Research Reports
Pet Food Market Valuation to be US$ 168.3 Bn by 2029
Pet Food Market Valuation to be US$ 168.3 Bn by 2029
Published by TMR Research Insights
Posted on August 17, 2021
Sustainable and Innovative Packaging Boost Product Demand
New trends in the pet food market are attracting customers. There is a growing demand for protective and informative packaging of pert food. Hence, manufacturers in the pet food market are increasing their efforts to develop sustainable pet food packaging. Growing concerns about the environmental impact of plastic has led to a rise in the development of sustainable packaging solutions. For instance, in April 2019, global flexible packaging company ProAmpac, revealed their fiber-based PRO-EVP multiwall bags that are made from renewable resources.
Companies in the pet food market are increasing their offerings in hybrid packaging solutions such as paper/poly materials. They are tapping into opportunities in woven polypropylene bags that offer flexibility and durability to customers. Manufacturers are replacing plastic with paper-based packaging for dog food. Attractive and innovative packaging plays an important role in boosting the demand for these products in supermarkets and retail stores. Moreover, the modern trade sales channel segment is projected to lead the pet food market, and is estimated to reach a value of ~US$ 71.1 Bn by the end of 2029.
Emergence of Clean Label Intensifies Competition for Improved Pet Food Formulations
There is a growing awareness about clean label in the pet food market. The clean label pet food trend has led to innovation to meet customer demands. Companies are increasing R&D to produce shelf-stable and safe pet food. The competition is increasing with growing demand for highly palatable pet food produced from limited amount of ingredients to achieve the target of clean label.
Strong expertise with attention to detail makes our market research reports stand apart. Download PDF Brochure –
The introduction of clean label is fueling the demand for organic pet food. Though conventional pet food dominates the pet food market, in terms of value and volume, market players are leveraging high growth opportunities in the organic pet food segment. As such, organic nature segment of the pet food market is anticipated to reach a value of ~US$ 23.5 Bn by 2029.
Request for Covid-19 Impact Analysis on Pet Food Market:
Hence, manufacturers are streamlining their production processes to make pet food that meets industry food safety standards. They are tapping into opportunities in clean label sustainable packaging to improve their positon in the pet food market landscape.
Buy our Premium Research Report on Pet Food Market@
Upcycling of Palatable Ingredients Helps Companies to Produce Gut-friendly Pet Food
The pet food market is expected to expand at a significant CAGR of ~6% during the forecast period. However, producing gut-friendly food for cats and dogs acts as a restraint for the manufacturers. As such, in terms of animal type, the cats segment is projected to lead the pet food market during the forecast period. The cats segment is projected to reach a value of ~US$ 71 Bn by 2029. Hence, it is crucial for companies to address the challenges of producing ethical cat food. Thus, several startups are introducing new pet nutrition options.
More Trending Reports by Transparency Market Research –
Various startups are associating themselves with mentorship programs to gain a competitive edge in the pet food market landscape. For instance, in January 2019, the U.S. pet food company, Purina, announced the finalists for their third pet care innovation prize to encourage startups to reimagine pet nutrition. Companies are experimenting by upcycling ingredients to produce premium dog treats. They are adding value to products by introducing new flavors that are ethically palatable and provide optimal nutrition to pets.
Superfoods and Regional Recipes Lead to New Product Innovations
Product innovations are gaining popularity in the pet food market. Leading pet food companies are introducing dry food options for cats and dogs that are inspired from regional recipes. As such, dry food product segment is expected to dominate the pet food market, in terms of value and volume, during the forecast period. Companies are increasing efforts to develop grain-free and high-protein food sans artificial ingredients.
Moreover, manufacturers are exploring opportunities in wet cat food formulations made from specific fish varieties such as Alaskan Cod or the Canadian Duck. They are actively participating in trade fairs to strategically position their brand in the global pet food market landscape. This participation is enabling manufacturers to convert new customers and address their issues with product offerings. New trends of functional nutrition and superfoods are taking the lead in the pet food market. The inclusion of meat as the first ingredient is becoming increasingly mainstream in pet food production.
Analysts’ Viewpoint
Premiumization has driven manufacturers in the pet food market to source quality ingredients and streamline their production processes. They are focusing on touch-based packaging to improve their product offerings. Additionally, companies are increasing R&D in cellular agriculture technologies to institute animal proteins in dog and cat food.
