According to IMARC Group’s latest report, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global pet food market reached a value of US$ 108 Billion in 2020. Pet food refers to commercially available food formulated for consumption by domesticated animals. It is generally prepared by combining agricultural and animal-feed grade ingredients, including meat, fish, cereals, vegetables, feed grain by-products, etc. These foods are a rich source of minerals, vitamins, proteins, carbohydrates, etc., which help in meeting the dietary and nutritional requirements of pets. Their consumption provides various benefits, such as improved metabolism, prevention of diseases, maintaining the quality of the pet's skin and fur, etc.
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The rising number of pet owners and emerging trend of pet humanization are primarily contributing to the growth of the pet food market. Moreover, growing concerns towards pet health are further augmenting the demand for food products that aid in combating skin allergies and infections and improving the overall health and life expectancy of pets. In line with this, several key players are offering more innovative products to ensure palatability and meet the nutritional requirements specific to the breed, age, and size of pets. Additionally, numerous pet food associations and federations are implementing strict legislations for manufacturers to produce safe and high-quality pet food. Besides this, the increasing consumer preferences for natural formulations and the emergence of organic variants are further expected to drive the market growth over the forecast period. Looking forward, IMARC Group expects the global pet food market to grow at a CAGR of 4.3% during 2021-2026.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Mars Petcare Inc.
- Nestlé Purina Pet Care
- Hill's Pet Nutrition
- The J.M. Smucker Company
Breakup by Pet Type:
- Dog Food
- Cat Food
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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Key highlights of the report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
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