Dublin, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The "Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024" report has been added to ResearchAndMarkets.com's offering.
The global pet food market was worth US$ 98.3 Billion in 2018, growing at a CAGR of 5.3% during 2011-2018. The market is further projected to reach a value of US$ 128.4 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
Over the years, the growing number of pet-owners has resulted in an extensive demand for pet food. Research and studies conducted by the manufacturers have also increased their knowledge of pet nutrition. In-line with this, they are now offering products which ensure palatability and meet the nutritional requirements of pets. Moreover, several pet food associations and federations have introduced strict legislation for the manufacturers to produce safe and high-quality pet food.
Global Pet Food Market Drivers:
As pet food helps in combating skin allergies and infections as well as improving the overall health and life expectancy of pets, the owners are increasingly looking for pet food products that address these health concerns. Manufacturers are also introducing products specific to the breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and owners.
Apart from this, pet food companies are developing organic variants which are made using ingredients that are grown without the use of pesticides, synthetic fertilizers, hormones or antibiotics. This has increased consumer's interest in natural formulations, thereby increasing the potential of the companies to further diversify their offerings.
Breakup by Pet Type:
On the basis of pet types, the market is segmented into dog food, cat food and others. Currently, dog food dominates the market due to increasing dog ownership coupled with the rising pet humanization trend across the globe.
Breakup by Product Type:
Based on product types, dry pet food represents the most popular product type as it is more affordable and has a long-standing market presence. Dry pet food is followed by wet and canned pet food, and snacks & treats.
Breakup by Pricing Type:
The market is also categorized on the basis of pricing into mass products and premium products. Amongst these, mass products account for the majority of the global sales.
Breakup by Ingredient Type:
On the basis of ingredients, the report finds that animal-derived pet food is the leading segment, followed by plant-derived pet food.
Breakup by Distribution Channel:
Based on distribution channels, supermarkets and hypermarkets represent the largest segment as they offer convenience to the consumers. They are followed by specialty stores, online stores and others.
Regional Insights:
Region-wise, North America enjoys the leading position in the global pet food market on account of the growing pet adoption rate in the region. Other major regions include Asia-Pacific, Europe, Latin America, and Middle East and Africa.
Competitive Landscape:
The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality.
Some of the leading players operating in the market are:
- Mars Petcare Inc.
- Nestle Purina Pet Care
- Hill's Pet Nutrition
- Proctor & Gamble Co.
- Del Monte Foods
For more information about this report visit https://www.researchandmarkets.com/research/cj699f/global_pet_food?w=12
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