However, food wastage associated with paper-based packaging of food containing high meat content acts as an obstacle for market players. Hence, manufacturers are launching hybrid packaging materials and plastic composites to address the issue of food wastage. Moreover, they should focus on introducing new products in North America, since the region is likely to dominate the pet food market, in terms of value and volume, during the forecast period.
Pet Food Market: Overview
- The global pet food market is estimated to reach ~ US$ 97 Bn in 2019, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is anticipated to reach ~US$ 168.3 Bn by 2029, at a CAGR of ~6%.
- Pet “humanization “and “pet ownership” are defining trends in the pet food market. In line with the emergence of private label store brands and increasing urbanization, the global pet food market is witnessing favorable conditions for growth.
- In the past five years, millennial and Generation Z consumers have increasingly adopted pets, which, in turn, has resulted in rapid growth of the pet industry. Moreover, the pet food market, having witnessed technological advancements and innovations in plant-based food products, is likely to witness significant growth in the near future.
Pet Food Market Frontrunners
- In terms of animal type, cats and dogs segment held significant shares of the pet food market in 2019, accounting for a combined share of ~80% of the global market. Furthermore, the others segment (comprising hamsters, rabbit, etc.) accounts for ~40% of the pet food market, in terms of value.
- Based on product, the dry food segment is leading the global pet food market, followed by wet food and treats & chews segments. These segments are estimated to account for ~40%, ~32%, and ~18% of the pet food market, respectively, in 2019.
- North America is dominating the global pet food market, followed by Europe, Japan, and Latin America. Based on nature, the conventional segment accounts for approximately 85% of the pet food market.
Pet Food Market: Trends
- Increasing concerns among pet owners about their pet’s health have led to a rise spending on healthy pet food. Customers are eyeing for specific pet food. This is fueling the pet food production globally. Consumers have started identifying various signs of intolerance and allergies in their pets.
- According to tails.com (dog nutrition service), there is around 75% of proliferation in the market demand for hypoallergenic food combinations for dog food since 2016. In order to cater to this rising demand, pet food suppliers are incorporating omega-3 fatty acids in their products. Furthermore, several brands are offering gluten-free products to offer weight control and hair fall control in pets.
- Humanization of pets has also boosted the pet food market, thus driving the demand for high quality as well as premium food. According to Nielsen’s 2016 consumer report (a consumer insight company), pet owners are not fretful about the pet food cost, but more concerned about the food quality. Almost 50% of pet owners in the U.S. have declared that they would sacrifice their subscription of Netflix to pay for premium pet food. Moreover, 55% of pet owners in France and the U.S. accept that they sacrifice chocolate for high quality food for their pets.
- Demand for premium and high quality pet food has augmented the retail sales in the past 10 years, with yearly pet food spending witnessing significant growth i.e. 36% between 2007 and 2017.
Pet Food Market: Strategies
- Key players operating in the global pet food market are introducing new business-to-business websites, where customers are offered discount on the products listed
- Product Innovation and Launches: Key companies are increasing their investments in research and development activities to offer innovative products in order to satisfy the ever-rising demand from customers
- Evanger’s Dog & Cat Food Company, Inc. in 2019 introduced superior meat-based hypoallergenic dinners for pets
Target Region for Pet Food Market
- In terms of value, countries in Europe are likely to account for the largest share in the pet food market in 2019. The market in the region is expected to remain strong during the forecast period.
Pet Food Market: Key Players
Key players operating in the pet food market, as profiled in the study, include
- Evanger’s Dog & Cat Food Company, Inc.
- Mars and Incorporated.
- Nestlé Purina PetCare Affinity Petcare SA
- Nutro Products Inc.
- Hill’s Pet Nutrition
- Lafeber Co.
- 4Legs Pet Food Company
- Champion Petfoods
- Betagro Public Company Limited
- Fromm Family Foods LLC.
- Dave’s Pet Food
- Boulder Dog Food Company L.L.C.
