NEWARK, Del, June 01, 2023 (GLOBE NEWSWIRE) -- The demand for frozen and freeze-dried pet food market is rising as a result of evolving lifestyles around the world. Consumers’ attitudes regarding pet health are also evolving, which is driving demand for pet foods.
One of the key factors for the growth in demand for specially-formulated pet foods is an increased awareness of pet health. The global market for pet foods is expanding as a result of rising advertisements, pet health awareness campaigns, and celebrity endorsements.
The immune and digestive systems are greatly strengthened by grain-free pet food. This food also contributes to the maintenance of a healthy, smooth, and shiny coat with supple skin. Grain-free pet food producers are spending money on research & development to create high-quality foods and to boost the nutritional quality of pet food.
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Formulas without grains have a special P.B.F. (Prebiotic Balanced Fiber) blend for healthy digestion. The gut is crucial for the body's built-in defense against sickness, so keeping it healthy can help keep pets healthy as well.
Food allergies and sensitivities can affect a pet's health and well-being, and it is possible that the pet owners are unaware of the allergy. The market for pet food is being driven by increasingly aware owners who are educating themselves on their pets’ niche requirements, food and health-wise.
Key Players Invest in Research & Development as the Ultimate Growth Strategy:
As the market develops and the consumer base strengthens, manufacturers have to upgrade the technology to meet the increasing demand of the market. Innovation is being introduced in the market producing lab-grown meat. This technology can strengthen the market with the population demanding cruelty-free protein alternatives.
Key Takeaways:
- The global pet food market is valued to reach US$ 1,17,691.2 million by 2023 and is projected to surpass US$ 2,20,477.1 million by 2033.
- North America is expected to emerge as the key region as it is anticipated to reach a market valuation of US$ 39,773.4 million surging at 4.1% CAGR by 2033.
- The global pet food industry is projected to surge at a CAGR of 6.4% by 2033.
- Europe is projected to show positive growth and is anticipated to command a 26.0% global share to reach a US$ 50,603.3 million valuation by 2023.
- China is anticipated to exhibit a CAGR of 11.9% during the forecast period.
“The availability of a wide range of pet food products through online channels is expected to contribute to market growth. Though, regulatory challenges and concerns over the quality and safety of pet food products remain key challenges for the manufacturers to solve. Being able to meet stringent regulatory standards, while keeping quality intact will help suppliers flourish,” – says a lead analyst at Future Market Insights (FMI).
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Who is Winning?
- Mars Incorporated
- Nestlà Purina PetCare
- The J.M Smucker Company
- Colgate Palmolive Company
- Affinity Petcare SA
- Freshpet
- Nutro Products Inc.
- ADM (Total Alimentos SA)
- Fromm Family Foods LLC.
- Dave's Pet Food
For companies to further increase their market presence in regional and international marketplaces, the key industry players are concentrating on utilizing alternative distribution channels, such as online sales channels.
The majority of the key players are emphasizing acquiring smaller players, while small businesses need to invest heavily in research & development to expand globally and develop new products.
For instance:
- In May 2020, Bond Pet Foods, Inc. launched an innovative and sustainable dog food product. The company collaborated with biotechnology to develop the protein-packed dog treat bar, a portable and convenient food bar that is free from animal products.
Get More Valuable Insights:
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the pet food market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study includes a compelling understanding of the global pet food market by nature (conventional, organic, and mono protein) product type (dehydrated food, kibble/dry, freeze-dried food, wet food, freeze-dried raw, frozen, raw food, powder, and treats and chews), source (plant-derived, animal-derived, and insect-derived), pet type (dog, cat, birds, and others (hamsters, rabbits, etc.)
