Market Research Report
Global PET Food Market Forecast 2022-2030
|Global PET Food Market Forecast 2022-2030|
Published: January 6, 2022
Content info: 210 Pages
Delivery time: 2-3 business days
The global pet food market is expected to project a CAGR of 7.56% during the forecast period, 2022-2030. The market growth factors include the increasing consumer expenditure on pet food, the rising importance of pets, and the huge demand for organic and premium pet food.
Pet food is animal feed for pets' consumption. It is sold in supermarkets and pet stores and is in accordance with the animal type. Pets are increasingly prioritized and pampered in families. As a result, there is a rising demand for branded beauty products, natural & premium products, and healthcare products with regard to pets. In addition, given the specific health concerns, pet owners are likely to demand special food types according to breed, age, lifestyle, and size. Besides, several consumers prefer treats and snacks that are preservative-free and contain healthy ingredients like cereals and fruits. Such factors drive the global pet food market growth. However, the market growth is restrained by the high costs of raw materials.
The global pet food market growth analysis includes the geographical assessment of North America, Europe, Asia-Pacific, and Rest of World. Given the surging pet adoption, North America is the highest revenue-generating region in the global market.
The market rivalry is high, with the leading companies holding several brands and having high market shares. Nestle Purina PetCare Ltd, Mars Petcare Ltd, The JM Smucker Company, Hill's Pet Nutrition Inc, etc., are among the leading companies in the market.