Pet Food Market Size to Grow USD 133,430.9 Million by 2030 at a CAGR of 4.6% | Valuates Reports
BANGALORE, India, Jan. 12, 2023 /PRNewswire/ -- The Global Pet Food Market is Segmented by Pet Type (Dogs, Cats, and Others), Food Type (Dry Food, Wet Food, Treats & Snacks, and Others), and Sales Channel (Supermarkets & Hypermarkets, Specialized Pet Shops, Online Sales Channel, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030. It is published in Valuates Reports under the Pet Food & Supplies Category.
The global pet food market size was valued at USD 87,268.2 million in 2020 and is projected to reach USD 133,430.9 million by 2030, registering a CAGR of 4.6% from 2021 to 2030.
Major Factors Driving the Growth of the Pet Food Market:
The pet food market is expanding as a result of several key variables, including an increase in per capita disposable income, a trend toward nuclear families, and a quickening of humanization. Pet parents typically use packaged nutritious food to give their animals enough nutrients. Compared to other animals like cats, fish, birds, and reptiles, dogs are more frequently kept as pets. As a result, there is a lucrative opportunity for pet food producers to develop a variety of dog food items.
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TRENDS INFLUENCING THE GROWTH OF THE PET FOOD MARKET
Every bag of dog food contains vitamins and minerals that work in concert to maintain your dog's healthy immune system and metabolic rate. Vitamins serve to lessen the daily harm done to body cells. The correct operation of the cells that support health is encouraged by minerals. Dry food promotes chewing, which helps dogs avoid developing tartar and subsequent periodontal disease. Additionally, dry diets are considerably simpler to divide out in advance and won't go bad if left out all day. This may be advantageous for grazer dogs. These factors are expected to drive the growth of the Pet food market.
Dry diets may be less expensive to buy and keep for a long time, depending on the kind of food. The governments of some nations have made steps to encourage the use of healthy and safe ingredients to enhance pets' overall welfare. To safeguard the welfare of pets and control the production process, the Japanese government, for instance, created a regulation requiring pet food producers, importers, and distributors to ensure the safety of pet food. Such activities would maintain the Pet food market's overall growth.
In the pet food market, there is an increasing awareness of clean labeling. To satisfy consumer demand, innovation has been sparked by the clean-label pet food movement. To manufacture pet food that is safe and shelf-stable, businesses are investing more in R&D. With rising consumer demand for extremely appealing pet food made from small amounts of ingredients to meet the goal of a clean label, competition is escalating.
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PET FOOD MARKET INSIGHTS:
According to pet type, the dog sector is anticipated to command the biggest market share, accounting for USD 39,646.2 Million in 2020. By 2030, it is projected to have grown to USD 61,049.5 Million, with a CAGR of 4.7%.
Among the several food categories, the dry food sector is anticipated to command the biggest market share, accounting for USD 29,386.8 million in 2020 and projected to grow to USD 47,937.5 million by 2030, at a CAGR of 5.3% over the forecast period.
According to the sales channel, the segment for specialty pet stores is anticipated to command the greatest market share with USD 31,414.8 Million in 2020 and is projected to reach USD 50,533.1 Million by 2030, at a CAGR of 5.1% over the forecast period.
North America is anticipated to have the biggest market share globally. Accounting for USD 30,369.3 Million in 2020, and is anticipated to reach USD 48,435.4 Million by 2030, with a CAGR of 5.0%. The pet sector in the United States had a successful year, surviving a pandemic and the subsequent economic crisis while simultaneously thriving as more people welcomed pets into their homes and paid attention to their pets' health and wellbeing as full-fledged members of their families.
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Key Companies:
- The Hartz Mountain Corporation
- Big Heart Pet Brands
- Nestle Purina PetCare
- Diamond pet foods
- Hill's Pet Nutrition
- Deuerer GmbH
- WellPet
- Blue Buffalo
- Heristo
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SIMILAR REPORTS:
- Natural and Organic Pet Food Market
- Online Pet Food and Supplies Market
- Insect Protein for Pet Food Market
- Freeze-Dried Pet Food Market
- Fresh Pet Food market was valued at USD 505.6 million in 2020 and is expected to reach USD 1345.6 million by the end of 2027, growing at a CAGR of 15.0% during 2021-2027.
- Pet Food Packaging Market size was valued at USD 9,435.2 million in 2020, and is projected to reach USD 16,579.3 million by 2030, registering a CAGR of 5.7% from 2021 to 2030.
- Dog Food market size is estimated to be worth USD 47670 million in 2022 and is forecast to a readjusted size of USD 57920 million by 2028 with a CAGR of 3.3% during the review period.
- Pet Dietary Supplements market size is estimated to be worth USD 2579.7 million in 2022 and is forecast to a readjusted size of USD 3091.1 million by 2028 with a CAGR of 3.1% during the review period.
- Freeze Dried Foods market size is estimated to be worth USD 12350 Million in 2022 and is forecast to a readjusted size of USD 15190 Million by 2028 with a CAGR of 3.5% during the review period.
- Functional food market size was valued at USD 177,770.00 Million in 2019 and is estimated to reach USD 267,924.40 Million by 2027, registering a CAGR of 6.7% from 2021 to 2027.
- Packaged food market size was valued at USD 1,925.7 Billion in 2020 and is projected to reach USD 3,407.2 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2030.
- Online Food Delivery market size is projected to reach USD 128500 million by 2027, from USD 80370 million in 2020, at a CAGR of 6.5% during 2021-2027.
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