Westford, July 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Pet Food Market will attain a value of USD 139.29 Billion by 2031, with a CAGR of 4.3 % during the forecast period (2024-2031). One of the important trends impacting the global Pet Food Market is rising consumer awareness of natural and organic pet food products. It is pushing producers to shift their focus from synthetic to natural alternatives. Many people have taken advantage of the lockdown to buy a family pet as they were working from home. Owning a pet lowers a person's risk of experiencing problems like loneliness and depression as they offer companionship.
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Browse in-depth TOC on the "Global Pet Food Market"
- Pages - 157
- Tables - 89
- Figures – 76
Pet Food Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 99.1 Billion |
| Estimated Value by 2031 | $ 139.29 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.3 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Pet Food Product, Pet Type, Distribution Channel, and Source |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | The concept of customized pet food products is becoming more popular and it is expected to spread to emerging countries |
| Key Market Opportunities | The trend of viewing pets as individuals is encouraging high spending on safe and sustainable pet food increasing market opportunities |
| Key Market Drivers | The primary driver for the market is the increasing prevalence of pet ownership globally |
Increasing Per Capita Income Augments Pet Owners to Purchase Healthy and Premium Food
Pet owners are being pushed to select healthy, premium food for their animals as a result of growing urbanization and the humanization of pets, which is quickening the market's growth rate. The rising per capita earnings of customers are motivating them to invest money in organic and healthful pet food products in order to enhance the well-being of their animals.
Demand for Customized Pet Food to Skyrocket with Rise in Consumer Awareness
The demand for personalization of pet food products is rising significantly as pet owners are becoming more conscious of the nourishment they are providing for their animals. Given that pet owners are beginning to want more control over the ingredients utilized in the production of pet food products, there is a huge opportunity for brands or businesses that offer custom-made and tailored food items for animals.
North America is Dominating with Rise in Animal Adoption Rates
North America dominates the global pet food market due to the high incidence of pet adoption in American households. The market for healthy pet food products is growing in this region because of the popularity of pet humanization and the positive public impression of it. Moreover, pet owners in Europe want more transparency on the ingredients in pet food products.
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Pet Food Market Insight
Drivers:
- Increasing income of customers is encouraging them to spend more on organic and high-quality pet food items
- Easy accessibility of products at a wide range of prices is helping in expanding the pet food market as it offers multiple options to their customers.
- People are adopting more pets like dog to fight against issues like depression as they offer companionship, thus driving the demand for pet food market
Restraints:
- There is strict control from government over the pet food in western market by regularly inspecting the ingredients used in it
- High cost of organic and customized pet food is hindering the growth of the market
- The strict standards needed for commercialization could be a significant barrier to the market's growth.
Prominent Market Players in the Pet Food Market
The following are the Top Pet Food Companies
- Mars Petcare Inc.
- Nestlé Purina PetCare
- Hill's Pet Nutrition Inc.
- Blue Buffalo Co., Ltd.
- The J.M. Smucker Company
- Diamond Pet Foods Inc.
- Deuerer GmbH
- Nutriara Alimentos Ltda
- WellPet LLC
- Merrick Pet Care
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Key Questions Answered in Global Pet Food Market Report
- What is the pet food market growth?
- Who are the key players of the pet food market?
- What is the market revenue value of the pet food market?
- What are the driving factors of the global pet food market?
This report provides the following insights:
- Analysis of key drivers (Rising prevalence of pet ownership, rising urbanization, humanization of pets, increase in per capita income, and organic and healthy pet food), restraints (strict control of pet food in western markets and rigorous inspection of the ingredient used, ), opportunities (Consumer demand of high quality pet food, and people adopting pets as companionship), and challenges (Increasing price of pet food, high standards of commercialization, and lesser acceptance of premium pet food) influencing the growth of pet food market
- Market Penetration: Comprehensive information on the product offered by the top players in the pet food market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the pet food market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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