The pet food industry has depicted a sound performance, despite the economic downturn due to the COVID-19 pandemic. Demand for the pet food segment has grown steadily in many parts of the world as people have been increasingly adopting pets due to the impending desire for companionship during the long periods of lockdown. To meet this demand, market players have met this demand by initiating transitions from retail stores to e-commerce platforms through increased investments in website development.
The worldwide pet food market is expected to experience a considerable rise in the projected period, owing to rising pet parenting and increased awareness regarding quality and packaged pet food. Premiumization and humanization trends are expected to remain important drivers of market growth over the long term. Pet owners are becoming more concerned about their pets' health and nutrition as a result of the global pet humanization movement, which is predicted to enhance sales of premium, organic, and custom-made items.
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Global Pet Food Market Expected to Grow at a Sturdy Pace as Pet Humanization Becomes Increasingly Prevalent
Pet humanization has recently gotten a lot of attention in the mainstream media throughout the world. In the pet food industry, the change from pet ownership to pet parenting has been a critical and defining development, particularly in industrialized countries. Pets are now considered members of the family as a result of this pet humanization movement. Consumers' willingness to spend more on pet food is shaped by the developing attachment between pet owners and their pets. People are becoming more concerned of their pets' health and are purchasing pet food with high nutritional value for their pets' benefit. Pet owners nowadays are looking for pet consumables that are locally made, natural, or have unique health benefits, in addition to standard meal products. This certifies as a major driver of overall market growth for the global pet food market.
Pet Food Market is Expected to be Dominated by North America Owing to a High Growth Rate
Some of the primary driving variables supporting the market dominance of the North American region include increasing pet humanization and pet ownership trends, the emergence of private label retail brands, and growing urbanization followed by increased disposable incomes. Human nutrition has a strong influence on the market, encouraging research toward better and safer pet food with high nutritional and dietary benefits. Furthermore, as local producers grow their position in the domestic market, locally sourced and ethically sourced items are boosting the industry.
Mars Incorporated, Colgate Palmolive, JM Smucker Company, Nestle Purina Pet Food, Lupus Alimentos, Total Alimentos SA, Blue Buffalo Pet Products, and Diamond Pet Foods are the leading market players. These competitors are primarily focused on expansion, mergers and acquisitions, and new product development. Product differentiation is still a major aspect in increasing pet food sales.
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