According to the report analysis, ‘Pet Food Global Market Opportunities And Strategies To 2023’ states that in the pet food global market there are multiple players which recently operating more actively for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming years while spreading the awareness related to the applications of such, enhancing the specifications of the production technologies, delivering the better consumer satisfaction, decreasing the linked prices, implementing the profitable strategies, analyzing and monitoring the strategies and policies of the government as well as competitors and employing the young work force includes Mars, Incorporated; Nestle S.A.; The J.M. Smucker Company; Colgate-Palmolive Company; Diamond Pet Foods Inc. and several others.
The worldwide pet food market reached a value of approximately USD 74.6 billion in 2019, having increased at a compound annual growth rate (CAGR) of 2.7% since 2015, and is predicted to increase at a CAGR of 4.4% to closely USD 88.5 billion by 2023.
Additionally, growth in the historic duration resulted from developing the markets growth, increase in pet spending and augmented pet ownership by gen z and gen y adults. Influences that negatively exaggerated growth in the historic duration were contamination of pet food and rigorous rules and regulations on pet food manufacturing. Going forward, projected economic growth, augmenting requirement for premium and organic pet food and inspiration of digital media marketing and social media will influence the growth. Deduction in free trade could hamper the growth of the pet food market during the future.
Whereas, the pet food market is divided by type into dog food, cat food and other pet food. The dog food market was the greatest segment of the dog food market, dominating for USD 46.1 billion or 61.8% of the total during 2019, and this market is projected to be the fastest-growing sector going forward at a CAGR of 4.9%.
The dog food market is further classified by type food into dry dog food, wet dog food and dog treats and mixers. The dry dog food market was the main sector of the pet food market, dominating for USD 32.6 billion or 70.7% of the total during 2019.The wet dog food market is anticipated to be the fastest-growing sector going forward at a CAGR of 11.5%.
The cat food market is further sectored by type food into dry cat food, wet cat food and cat treats and mixers. The dry cat food market was the major segment of the cat food market, registering for USD 16.1 billion or 62.7% of the total during 2019.The cat treats and mixers market is projected to be the fastest-growing sector going forward at a CAGR of 5.9%.
Additionally, the North America was the biggest region in the pet food market, dominating for 38.5% of the worldwide market during 2019. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the wildest growing regions in the pet food market will be Eastern Europe and Asia Pacific, where growth will be at CAGRs of 10.0% and 5.9% correspondingly. These will be followed by Middle East and Western Europe where the markets are projected to increase at CAGRs of 5.3% and 5.2% correspondingly. Therefore, in the near years, it is predicted that the market of pet food will increase around the globe more effectively over the coming years.
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Ankur Gupta, Head Marketing & Communications