The global pet food market size is expected to reach USD 113.08 billion by 2025, as per a new report by Grand View Research Inc. Packaged pet food provides standard nutritional value required in pet’s daily life. This is projected to drive market growth over the forecast period.
The demand for pet medicines, food, and accessories has been increasing with an increase in the adoption of cats and dogs. According to the American Pet Product Association, a cat or dog owner, on an average, spends between USD 200 and USD 300 dollar on pet food annually.
In 2018, Europe emerged as the largest market for pet food. The growth in this region can be accredited to strong presence of major industry participants along with high number of pet population. Increasing demand for premium pet foods is projected to drive the industry growth in the region.
Introduction to the new processing technologies along with the automated systems for the production of ingredients is anticipated to drive the growth of the market in the forthcoming years. Additionally, there is an upsurge in the adoption of drying technologies to preserve temperature sensitive ingredients.
Click the link below:
Further key findings from the report suggest:
- Rabies is another most severe disease that humans get from dogs and cats, which affects a lot of people and eventually reduces the trend afterward supported by improved medical treatments for human health diseases and preventive health disease medicines for pets
- High cost of the product, particularly meat-based protein canned food, may restrict its preference among consumers, thereby restraining the segment growth over the forecast period
- Manufacturers are constantly focusing on entering the premium food products segment and thereby improving their overall profit margin, which is leading the pet food market to foresee immense growth in the coming years
- Many people suffer from different pet-related allergies and, therefore, do not prefer to keep pets and this factor is expected to hamper the growth of the pet food industry in the estimated time frame
- According to the American Pet Product Association, a cat or dog owner, on an average, spends between USD 200 and USD 300 dollar on pet food annually, owing to massive attachment toward the pets