Food-beverages-Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in food-beverages-market@
https://www.transparencymarketresearch.com/food-beverages-market-reports-4.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Follow Us: Twitter | LinkedIn
Blog: https://tmrblog.com
Sustainable and Innovative Packaging Boost Product Demand
New trends in the pet food market are attracting customers. There is a growing demand for protective and informative packaging of pert food. Hence, manufacturers in the pet food market are increasing their efforts to develop sustainable pet food packaging. Growing concerns about the environmental impact of plastic has led to a rise in the development of sustainable packaging solutions. For instance, in April 2019, global flexible packaging company ProAmpac, revealed their fiber-based PRO-EVP multiwall bags that are made from renewable resources.
Companies in the pet food market are increasing their offerings in hybrid packaging solutions such as paper/poly materials. They are tapping into opportunities in woven polypropylene bags that offer flexibility and durability to customers. Manufacturers are replacing plastic with paper-based packaging for dog food. Attractive and innovative packaging plays an important role in boosting the demand for these products in supermarkets and retail stores. Moreover, the modern trade sales channel segment is projected to lead the pet food market, and is estimated to reach a value of ~US$ 71.1 Bn by the end of 2029.
Emergence of Clean Label Intensifies Competition for Improved Pet Food Formulations
There is a growing awareness about clean label in the pet food market. The clean label pet food trend has led to innovation to meet customer demands. Companies are increasing R&D to produce shelf-stable and safe pet food. The competition is increasing with growing demand for highly palatable pet food produced from limited amount of ingredients to achieve the target of clean label.
Strong expertise with attention to detail makes our market research reports stand apart. Download PDF Brochure –
The introduction of clean label is fueling the demand for organic pet food. Though conventional pet food dominates the pet food market, in terms of value and volume, market players are leveraging high growth opportunities in the organic pet food segment. As such, organic nature segment of the pet food market is anticipated to reach a value of ~US$ 23.5 Bn by 2029.
Request for Covid-19 Impact Analysis on Pet Food Market:
Hence, manufacturers are streamlining their production processes to make pet food that meets industry food safety standards. They are tapping into opportunities in clean label sustainable packaging to improve their positon in the pet food market landscape.
Buy our Premium Research Report on Pet Food Market@
Upcycling of Palatable Ingredients Helps Companies to Produce Gut-friendly Pet Food
The pet food market is expected to expand at a significant CAGR of ~6% during the forecast period. However, producing gut-friendly food for cats and dogs acts as a restraint for the manufacturers. As such, in terms of animal type, the cats segment is projected to lead the pet food market during the forecast period. The cats segment is projected to reach a value of ~US$ 71 Bn by 2029. Hence, it is crucial for companies to address the challenges of producing ethical cat food. Thus, several startups are introducing new pet nutrition options.
More Trending Reports by Transparency Market Research –
Various startups are associating themselves with mentorship programs to gain a competitive edge in the pet food market landscape. For instance, in January 2019, the U.S. pet food company, Purina, announced the finalists for their third pet care innovation prize to encourage startups to reimagine pet nutrition. Companies are experimenting by upcycling ingredients to produce premium dog treats. They are adding value to products by introducing new flavors that are ethically palatable and provide optimal nutrition to pets.
Superfoods and Regional Recipes Lead to New Product Innovations
Product innovations are gaining popularity in the pet food market. Leading pet food companies are introducing dry food options for cats and dogs that are inspired from regional recipes. As such, dry food product segment is expected to dominate the pet food market, in terms of value and volume, during the forecast period. Companies are increasing efforts to develop grain-free and high-protein food sans artificial ingredients.
Moreover, manufacturers are exploring opportunities in wet cat food formulations made from specific fish varieties such as Alaskan Cod or the Canadian Duck. They are actively participating in trade fairs to strategically position their brand in the global pet food market landscape. This participation is enabling manufacturers to convert new customers and address their issues with product offerings. New trends of functional nutrition and superfoods are taking the lead in the pet food market. The inclusion of meat as the first ingredient is becoming increasingly mainstream in pet food production.
Analysts’ Viewpoint
Premiumization has driven manufacturers in the pet food market to source quality ingredients and streamline their production processes. They are focusing on touch-based packaging to improve their product offerings. Additionally, companies are increasing R&D in cellular agriculture technologies to institute animal proteins in dog and cat food.
