According to IMARC Group’s latest report, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global pet food market reached a value of US$ 108 Billion in 2020. Pet food represents the food products specifically manufactured and intended for consumption by pets. It is commercially prepared using agricultural components, animal-feed grade ingredients, and nutritional supplements, including cereals, meat, vegetables, seafood, feed grain by-products, etc. Pet food is rich in nutrients that help improve digestion, strengthen immunity, and increase the life expectancy of pets. Presently, products that contain high-quality ingredients with zero added additives and offer substantial health benefits are growing in popularity among pet owners.
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The elevating levels of pet humanization, along with the increasing awareness among pet owners regarding the health and nutritional requirements of their pets, are primarily driving the pet food market. Moreover, the shifting preferences towards the trend of nuclear families in recent years, particularly in developing countries, is further catalyzing the market growth by encouraging pet adoption. Besides this, the rising premiumization of pet food variants is also positively influencing the sales of custom-made products. Additionally, numerous pet owners are increasingly opting for organic and natural pet food products that are devoid of pesticides, preservatives, genetically modified organisms (GMOs), etc., which is acting as another significant growth-inducing factor. Apart from this, the escalating spending capacities of the consumers and the expanding product availability via e-commerce platforms are expected to fuel the pet food market over the forecasted period. Looking forward, IMARC Group expects the global pet food market to grow at a CAGR of 4.3% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Mars Petcare Inc.
- Nestlé Purina Pet Care
- Hill's Pet Nutrition
- The J.M. Smucker Company
Market Segmentation:
Breakup by Pet Type:
- Dog Food
- Cat Food
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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