The Pet Food Market is a fast-growing industry. In the US alone more than 80 million households have pets and another 11 million households in Europe own pets. The most common one being cats and dogs but fish, birds, and some reptiles also occupy a small piece of the pie. With over 400 million pets in the US and Europe, pet food makes for a pretty good business.
What is the Pet Food Market?
Pet food means any commercial feed that is prepared for consumption by dogs, cats, and other pets. It also comprises of nutritional supplements that are given to pets in the form of food. More than 28 Billion Dollars was spent on Pet food solely in the US in 2016 and it has been predicted that it will be more than 29.5 Billion this year.
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Some of the major companies in Pet Food Market are Mars Inc., Del Monte Foods, Hills Pet Nutrition, INC, Nestle Purina PetCare, Halo, Nutrina, and Spectrum Brands Inc. Such Large corporations are the most well-recognized businesses and occupy over 50 percent of the market share, the other half of which are held by smaller companies. These smaller companies can be found in the cities, suburbs, and deep in the countries as there are such a huge number of them.
What are the numbers?
Market Data Forecast estimates the global pet food market to currently be valued at a little over USD 75.5 Billion. It has predicted the market to be rising at a steady CAGR of 4.8 percent and expects it to reach USD 95.45 Billion by 2021. The global market for pet food is segmented on the basis of ingredients, animal type, and geography. In the overall pet care industry, pet food occupies the highest market share and within the pet food industry, the North American region has the highest market share but the Asia-Pacific and Latin American regions have the most potential for future growth.
Major Market Drivers:
Rise in Pet Ownership in Asian countries
Latin America currently has the highest pet ownership percentage at 80 percent compared to US’s 65 percent. But the pet population in Asian countries such as India are growing extremely fast. On an average, 600,000 pets are adopted in India every year. The pet population has grown by more than 3 million in a period of 3 to 4 years. With a rise in dog ownership, Market Data Forecast predicts India to be the fastest growing global pet market which would also make it a fast-growing pet food market as well. With the GDP of many Asian countries rising very fast, it has a huge potential of being the biggest market for pet food as well as many other industries.
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Growth of Product Availability
The private label sales in the US are seeing a massive growth as consumers are demanding cheaper and more effective products, the best they can find for their beloved pets. With a huge number of small to medium-sized enterprises, there are a large number of products out there for pet owners to choose from. The market leaders mentioned earlier also have extensive product pipelines and a variety of new product launches scheduled.
There is a growing concern over the use of pesticides and chemical based preservatives in pet food that are causing pet owners to look for non-commercial alternatives. However, this may lead to the major players to develop an organic pet food product portfolio and might help the market grow. Another major restraint in the market is the availability of raw materials such as corn, soybeans, and wheat which are causing the prices to go up. That along with issues of rendered meat are also hindering the growth of the market to its full potential.