However, food wastage associated with paper-based packaging of food containing high meat content acts as an obstacle for market players. Hence, manufacturers are launching hybrid packaging materials and plastic composites to address the issue of food wastage. Moreover, they should focus on introducing new products in North America, since the region is likely to dominate the pet food market, in terms of value and volume, during the forecast period.
Pet Food Market: Overview
- The global pet food market is estimated to reach ~ US$ 97 Bn in 2019, finds Transparency Market Research (TMR) in a recent study. According to the report, the market is anticipated to reach ~US$ 168.3 Bn by 2029, at a CAGR of ~6%.
- Pet “humanization “and “pet ownership” are defining trends in the pet food market. In line with the emergence of private label store brands and increasing urbanization, the global pet food market is witnessing favorable conditions for growth.
- In the past five years, millennial and Generation Z consumers have increasingly adopted pets, which, in turn, has resulted in rapid growth of the pet industry. Moreover, the pet food market, having witnessed technological advancements and innovations in plant-based food products, is likely to witness significant growth in the near future.
Pet Food Market Frontrunners
- In terms of animal type, cats and dogs segment held significant shares of the pet food market in 2019, accounting for a combined share of ~80% of the global market. Furthermore, the others segment (comprising hamsters, rabbit, etc.) accounts for ~40% of the pet food market, in terms of value.
- Based on product, the dry food segment is leading the global pet food market, followed by wet food and treats & chews segments. These segments are estimated to account for ~40%, ~32%, and ~18% of the pet food market, respectively, in 2019.
- North America is dominating the global pet food market, followed by Europe, Japan, and Latin America. Based on nature, the conventional segment accounts for approximately 85% of the pet food market.
Pet Food Market: Trends
- Increasing concerns among pet owners about their pet’s health have led to a rise spending on healthy pet food. Customers are eyeing for specific pet food. This is fueling the pet food production globally. Consumers have started identifying various signs of intolerance and allergies in their pets.
- According to tails.com (dog nutrition service), there is around 75% of proliferation in the market demand for hypoallergenic food combinations for dog food since 2016. In order to cater to this rising demand, pet food suppliers are incorporating omega-3 fatty acids in their products. Furthermore, several brands are offering gluten-free products to offer weight control and hair fall control in pets.
- Humanization of pets has also boosted the pet food market, thus driving the demand for high quality as well as premium food. According to Nielsen’s 2016 consumer report (a consumer insight company), pet owners are not fretful about the pet food cost, but more concerned about the food quality. Almost 50% of pet owners in the U.S. have declared that they would sacrifice their subscription of Netflix to pay for premium pet food. Moreover, 55% of pet owners in France and the U.S. accept that they sacrifice chocolate for high quality food for their pets.
- Demand for premium and high quality pet food has augmented the retail sales in the past 10 years, with yearly pet food spending witnessing significant growth i.e. 36% between 2007 and 2017.
Pet Food Market: Strategies
- Key players operating in the global pet food market are introducing new business-to-business websites, where customers are offered discount on the products listed
- Product Innovation and Launches: Key companies are increasing their investments in research and development activities to offer innovative products in order to satisfy the ever-rising demand from customers
- Evanger’s Dog & Cat Food Company, Inc. in 2019 introduced superior meat-based hypoallergenic dinners for pets
Target Region for Pet Food Market
- In terms of value, countries in Europe are likely to account for the largest share in the pet food market in 2019. The market in the region is expected to remain strong during the forecast period.
Pet Food Market: Key Players
Key players operating in the pet food market, as profiled in the study, include
- Evanger’s Dog & Cat Food Company, Inc.
- Mars and Incorporated.
- Nestlé Purina PetCare Affinity Petcare SA
- Nutro Products Inc.
- Hill’s Pet Nutrition
- Lafeber Co.
- 4Legs Pet Food Company
- Champion Petfoods
- Betagro Public Company Limited
- Fromm Family Foods LLC.
- Dave’s Pet Food
- Boulder Dog Food Company L.L.C.
Food-beverages-Industry battles Tangible Impact of Economic and Cultural changes, Stay Updated on the Latest Trends in food-beverages-market@
https://www.transparencymarketresearch.com/food-beverages-market-reports-4.html
About Us
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
Contact
Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY – 12207
United States
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Follow Us: Twitter | LinkedIn
Blog: https://tmrblog.com
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