The global pet food market is expected to reach USD 98.81 billion by 2022, according to a new report by Grand View Research, Inc. Growing trend towards pet adoption as a result of increasing number of nuclear families in emerging economies of Asia Pacific including India, China, Vietnam, and Indonesia is expected to drive the industry over the forecast period.
Rising need for nutritious, healthy, and organic food on account of increasing awareness towards pet health is expected to augment demand. Increasing life expectancy in the region has led to older generation adopting pets to guide them through routine chores; this is expected to fuel demand over the forecast period.
Innovations in specialty, premium and gourmet products, and packaging techniques are expected to propel growth in larger regions of the U.S., Europe, and Japan. In addition, focus on nutritive and functional pet foods and shift in preference towards dry pet food are key drivers for industry growth in developing economies.
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Further key findings from the report suggest:
- Nutritious food is expected to witness fastest growth, growing at a CAGR of 5.2% from 2015 to 2022. Changing lifestyles and growing concerns among consumers regarding pet health have led to increased consumer spending on nutritious pet food. Rising cases of obesity and other diseases including arthritis, diabetes, and high blood pressure among pets are expected to drive demand for nutritious products over the next seven years.
- Dogs accounted for the largest consumption of these products, which accounted for over 59.0% share in 2014. Rising urbanization, increasing disposable incomes, and rising trend of nuclear families are some major reasons for rising pet ownerships, thus increasing demand for dog food over the forecast period.
- In Europe, demand was valued at USD 15.71 billion in 2014. The market in Europe, especially Central and Eastern Europe, is growing, as consumers are increasingly humanizing pets and considering them as their family members. Pet owners are responding actively to the changing trends of innovation and trading in better quality substitutes. Pet population is considerably growing in Europe as people are adopting more and more pets for companionship. As a result, the growing number of pets in European households is contributing to the robust growth.
- Some of the major players in industry include Mars Inc., Nestle SA, Colgate-Palmolive Co., Proctor & Gamble Co., Del Monte Foods Co., Agrolimen SA, Uni-Charm Corp., Nutriara Alimentos Ltda., Total Alimentos SA, Mogiana Alimentos SA, and others. Mars and Nestle are the leading players in the market accounting for around 55% of the total share.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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