot of potential because some of them are efficient in addressing particular pet conditions such as obesity, dry skin, and others.


DRIVING FACTORS


Rising Pet Ownership Across Developing Economies to Aid Growth


The increasing rate of pet ownership worldwide, especially across the developing regions is anticipated to be one of the primary drivers of the market. The rising urbanization and pet humanization is encouraging the pet owners to opt for nutritious and quality food for their pets, which is further boosting the growth of the market. Rising per capita income of the consumer is motivating them to spend on healthy and organic food products for pet animals to aid their health. Moreover, easy availability of products with different price ranges is acting as a growth-promoting factor for the global market as they offer consumers with variable financial status and a range of options.


Increasing Innovation by Pet Food Manufacturers is Positively Influencing the Market


The key global market players are focusing on the launch of a variety of food products for pets to address the needs of different types of animals belonging to different age groups. This is projected to drive this global market. In recent years, companies such as The J.M. Smucker, Nestle, and Mars Inc. have come up with the launch of premium food products to grab the consumers’ attention and to address the needs of the growing pets. For instance, in 2018, Nestle Purina Petcare launched “Supercoat”, a premium range of dog food in India. These market players are tapping into the markets with higher potential in countries such as China, Argentina, and India to increase their revenue.


RESTRAINING FACTORS


Stringent Regulations Associated with Pet Food to Obstruct the Market Growth


Pet food comes under the most highly regulated food products, especially across the western markets. In the developed markets, pet animal foods are examined stringently at every stage, beginning from the ingredients utilized in the food preparation to their sales, and marketing. The high stringency associated with the commercialization can be a major restraining factor for the growth of this market. Moreover, lower acceptance for premium or high-priced pet food across some developing markets can also be an obstacle for the growth of the market.


SEGMENTATION


By Animal Type Analysis


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Dogs are Projected to be the Leading Revenue Contributors in the Pet Food Market


The adoption of dogs as pets is significantly higher across the globe which is a major reason behind the dominance of this animal in the global market. Humanization of animals has led to the adoption of more dogs and cats across the globe. High expenditure associated with the maintenance and well-being of dogs is driving the market for natural and higher quality dog food. Launch of dog treats, pet nutrition, and nutrition-rich food is another significant reason contributing to the growth of the segment. In the forthcoming years, cat ownership is expected to increase across the globe at a crucial pace as they are low maintenance animals and are very much human-friendly.


By Form Analysis


Exotic Pet Snacks & Treats Segment to Observe Increasing Demand


Dry form is the most preferred food option for pets by the owners. This can be attributed to the fact that dry form products offer higher convenience and have a higher shelf-life as compared to the wet food. For dogs, dry food is the most favored option as it is cheap and hence affordable for many dog owners. Moreover, dry food for pets, due to their firm texture, aids the dental health of pets along with maintaining their dental hygiene. Snacks & food treats segment is emerging as an exotic product option for various pets due to their delicious taste and higher quality. This segment is expected to grow significantly in the forthcoming years owing to the active participation of market players in launching a variety of multipurpose and healthy snacks and pet foods treats options for dogs, cats, and others pets.


By Application Analysis


Online Retail Channels Segment to Exhibit the Fastest Growth


Supermarkets/hypermarkets and other mass merchandisers are projected to hold the dominant share in the sales globally. The reason behind this dominance can be attributed to the high consumer preference for buying products from large retail stores, where they are offered an abundance of choices in terms of brands and prices. Attractive shelf-arrangements in specialty food retail pet shop, coupled with the higher availability of exotic, custom-designed, and premium food products for pet animals within these stores are expected to further boost the growth of the segment. The sale of food products of pet animals through online channels is anticipated to intensify globally in the upcoming years attributed by the increasing inclination of millennials towards online purchasing. High convenience offered by the online channels such as doorstep delivery along with the rising collaboration of pet food industry giants with e-commerce retail players are expected to further fuel the segment’s growth.


REGIONAL INSIGHTS


North America Pet Food Market Size, 2019 (USD Billion)

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North America currently holds the majority share in the global pet food market and the region is predicted to lead the market throughout the forecast period. High adoption of pets in the U.S. households is one of the significant reasons for the dominance of the region. According to a survey conducted by the American Pet Products Association (APPA), about 85 million U.S. households, which constitute approximately 67% of the total households present in the U.S., own a pet. The positive attitude of North American consumers towards pet humanization and its wide adoption is encouraging the market growth of nutritious food products for pet animals. Moreover, the presence of leading players such as Mars Incorporated, The J.M. Sucker Company, Nestle, and others in the regional market is promoting the growth of the market in North America.


