The global pet food market, as detailed in a recent report by Allied Market Research titled “Pet Food Market by Pet Type, Food Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2030,” has shown robust expansion. Valued at $87,268.2 million in 2020, the market is projected to reach $133,430.9 million by 2030, growing at a CAGR of 4.6% from 2021 to 2030.
Key drivers behind this growth include the increasing ownership of pets worldwide, driven by rising disposable incomes among consumers. The trend towards nuclear families and the humanization of pets, where pets are increasingly seen as family members, are also significant factors influencing market expansion. Despite these positive trends, challenges such as pet obesity and occasional pet food recalls are expected to temper market growth over the forecast period.
The market analysis categorizes the pet food market based on pet type, food type, sales channel, and region. Dogs, cats, and other pets are the primary segments by pet type, with dogs leading in revenue due to their popularity in nuclear family settings. Dry food dominates the food type segment, favored for its convenience, affordability, and ease of storage.
Sales channels include supermarkets & hypermarkets, specialized pet shops, online channels, among others, with North America emerging as the largest revenue contributor in 2020 and expected to maintain its dominance through the forecast period.
Urbanization and increasing disposable incomes have led to a greater number of households owning pets, particularly dogs, cats, and fish. This trend has spurred multinational companies to expand their presence globally, capitalizing on the growing demand for pet food. For example, Perfect Companion has recently established a new manufacturing facility in Zhenjiang province, underscoring the market’s growth trajectory.
Flavor trends, such as the adoption of beef and chicken in various food categories, highlight consumer preferences for natural, organic, and nutritious pet foods. These trends are driven by pet owners’ desire to minimize health risks and enhance their pets’ well-being.
Overall, the pet food market is witnessing increased demand for premium and super-premium products, driven by the humanization of pets and heightened consumer awareness of pet health and nutrition. This trend is expected to continue driving growth in therapeutic and specialized pet food segments, further solidifying the market’s expansion.
In conclusion, the global pet food market is poised for steady growth, buoyed by increasing pet ownership, urbanization, and a shift towards premium pet food products that cater to evolving consumer preferences for natural and health-focused ingredients.
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