Humanization of pets is boosting the growth of global pet food market -GMI Research

The global pet food market size was valued at USD 47,234.1 million in 2017, and is projected to reach USD 68,759.1 million by 2025, growing at a CAGR of 4.9% during 2018–2025. The key factors boosting the market growth are growing pet population and pet adoption, humanization of pets and rising demand for nutritious and high quality food for the pets.

Globally, the pet food market is driven by the dog food market followed by cat food market

In 2017, global pet population was more than 189.0 million, out of which, about 47.0% of the pets were cats. People in Europe and America prefer adopting cats. In 2017, dog pet food held the highest share in global pet food market and is expected to continue to dominate the market during the forecast period as well. Ease of order and delivery are few factors which are encouraging the pet owners to order pet food through online stores. The online stores are expected to grow at an estimated CAGR of 5.6% during the forecast period.

“The growing humanization trend and urbanization are encouraging the pet owners to spend more on their pets, specifically, on food. Today, the pet owners are more concerned of spending their money on their pets’ food, high-end accessories and medical treatment. It is anticipated, in coming years, the pet food market will be witnessing significant growth in birds and fish food products.”
—-GMI Research

Based on geography, North America held the largest share in the market in 2017 due to the increased pet food spending, specifically in the US with dogs’ food having the lion’s share in North America pet food market. Asia-Pacific is expected to be the fastest growing pet food market during the forecast period. Specialized pet food stores and hypermarkets are experiencing a significant growth in the region. China, South Korea, and India are the countries which are driving Asia Pacific pet food market.

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Key takeaways
• In 2017, dog pet food had the largest share of in the global pet food market.
• The online stores are expected to grow at a CAGR of 5.6% during the forecast period.
• Fats and additives are the fastest growing food category, majorly, driven by birds and fish food.
• Dry Foods are popular among dogs. In 2017, dry foods held the largest share in global pet food market.
• Players such as Mars Petcare, Nestlé Purina PetCare, and Hill’s Pet Nutrition are the leading pet food market players, they collectively captured around 70.00% share in global pet food market in 2017.

Some of the key players operating in global pet food market, include Mars Petcare Inc., Nestlé Purina PetCare, Hill’s Pet Nutrition, J.M. Smucker, Diamond Pet Foods, Blue Buffalo, Deuerer, Omega Protein Corporation, and Nutriara Alimentos Ltd.

The global pet food market has been segmented based on pet type, point of sale, food type, food category, and key geographies. Based on pet type, the market has been segmented into dogs, cats, fish, and birds. Based on point of sale, the market has been segmented into online, hypermarkets and specialized retail stores.

Based on food category, the market has been segmented into meat, cereals, vegetables and fruits, and fats and additives. The meat food category includes fresh meat and frozen meat. The cereals food category includes corn and cornmeal, wheat and wheat meal, barely and rice, and others. The vegetables and fruits food category include potatoes, carrots, soybean and soybean meals, fruits and others. The fats and additives food category include fish oil, poultry fat, vitamins and minerals, and others.

The research report “global pet food market” provides in-depth analysis of pet food market across the globe, based on pet type, the point of sale, food type, food category and key geographies for the forecast period from 2018 to 2025. The report highlights the major market drivers propelling the growth as well as challenges faced by the market participants. The research report also provides market size and forecast for the pet food market. The report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.

For more details, browse the Table of Contents: https://www.gmiresearch.com/report/global-pet-food-market-share-trends-growth-opportunities-forecast-insights.html