Pet Food Market is anticipated to reach USD 98.81 billion by 2022. The market is anticipated to grow at a healthy rate in the years to come. The factors that propel the growth of the market include rapid urbanization & industrialization, increasing demand, increasing trend of nuclear families, improved consciousness about pet health, and fast humanization of pets, product development & technological innovations.
In
addition, factors such as changing standard of living, rise in disposable
income, increase in number of pet owners, and growing pet humanization
significantly fuel the market growth. On the other hand, there are factors that
may hamper the growth of the market such as growing obesity in pets and
increasing pet allergies. The Pet Food Market is anticipated to grow at a
significant CAGR of 4.3% in the upcoming period as the scope, product types,
and its applications are increasing across the globe.
The
market may be explored by food product, applications, sale channel, and
geography. Pet Food Market may be explored by food product as Wet/Canned Food,
Dry Food, Snacks/treats, Nutritious Food, and Others. The “Dry products”
segment dominated the Pet Food Market in 2014 and anticipated to maintain its
dominance by 2022. Dry food products are mostly targeted for young animals due
to their high nutritive value. These products are accessible in an extensive
price range, standard, standard premium, super premium, and economy. Important
factors driving demand for dry products comprise lower generation of waste,
longer storage, and handling convenience.
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Pet
Food Market may be explored by application as Cats, Dogs, and Others. The “Dog”
segment dominated the application of the Pet Food Market in 2014 and is
anticipated to maintain its dominance by 2022. Dogs are the friendliest animals
kept as pets across the globe. Accessibility of dog food for various types is
expected to have an optimistic influence on industry development over the
forecast period.
The
market may be explored by sale channel as Hypermarkets, Specialized Pet Shops,
Internet Sales, and Others (Grocery Stores, Non-grocery Stores). Asia-Pacific
accounted for the major share of the market in 2014 and will continue to lead
in the forecast period. The factors that could be attributed to the growth
include increasing urbanization across the developing economies that has
resulted in larger adoption of several animals as companions will boost the Pet
Food Market growth in the years to come.
Some
of the key players that fuel the growth of the Pet Food Market comprise Gitwako
Farms (I) Pvt. Ltd., Avanti Overseas Pvt. Ltd., Agro Food Industries Pvt. Ltd.,
Frigorifico Allana Pvt. Ltd., Doggie Dabbas, Cuddleup Diet Products Pvt. Ltd.,
Bharat International Pet Foods Pvt. Ltd., Mars International India Pvt. Ltd.,
Venky's (India) Ltd, and Khanal Foods Pvt. Ltd. The leading companies are
taking up partnerships, mergers and acquisitions, and joint ventures in order
to boost the inorganic growth of the industry.
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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
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