By the end of 2030, the Pet Food Processing Market valuation is Projected to Reach US$ 6.7 Mn

Pet food processing businesses are largely designated as essential operations. With the recent growth of pet adoption and stockpiling activity by pet owners during the initial months of COVID-19 pandemic, the pet food processing industry has been witnessing the recruitment of additional staff, and boosted production rates to keep up with the surge in demand. On the other hand, disrupted supply chains and border closures are expected to restrict access to raw materials required for production in the short term.

According to the latest report by Future Market Insights (FMI), the global pet food processing market is projected to surpass a value of US$ 6.7 Bn in 2030. However, businesses in the industry are likely to face substantial obstacles in 2020 in terms of distribution, procurement of raw materials, and supply. Nationwide lockdowns and facility closures disrupting supply chains will hit the pet food processing market in short term, says the FMI report.

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Dog Food Remains Best Selling Product Category

Dog food products account for 44.8% of the overall sales, which is a major influencer in the growth strategies for manufacturers. Pet owners are increasingly working from home and taking up self-isolating measures. As the coronavirus is unlikely to spread through pets, consumers are turning to pet adoption for companionship. With the increased pet ownership, the losses suffered by the pet food processing industry, is likely to be partially mitigated.

Further, pet owners are stocking up on pet food as a preventive measure, causing a short-term sales spike, resulting in empty shelves at retailers, and generating lucrative opportunities for online distribution channels. Manufacturers are likely to leverage these trends, to minimize the supply demand gap during the pandemic.

“Manufacturers are taking measures to ramp up production by hiring more workers, and adding shifts. Companies are also navigating through supply chain disruptions, to maintain healthy inventory levels. Pet food processing plants are also implementing stricter sanitation and safety workplace protocols to minimize the risk of contagion,” says the FMI analyst.

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North America to Continue Generating Major Revenue Streams Amidst Outbreak

North America has established itself as a major market for pet food processing operations. Animal shelters and animal rescue operations around the country have reported major increases in the cases of animal fostering and adoption. Consequently, a larger number of customers are seeking information on the potential health benefits from different pet foods. A large portion of the current sales can be attributed to online sales channels. In addition, major pet food brands are also making substantial donations to struggling communities and animal shelters during such disruptive times, which could help in consumer outreach post the covid-19 outbreak.

Europe and East Asia are also providing lucrative growth opportunities to manufacturers. With China being a key center of the outbreak, buyers continue to seek online stores, owing to strong last mile delivery infrastructure.