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Key Segmentation:
By Product Type:
- Kibble/Dry
- Baked
- Coated
- Extruded
- Dehydrated Food
- Chews and Treats
- Dog
- Pastes
- Cream Snacks/ Creames
- Crunchy Snacks
- Chew Sticks
- Tablets
- Biscuits
- Jerky
- Rawhide
- Cats
- Pastes
- Creames/Cream Snacks
- Crunchy Snacks
- Chew Sticks
- Tablets
- Biscuits
- cat Milk/Milk Snacks
- Freeze-Dried Raw
- Wet Food
- Frozen
- Raw Food
- Powder
- Freeze-Dried Food
By Source:
- Animal-derived
- Fish
- Chicken
- Duck
- Beef
- Pork
- Vension/Game
- Lamb
- Turkey
- Plant-derived
- Insect-derived
- Crickets
- Mealworms
- Black soldier flies
By Nature:
- Organic
- Monoprotein
- Conventional
By Pet Type:
- Cat
- Senior
- Kitten
- Dog
- Adult
- Puppy
- Senior
- Birds
- Others (Hamsters, Rabbits, etc.)
By Region:
- North America
- Europe
- South Asia
- Latin America
- East Asia
- Oceania
- Middle East and Africa
Table of Content (ToC):
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition
3. Market Dynamics
3.1. Drivers
3.1.1. Supply Side Drivers
3.1.2. Demand Side drivers
3.1.3. Economic Side Drivers
3.2. Restraints
3.3. Opportunity
3.4. Market trends By Region
3.5. Forecast Factors - Relevance & Impact
3.6. Regulations and Policies
Complete TOC: https://www.futuremarketinsights.com/toc/rep-gb-17309
Explore FMI’s related ongoing Coverage on Food and Beverage Domain:
Pet Food Microalgae Market Size: The demand for microalgae in the pet food sector market value is expected to total US$ 22.2 Million in 2021, exhibiting year on year growth of nearly 7%, according to Future Market Insights (FMI). The overall market value is expected to reach US$ 35.5 Million by 2031, growing at a CAGR of 4.8% for 2021 to 31.
Pet Food Ingredients Market Share: The pet food ingredients market is estimated to reach US$ 42.2 billion in 2023. It is projected to be valued at US$ 68.3 billion by 2033. It is anticipated to witness a CAGR of 4.9% from 2023 to 2033.
Pet Food Processing Market Trends: The global pet food processing market size is estimated to be valued at US$ 5.0 Billion in 2022 and projected to reach US$ 8.4 Billion by 2032, which record a CAGR of 5.3% during the forecast period from 2022 to 2032.
Pet Food Extrusion Market Growth: The global pet food extrusion market is projected to have an average-paced CAGR of 6.2% between 2023 and 2033. The valuation of the market is expected to reach US$ 78.57 billion in 2023. The market size of pet food extrusion is anticipated to surpass US$ 143.39 billion by the year 2033.
Grape Seed Extract in Pet Food Application Market Forecast: The grape seed extract in the pet food application market is registering a valuation of US$ 43 million in 2023. The demand is expected to rise to US$ 73.7 million by 2033. The market is likely to secure a CAGR of 6% during the forecast period.
Fish Based Pet Food Market Types: The fish based pet food market is capturing a valuation of US$ 1.4 billion in 2023 and is predicted to reach US$ 16.7 billion by 2033. The market is registering a CAGR of 5% during the forecast period.
Frozen Pet Food Market Analysis: The global frozen pet food market is expected to reach a market valuation of US$ 14 Billion by 2022, with demand increasing at a CAGR of 5.1% over the assessment period.
Natural Pet Food Market Outlook: The global natural pet food market is expected to reach a valuation of US$ 13.4 Billion by 2022, accelerating at a CAGR of 4.8% during 2022 to 2032.
Grain-Free Pet Food Market Overview: The grain-free pet food market is expected to record a CAGR of 6.4% during the forecast period 2022 to 2032, up from US$ 38.6 Billion in the year 2022 to reach a valuation of US$ 53.2 Billion by 2032.
Dehydrated Pet Food Market Demand: The dehydrated pet food market is capturing a valuation of US$ 8.9 billion in 2023 and is predicted to reach US$ 14.2 billion by 2033. The market is registering a CAGR of 5% during the forecast period.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
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