Pet Food Market Rising at A CAGR Of 4.5 Percent During the Forecast Period | Research Informatic


Posted January 27, 2023 by Urmila01

The global pet food market was valued at US$ 93.5 billion in 2019 and is expected to reach US$ 120.7 billion by 2024, rising at a CAGR of 4.5 percent during the forecast period.

 
The global pet food market was valued at US$ 93.5 billion in 2019 and is expected to reach US$ 120.7 billion by 2024, rising at a CAGR of 4.5 percent during the forecast period.
Pet food is plant or creature material expected for utilization by pets. Normally sold in pet stores and markets, it is generally explicit to the kind of creature, for example, canine food or feline food. Most meat utilized for nonhuman creatures is a side-effect of the human food industry and isn't viewed as "human evaluation."
Alongside the ascent in the pet populace, the worldwide pet food industry has additionally been growing, attributable to the expanding use of pet proprietors on an assortment of pet food items. The rising pattern of canine reception as an ally for families is extended to push the item request.
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Major Players:
The Procter & Gamble Company, Mars Petcare US Inc., Big Heart Pet Brands, Nestle Purina PetCare, WellPet LLC, Diamond Pet Foods, Hill's Pet Nutrition, Heristo Aktiengesellschaft, Blue Buffalo Co., Ltd., Tiernahrung Deuerer GmbH.

Pet Food Market Growth
Especially canines are seeing an upward pattern as far as the idea of acculturation of pets. It has brought about an expanded number of individuals claiming canines and taking care of them with premium food. Besides, fast urbanization is among the key variables driving the market.
Variables drive the worldwide pet food market, for example, the rising pattern of family units, rapid acculturation of pets, and expanded mindfulness about pet wellbeing. What's more, increment in responsibility for creating countries and ascend in online business deals offer open doors for the market players.
Nonetheless, expanding worries about pet stoutness and pet food reviews by organizations hamper the development of the worldwide market. A significant limitation recognized in developing the worldwide pet food market is the issue with the administrative framework.
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Pet food Market Report Segmentation
The global pet food market report is segmented based on pet type, food type, distribution channel, and region.
Based on pet type, the global market is segmented into
· Dogs,
· Cats, and
· Others.
By food type, the global market is segmented into
· Dry food,
· Treats/snacks wet/canned food,
· Others (veterinary diet, organic, and nutritional food).
By region, the global market is segmented into
· North America
· Europe
· The Asia Pacific
· South America
· the Middle East and Africa.

Regional Analysis
South America, trailed by the Asia Pacific, is relied upon to develop at high rates from 2020 to 2025. Brazil and Argentina are the most driving business sectors in the South American area. The market in this district is in the beginning phase of advancement and thus, gives development chances to key organizations.
The South American area is extended to develop at a high rate in the pet food fixings market, as certain nations in this district offer productive development open doors for the pet food industry. Brazil is the biggest pet food fixing market and is additionally one of the quickly developing business sectors for South America.
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North America rose as one of the most noticeable territorial pet food markets after the Asia Pacific. The territorial interest in pet food is fundamentally determined by rising purchaser mindfulness regarding the beneficial effect on pet wellbeing alongside the expanding pattern of adaptation of pets.
Europe is considered a significant market for quality-driven pet food. As indicated by the European Pet Food Industry Federation (FEDIAF), more than 80 million family units across Europe own, in any event, one pet. The regional market is driven by feline food items inferable from the high pace of feline proprietorship.
TOC:
Chapter 1 Pet Food Market Overview
1.1 Product Overview and Scope of Pet Food
1.2 Pet Food Market Segmentation by Pet Type
1.2.1 Global Production Market Share of Pet Food by Pet Type in 2021
1.2.1 Dogs
1.2.2 Cats
1.2.3 Others
TOC Continued…
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Categories Biotech , Food , Science
Tags pet food market , pet food market growth , pet food
Last Updated January 27, 2023