Pet Food Market is expected to reach USD USD 104.83 Billion by 2023-Market Data Forecast
Added: (Wed Dec 12 2018)
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Pet Food Market Overview
Pet food means any commercial feed prepared for consumption by dogs and cats, supplements or a food intended as sole ration. Pet food consists of products like pet treats, biscuits, training foods, and more traditional pet foods.
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The market is mainly driven by factors such as the growth of product availability and awareness among consumers Rise in pet ownership in many Asian countries has led to increased consumption of pet food. The private label sales in the U.S. are also expected to increase in the near future as consumers have started looking for cheaper and equally effective products. Major restraint of the market is the increase in essential raw materials such as corn, soybeans, and wheat, which in turn led to an increase in the price of most protein sources. The issue of rendered meat is also hindering the market. Concerns over the use of pesticides, genetically-modified organisms or artificial flavors in the pet food led to increasing in demand for pet food containing balanced diet with organic proteins, vegetables, rice, and fewer fillers are continuing to grow, creating an opportunity for organic pet food.
Pet Food Market Forecast Report (2018-2023)
Global Pet Food market has been estimated at USD 82.92 Billion in 2018 and is projected to reach USD 104.83 Billion by 2023, at a CAGR of 4.8% during the forecast period from 2018 to 2023.
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Pet Food Market Segmentation
The global market for Pet food is segmented into ingredients, animal type, and geography. Each of these segments is further sub-segmented into
Ingredient: Animal Derivatives, Fish derivatives, Fruits & Vegetables, Cereals & Cereal by-products, Fats & Oils, Vitamins & Minerals, Additives
Animal Type: Dog, Cat, Bird, Others animals.
Geographically, the Global market for is Pet Food is segmented into North America, Asia-Pacific, Europe, Latin America, and Middle-East and Africa. The global market is being driven mostly by the North American Region which has the largest market share. Asia-Pacific and South America is the high growth and potential market in the industry. The North American market is being mainly driven by the U.S. primarily due to sluggish economic growth.
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The major companies dominating this market for its products and services are
Del Monte Foods,
Hills Pet Nutrition, INC,
Nippon Formula Feed Manufacturing Company LTD,
Pet Center, Incorporated (PCI),
Nestle Purina Pet Care,
Nisshin Saifun Group INC.
Natural Dog Food Company,
Purely for Pets,
Marukan CO. LTD.,
Spectrum Brands, INC.
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