The
global market for pet food is growing steadily and is considered as
one of the fastest growing food industry segments. Smaller families,
increasing disposable incomes, decreasing birth rates, and many more
factors are leading to the increasing adoption of pets in families.
Increasing adoption of pets and their growing importance in homes is
mainly driving the market for pet foods globally. Advancement in pet
food packaging techniques and innovations in specialty and premium
pet food products are expected to propel the growth in larger markets
such as U.S., Europe and Japan. Focus on nutritive and functional pet
food, and shift in preference for dry pet food are some key
determinants for the growth of pet food industry in developing
economies.
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The
world market for pet foods is dominated by North America accounting
for around 40% of the total pet food market. Emerging economies like
India, China, and Brazil are considered future pet food markets due
to the growing importance of pets with the trend of nuclear families
in these regions. The pet food market is deeply influenced by recent
trends in the human food industry as pet owners prefer the best
quality food for their pets. As a result, the global market for pet
foods is steadily shifting towards healthier, more nutritious and
organic pet foods.
With
increasing disposable income, a growing number of people are opting
for pets. Pets are adopted extensively as many people have nuclear
families and wish to have a pet to get rid of loneliness and have a
companion in the form of a pet. Pet owners are increasingly concerned
about pet health and providing pets with nutritious food, which
directly benefits the global pet food market. The purchasing
decisions they make are based on factors such as high nutrition
content and other factors that benefit the health of the pets. This
is expected to drive the global pet food market.
The
report segments the pet food market on the basis of food type, pet
type, and geography. By type of pet, the market is categorized into
cat food, dog food, and others. On the basis of food type, the market
is segmented into nutritious food, wet food or canned food, dry food,
and snacks/treats. The report states that dry pet food is the largest
segment of the market, accounting for 39% of the global
pet food market. The snacks/treats segment follows, accounting
for 21% of the global pet food market.
Global
pet food manufacturers are responding to the increasing requirements
of better quality pet food products as owners believe that food they
give to their pets should be as good as they have themselves.
Increasing
problems of obesity in pets due to consumption of pet food with high
fat content, and rising incidence of pet allergies to humans due to
pets are some challenges to the growth of this industry.
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