Pet Food Market Size Worth $98.81 Billion by 2022 | CAGR 4.3%: Grand View Research, Inc.
SAN FRANCISCO, May 22, 2018 /PRNewswire/ --
The global pet food market size is projected to reach USD 98.81 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a 4.3% CAGR during the forecast period. Rising trend of pet adoption is expected to be a major driving factor over the coming years.
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Increasing number of nuclear families in emerging economies of Asia Pacific, particularly India, China, Vietnam, and Indonesia, has resulted in the growing trend of pet adoption and this is expected to drive market growth over the forecast period. Rising need for nutritious, healthy, and organic pet food on account of increasing awareness regarding animal health is expected to augment market demand.
Increasing life expectancy across the globe has led to older generation adopting pets to guide them through routine chores; this is expected to fuel pet food demand over the forecast period. Innovation in specialty, premium, and gourmet pet food products and packaging techniques is expected to propel growth in larger markets of U.S., Europe, and Japan.
Natural and organic products were once a niche segment in the industry; however, major food manufacturers today, such as Nestle's Purina, Mars's Pedigree, and Del Monte Foods, market natural products sold at major retailers. This is likely to have a positive impact on the market over the forecast period.
Major key players include Big Heart Pet Brands, Unicharm Corporation, Mars Incorporated, Colgate-Palmolive Co., Nestle SA, Lupus Alimentos Ltda, and Total Alimentos SA. These players are actively involved in new product development to provide high nutritional value to pets.
Browse full research report with TOC on "Pet Food Market Size, Share & Trends Analysis Report By Product (Dry, Wet/Canned, Nutritious, Snacks/Treats), By Application (Dog, Cat, Others), By Region, Competitive Landscape, And Segment Forecasts, 2012 - 2022" at: https://www.grandviewresearch.com/industry-analysis/pet-food-industry
Further Key Findings From the Report Suggest:
- Demand for dry products is anticipated to exhibit a CAGR of 2.5% in terms of volume from 2015 to 2022 owing to handling convenience. It does not require special handling and can be stored easily
- The wet/canned segment is projected to expand at a CAGR of 4.9% in terms of revenue over the forecast period due to increasing demand for products with high water content
- Demand for dog products is predicted to rise at a CAGR of 2.7% in terms of volume from 2015 to 2022 on account of rising trend of dog ownership across the globe
- In 2014, approximately 83.3 million dogs were taken in as pets in U.S. Demand for dog food is expected to rise at a CAGR of 2.5%, in terms of volume, over the forecast period
- A number of manufacturers are involved in new product development. For instance, in March 2014, Big Heart Pet Brands added a new product to its Milk-Bone brand called brushing chews.
Browse related reports by Grand View Research:
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- Animal Feed Antioxidants Market - The global animal feed antioxidants market size was USD 183.4 million in 2014. Increasing meat production in China, India, and the Middle East in light of rising awareness towards protein enrichment along with the availability of livestock at a domestic level is expected to play a crucial role in driving the market.
- Vietnam Animal Feed Additives Market - Vietnam animal feed additives market size is expected to reach USD 160.5 million in 2022 from USD 112.45 million in 2014 growing at a CAGR of over 4.7% from 2015 to 2022.
- Aquafeed Market - Aquafeed, also known as the fish feed, is a commercially produced food item for various aquatic species such as fish, crustaceans, and mollusks. Aquafeed is extensively used in the aquaculture sector.
Grand View Research has segmented the global pet food market on the basis of product, application, and region:
- Pet Food Product Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
- Dry Food
- Wet/Canned Food
- Nutritious Food
- Snacks/treats
- Others
- Pet Food Application Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
- Dogs
- Cats
- Others
- Pet Food Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion, 2012 - 2022)
- North America
- U.S.
- Canada
- Europe
- U.K.
- France
- Germany
- Asia Pacific
- Japan
- Australia
- Rest of The World
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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, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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