Global Pet Milk Replacement Products Market to Surpass US$ 156.4 Mn by 2027 Says, Coherent Market Insights
SEATTLE, March 19, 2020 /PRNewswire/ -- The global pet milk replacement products market was valued at US$ 96.0 Mn in 2018, and is expected to exhibit a CAGR of 5.7% over the forecast period (2019-2027), in terms of revenue.
Key Trends and Analysis of the Global Pet Milk Replacement Products Market:
The pet milk replacement products market is expected to witness significant growth over the forecast period, owing to increasing awareness about pet health products among pet owners. Companies operating in the pet health products industry are focused on offering high quality pet milk replacement products, in order to attract consumer base. For instance, PetAg Inc., a U.S.-based pet products company offers 'Esbilac', which is a powdered puppy milk formula with dried skimmed milk, butterfat, and probiotics that can be given to newborn to six weeks aged puppies. Moreover, company also offers goat milk Esbilac, which is derived from goat milk and can serve as a good option for puppies, who cannot digest cow milk.
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However, health concerns about milk replacement products is expected to restrain growth of the market over the forecast period. Over feeding and under feeding due to lack of feeding information and lower digestibility of milk replacers in puppies and kittens are some of the concerns associated with milk replacement products, which are expected to hamper market growth.
Key Market Takeaways:
- The global pet milk replacement products market is expected to exhibit a CAGR of 5.7 % during the forecast period in terms of revenue. Growing pet care spending and increasing pet food market in emerging economies such as Brazil, Argentina is expected to drive growth of the global pet milk replacement products market. For instance, according to U.S. Department of Commerce, International Trade Administration (ITA), the pet food market in Argentina was valued at around US$ 1,055.3 million in 2014 and is expected to grow at a CAGR of 1.6%. The market is expected to reach US$ 1,162 million by 2020.
- Among form, in 2018, dry segment accounted for the largest revenue share in the global pet milk replacement products market. The dry milk replacement products are usually in powder form. Powdered milk replacers are cost-effective alternatives to whole milk feed for infant mammals. These products are combination of ingredients, which include sodium caseinate and whey. Moreover, powders can be stored easily and are easy to handle, which are some of the main advantages that have led to an increase in demand for such products in animal rearing.
- Among regions, North America accounted for the largest market share, in terms of revenue, in the global pet milk replacement products market in 2018. This is attributed to adoption of large number of pets in the U.S. and Canada. For instance, according to the Humane Society of the United States, around 4 million cats and dogs are adopted from shelters each year.
- Prominent players operating in the pet milk replacement products market are focused on adopting strategies such as mergers & acquisitions, to strengthen their position in the global market. For instance, in November 2018, Versele-laga (Belgium-based manufacturer of pet food products) acquired Higgins Group Corp, a premium manufacturer of pet and animal feed in the U.S. With this acquisition, the company entered the animal feed and nutrition segment in the U.S.
Key companies operating in the global pet milk replacement products market include?
Pet-Ag, Inc., The Hartz Mountain Corporation, Beaphar B.V., Petlife International Ltd., Royal Canin, Toplife Formula, GNC Holdings Inc., Grober Nutrition Inc., Versele-laga, and Manna Pro Products LLC
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Market Segmentations:
- Global Pet Milk Replacement Products Market, By Pet Type:
- Puppies
- Kittens
- Global Pet Milk Replacement Products Market, By Form:
- Dry
- Liquid
- Global Pet Milk Replacement Products Market, By Distribution Channel:
- Pet Retail
- Mass
- Farm
- Online
- Veterinary
- Pet Distribution
- Global Pet Milk Replacement Products Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East & Africa
- Middle East
- Africa
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