The
Europe pet food market has been growing at a tepid 1.3% in the
duration beginning from 2015 and ending in 2021. At this pace, the
market is predicted to attain a value of US$28.146 bn by 2021. This
has been revealed by Transparency Market Research in one of its
reports focused on the Europe pet food market. The report also lists
Purina, Pedigree Whiskas, Cesar, Nestle, Colgate-Palmolive, and
Affinity Petcare as some of the prominent players in the market.
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The
various types of food available in the Europe pet food market can be
classified into wet/canned food, nutritious food, snacks/treats, dry
food, and others such raw meat. At present, the dry food segment
among them is witnessing maximum demand. Going forward too, the
segment is predicted to see comparatively greater demand
and
will presumably attain a value of US$11.075 bn by 2021. From a
geographical standpoint, the main segments in the Europe pet food
market are France, the U.K., Germany, Netherlands, Italy, Spain, and
the Rest of Europe. The U.K. among them is a leading market that has
been generating significant revenues. However, our report predicts
that its market would see slow growth in the next couple of years
because of being saturated.
Growing
Pet Adoption and Range of Products Boosts Europe Pet Food Market
There
are several factors providing tailwinds to the Europe pet food
market. The most prominent among those is the trend of adopting
various kinds of pets. This is mainly on account of the increasing
disposable incomes of people. Besides, availability of various kinds
of pet foods would also have a positive impact on the market.
Elaborates the lead analyst of the TMR report, “For feeding pets,
different types of pet foods are being produced in Europe. Those are
meant for dogs, cats, fishes, and birds. Those are seeing good sales
because of the rising emphasis on a proper diet for their pet animals
by owners. This has been boosting the Europe
pet food market.”
Thrust
on Product Development to Bode Well for Market Growth
Pet
foods are produced for dogs, cats, and other animals in Europe.
Currently, the other segment is rising at a rapid pace in the Europe
pet food market. However, when it comes to market share, the cat food
segment currently surpasses all others because of the strong
fascination for smaller animals. In the next couple of years, the
growth in the Europe pet food market is expected to be supported by
the increasing efforts of manufacturers to formulate more nutritious
and tasty foods. To that end, they are expending money into research
and development. They are also seen bolstering their distribution
networks and embracing online channels to push up sales.
Spain
Spells Maximum Opportunity Going Forward
Most
of the astute players in the Europe pet food market are currently
focusing on Spain, whose market will likely grow at maximum pace in
the upcoming years. This is because of the increasing number of poet
owners in the nation, states our report. France, Italy, and
Netherlands are also predicted to open up growth avenues in the near
term.
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