Pet Food Market is growing at a CAGR of 4.3% during the forecast period 2018 to 2023

08/mag/2019 13:52:34 Market Data Forecast Contatta l'autore

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Pet Food Market Size and Growth Rate:

Pet Food Market size was worth at USD 76.53 billion in 2018 and is expected to reach at a higher CAGR of 4.3% in terms of revenue over the forecast period (2018-2023).

The Rising trend of pet adoption as a result of an increasing range of nuclear families in growing economies is estimated to be a key growth driver over the subsequent years. Rising requirements for nutritious, healthy, and organic pet food on account of escalating awareness relating to animal health is estimated to increase market demand. Europe was the most significant market on account of the presence of various producers in the region, coupled with growing geriatric population embracing domestic animals for company. With a vibrant lifestyle and arising issues over animal health, customers have been spending more on high-quality food. Pet owners ensure that the merchandise they purchase is best suited for their needs and contain all the required nutrition.

Pet Food Market Drivers and Restraints:

Pet owners have been extremely worried regarding animal health over the past few years on account of numerous problems, including obesity. Diseases such as arthritis have been considerably increasing among cats and dogs, inflicting considerable discomfort and pain. Around 38.0% of dogs and it has been seen that nearly 68.0% of cats are suffering from this condition. Whereas, almost the dog population as well as 40.0% of the cat population who has joint ailments are overweight. In addition to that, they have diabetes and high blood pressure. Therefore, owners have been strictly shifting to low-calorie and high-nutrition merchandise to maintain pet health. Several people suffer from allergies ensuing from several animals, discouraging them from keeping pets. Asthma is a common condition among such people, primarily as a result of being around cats and dogs. This is probably to act as a prevention of market expansion. Furthermore, increasing food product recalls are probably going to lower the market over the forecast period.

Market Geographical Condition:

The Asia Pacific accounted for a 12.3% share in terms of volume in 2014. In India, having a pet and taking care of them is an upcoming urban phenomenon and growing urbanization across the country has resulted in more significant adoption of various animals as companions.  U.K. is a constant contributor, with approximately 44.0% of the total population owning a domestic animal in 2016. Presence of animal-loving community within the county has led to more significant opportunities for the pet food and accessories market in U.K. accounted for a increased revenue share of 19.8% in 2014. Where, U.S.A. accounted for a higher revenue share of 83.1% in 2014 in the North American market, and it is estimated to continue the trend over the forecast period. U.S. is ranked third as cat owners and fifth different domestic animal ownership that to at a global level.

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https://marketdataforecast.com/market-reports/pet-food-market

Pet Food Market Segmentation:

By Ingredient Type:

·         Animal Derivatives

·         Fish Derivatives

·         Fruits & Vegetables

·         Cereals & Cereal by-products

·         Fats & Oils

·         Vitamins & Minerals

·         Additives

By Animal Type:

·         Dog

·         Cat

·         Bird

·         Other Animals

Key Market Players:

Lupus Alimentos Ltd., Unicharm Corporation, Big Heart Pet Brands, Mars Incorporated, Colgate-Palmolive Co., Total Alimentos SA and Nestle SA, are some of the vital key players in this developing industry. Acquisition, and expansion of new product development are some of the fundamental strategies adopted by industry players.

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The Scope of the report:

This report offers the current product and services market evaluation and the future estimation of the market. It helps us understand the market better through size anticipation and CAGR calculation to estimate the next market. It has a broader segmentation for better understanding of the enterprising of the market at a low level by segregating the market into smaller sectors.

About Us:

Market Data Forecast is a firm working in the areas of market research, business intelligence and consulting. We have rich experience in research and consulting for various business domains to cater to the needs of both individual and corporate clients.

For more information:

Abhishek Shukla

Sales Manager at Market Data Forecast

Email: abhishek@marketdataforecast.com

Tel: +1-888-702-9626

Website: https://www.marketdataforecast.com/

 

 

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