$87.08 Bn Pet Food Market - Global Growth, Trends, and Forecast 2019-2024 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--May 21, 2019--
The “Pet Food Market - Growth, Trends, and Forecast (2019 - 2024)” report has been added to ResearchAndMarkets.com’s offering.
The global pet food market (henceforth, referred to as the market studied) was valued at USD 87.08 billion in 2019 and it is expected to register a CAGR of 5.4% during the forecast period (2019-2024).
In 2019, North America is the largest geographical segment of the market studied and accounted for a share of around 39.2% of the overall market.
- Pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world’s largest pet food markets are in the United States, France, Japan, and Germany, accounting for over half of the sales in pet food.
- According to the Association for Pet Obesity Prevention (APOP), 52.6% of the dogs and 57.6% of the cats in the United States are overweight or obese. This trend of rising obesity among pets mirrors human obesity patterns. As a result, the major players in the pet food market have started to follow human health trends, with foods to support weight loss.
- The major constraint identified in the growth of the global pet food market is the issue with the regulatory system.
Scope of the Report
The pet food market is segmented by animal type (dogs, cats, birds, and other animal types), product type (dry pet food, wet pet food, veterinary diets, treats/snacks, and organic products), ingredient type (animal-derived, plant-derived, cereals and cereal derivatives, and other ingredient types), sales channel (specialized pet shops, internet sales, hypermarkets, and other sales channels), pricing type (economic segment, premium segment, and super-premium segment), and geography (North America, Europe, Asia-Pacific, and Rest of the World).
Key Market Trends
Rising Trend of Pet Humanization
The shift in pet ownership to parenting has been a very crucial and defining trend in the pet food market, more so in the developed countries. Over a third of the households in the developed countries own a pet. Traditionally, pet owners fed their pet the leftovers and scraps from family meals. However, consumers are now becoming aware that pet food and home-made food consist of separate nutritional elements, and that pets need to be fed a diverse range of food as part of an adequate diet.
Buyers are looking for products, which are locally grown, or natural, or have digestive benefits. Hence, it is not a surprise that the sales of premium and specialized pet foods are higher than the sales of mid-priced products. Additionally, the pet humanization trend led to an increase in health consciousness and has generated demand for pet food free of sugars, grains, dyes, and other chemical additives.
North America Dominates the Pet Food Market
Increasing pet humanization and pet ownership, the emergence of private label store brands, and growing urbanization are some of the major driving forces propelling the growth of the North American pet food market. The market is driven by heavy influences from human nutrition, which is driving research to better and safer food for pets that have high nutritional and dietary benefits. Additionally, locally-sourced products and ethically-sourced products are propelling the market, due to the small manufacturers extending their presence in the domestic market.
According to the 2017-2018, National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 68% of the US households (about 85 million families) own a pet. The expenditure on pets in the country increased from 41.2% in 2007 to 69.4% in 2017.
Although, in 2016, the top players contributed around 45%-50% share of the total market, the pet food market is fragmented. However, a series of major deals among big players, like J. M. Smucker Company, Pamplona Capital Management, Spectrum Brands Holdings, and Nestle Purina Petcare, concluded recently, led to gradual consolidation in the market studied.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Animal Type
5.1.4 Other Animal Types
5.2 Product Type
5.2.1 Dry Pet Foods
5.2.2 Wet Pet Foods
5.2.3 Veterinary Diets
5.2.5 Organic Products
5.3 Ingredient Type
5.3.3 Cereals and Cereal Derivatives
5.3.4 Other Ingredient Types
5.4 Sales Channel
5.4.1 Specialized Pet Shops
5.4.2 Internet Sales
5.4.4 Other Sales Channels
5.5 Pricing Type
5.5.1 Economy Segment
5.5.2 Premium Segment
5.5.3 Super-premium Segment
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc.
6.3.2 Nestle Purina Petcare
6.3.3 Nutriara Alimentos Ltda
6.3.4 InVivo NSA
6.3.5 Yamahisa Pet Care
6.3.6 J.M. Smucker (Big Heart)
6.3.8 Blue Buffalo
6.3.9 Diamond Pet Foods
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ld8vlq
View source version on businesswire.com:https://www.businesswire.com/news/home/20190521005678/en/
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Related Topics:Pet Food
INDUSTRY KEYWORD: CONSUMER PETS
SOURCE: Research and Markets
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PUB: 05/21/2019 11:08 AM/DISC: 05/21/2019 11:08 AM