Asia Pacific is expected to be the fastest-growing region in the global market, followed by South America. Economies such as Japan, Australia, and China are the major contributors to revenue generation across the region. Japan is one of the leading importers of prepared dog and cat food across the world, however, the pet animal food market in the country is showcasing sluggish growth. The market in China and India are expected to rise at a significant pace during the forecast period owing to the increasing consumer expenditure on food products for pet animals across these countries, coupled with the increasing investment by the global market players within these economies.  


KEY INDUSTRY PLAYERS


Key Players Focusing on Novel Product Launches to Gain Prominent Market Share


This market is consolidated with four major players holding more than 50% of the global market share. These market players, namely, Nestle Purnia Petcare, Colgate-Palmolive, Blue Buffalo Pet Products, and The J.M. Smucker Company are making rigorous efforts to increase their market share and establish their dominance in the global market. Mars Incorporated holds the majority share in the global, as well as in several other regional markets. The company has been adopting strategies such as innovative product launch, brand strengthening, mergers & acquisition, and online distribution of its products to increase its customer base and lead the global market. In the past years, the company has acquired a number of reputed brands such as Natura, Eukanuba, and others. Moreover, it has actively involved itself in online retail pet food sales by collaborating with e-commerce retail giants such as Alibaba Group.


LIST OF KEY PLAYERS PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • In April 2020, Nestle Purina Petcare Company completed the acquisition of Lily’s Kitchen, a prominent dog and cat natural food producer. The aim behind this acquisition was to expand its natural pet food product portfolio, as the demand for natural food products for pets is intensifying significantly.

  • In May 2019, Petco Animal Supplies Inc. inaugurated its first “Pet Food Kitchen” in Manhattan, where it offers human-grade and freshly prepared meals for pets. Petco initiated this kitchen with JustFoodForDogs, a company based in California that offers home-cooked food for pets.


Report Coverage 


The rising innovation and product launch by key market players to address the growing demand for quality food for pet animals and birds is significantly contributing in driving the market growth globally.


An Infographic Representation of Pet Food Market

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The report provides qualitative and quantitative insights into the market. It also offers a detailed market analysis of its animal types, form, the distribution channel for which they are used, their market size and growth rate for all possible segments in the market.


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Along with this, the pet food market analysis report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of related markets, recent industry developments such as mergers & acquisitions, the regulatory scenario in critical countries, and key pet food industry trends.


Report Scope & Segmentation











































 ATTRIBUTE



 DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



  2016-2018



Unit



  Value (USD Billion)



Segmentation



By Animal Type



  • Dogs

  • Cats

  • Others



By Form



  • Dry Pet Food

  • Wet Pet Food

  • Snacks & Treats



By Distribution Channel



  • Supermarkets/Hypermarkets

  • Specialty Pet Food Stores

  • Online Channels

  • Others



By Region



  • North America (United States, Canada, and Mexico)

  • Europe (U.K., Germany, France, Italy, Spain, Russia, and the Rest of Europe)

  • Asia-Pacific (China, India, Japan, Australia, and the Rest of Asia- Pacific)

  • South America (Brazil, Argentina, and the Rest of South America)

  • Middle East & Africa (South Africa, UAE, and the Rest of the MEA)



Frequently Asked Questions

Fortune Business Insights says that the value of the pet food market was at USD 90.13 billion in 2019 and is projected to reach USD 127.21 billion by 2027.

Growing at a CAGR of 4.60%, the market will exhibit steady growth during the forecast period (2020-2027).

Dogs are expected to be the leading animal type in the global market.

Rising adoption of pets across the globe is driving the growth of the market.

Mars Inc., Colgate-Palmolive Company, Nestle Purina Petcare Company, and The J.M. Smucker Company are few of the top players in the global market.

North America is expected to hold the highest market share throughout the forecast period.

The online retail segment is expected to be the fastest-growing segment during the forecast period.

Increasing concern about pet health & nutrition is one of the major market drivers.

Pet Food Market Size, Share and Global Industry Trend Forecast till 2026
  • Jun, 2020
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