Global Pet Food Market Size & Share to Surpass $118.17 Billion by 2028: Dry food and canned dog food are witnessing rapid growth in the market report by Zion Market Research
NEW YORK, Feb. 15, 2023 /PRNewswire/ -- As per Zion Market Research study, The global pet food market size accounted for USD 80.41 Billion in 2020 and is expected to reach USD 118.17 Billion by 2028, growing at a CAGR of more than 5.4% from 2021 to 2028.
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Pet Food Market: Overview
Rising pet adoptions are chasing the sales of pet food products. This seems to be happening mostly in higher-income groups, which may be better able to bear the costs of the food. Pets are like family members, and their owners want to keep them healthy and safe, which helps drive demand for the pet food market.
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Key Industry Insights & Findings of the Pet Food Market Reports:
- As per the analysis shared by our research analyst, the global Pet Food market is estimated to grow annually at a CAGR of around 5.4% over the forecast period (2022-2028).
- In terms of revenue, the global Pet Food market size was valued at around USD 80.41 billion in 2021 and is projected to reach USD 118.17 billion, by 2028.
Zion Market Research published the latest report titled "Pet Food Market By Product (Dry Food, Canned Food, Nutritious Food, Snacks, And Others), By Source (Animal-Based, Plant-Based, And Synthetic), By Type (Dog Food, Cat Food, And Others), By Distribution Channels (Online, Hypermarkets, Specialized Pet Shops, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028." into their research database.
Industry Dynamics:
Pet Food Market: Growth Drivers
A rise in the trend of dog adoption has increased the demand for pet food. Especially dog adoption is driving the growth. Pet owners' concerns about their pets' safety and health have also contributed to the growth of the pet food market. Growing variants in pet food, rising disposable income, and an increase in the demand for premium pet food are also reasons for the rise in the global pet food market, e-commerce is also contributing to the market's revenue.
Dry food and canned dog food are witnessing rapid growth in the market owing to their convenience in terms of feeding pets and storing them. Personalization of pet food is emerging as a new trend. Manufacturers are producing customized food according to the demand of customers
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Pet Food Market: Source
The animal-based segment held a share of over 60% in 2020. Animal-based products are divided into meat products, proteins, amino acids, fats, and others. It provides fatty acids, iron, essential proteins, and vitamins to the pets. Meat helps in increasing palatability and hence improves digestion. Fish bones are a major ingredient in pet food, as they have phosphorus and calcium. Fish is a rich source of omega-3 fatty acids and vitamins A and D. The benefits of omega-3 are that it helps regulate the immune system, blood pressure, and cognitive function in older pets.
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Pet Food Market: Type
The cat segment is projected to grow at a CAGR of around 6% from 2021 to 2028. The trend of having more than one cat has helped with consistent growth. Cats need less training as compared to dogs, and cats are also capable of spending more time alone while a dog can't. Besides, cost for owning a cat is relatively low as compared to a dog.
The rise in consumer awareness about pet health has led to an increased focus on maintaining their overall health and checking their weight. Pet owners usually have their own trusted brands, which they rarely change, and demand for premium dog food held a substantial share in the global pet food market.
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List of Key Players in Pet Food Market:
- Diamond Pet Foods
- The J.M. Smucker Company
- Blue Buffalo Pet Products nc.
- Total Alimentos SA
- WellPet LLC
- Nestlé Purina
- The Hartz Mountain Corporation
- Hill's Pet Nutrition nc.
- Lupus Alimentos
- Mars Incorporated
- others
Key questions answered in this report:
- What are the growth rate forecast and market size for Pet Food Market?
- What are the key driving factors propelling the Pet Food Market forward?
- What are the most important companies in the Pet Food Market Industry?
- What segments does the Pet Food Market cover?
- How can I receive a free copy of the Pet Food Market sample report and company profiles?
Report Scope:
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Regional Dominance:
North America accounted for a share of over 30% in 2020. The demand has been driven by consumer awareness regarding the beneficial impact of proper pet food on their pets. The U.S. held the largest share, as millennials are adopting more nowadays. The rising trend of pet humanization, the rising trend of owning more than one pet, and increased disposable income are catering to the growth in the region. Europe is one of the leading regions for cat owners, where people are adopting or owning more than one cat as the cost of owning a cat is also bearable.
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Global Pet Food Market is segmented as follows:
Pet Food Market: By Product Outlook (2022-2028)
- Dry Food
- Canned Food
- Nutritious Food
- Snacks
- Others
Pet Food Market: By Source Outlook (2022-2028)
- Animal-based
- Plant-based
- Synthetic
Pet Food Market: By Type Outlook (2022-2028)
- Dog Food
- Cat Food
- Others
Pet Food Market: By Distribution Channel Outlook (2022-2028)
- Online
- Hypermarkets
- Specialized Pet Shops
- Others
Pet Food Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release for Pet Food Market: https://www.zionmarketresearch.com/news/pet-food-market
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