The pet food market share will post an incremental growth of USD 42.57 billion, progressing at a CAGR of 7.41% during the forecast period. The growing demand for organic pet food will offer immense growth opportunities to market vendors. The pet food market is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Pet Food Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026” provides a detailed market analysis of the prevalent market forces, trends, and challenges that are likely to impact the market in focus.
The pet food market is segmented by product (dry food, snacks and treats, and wet food), type (dog food, cat food, and others), and geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The growth of the pet food market in the dry food segment will be significant during the forecast period. Dry foods are associated with minimal storage risk and can be easily arranged in food puzzle toys and facilitate the controlled intake of food by pets. These factors will propel the growth of the segment.
In terms of geographic segmentation, the pet humanization trend will increase the pet food market growth in North America over the forecast period. 32% of the market’s growth will originate from North America during the forecast period. The US is the key market for the pet food market in North America.
The growing demand for organic pet food will directly influence the sales of pet foods. In addition, factors such as the increasing demand for pet food with savory ingredients and smaller portions are the major pet food market trends that will positively impact the market growth. However, the increasing instances of pet allergies among pet owners will hamper the pet food market growth.
Some of the major pet food market vendors are ABP Food Group Ltd., Alphia Inc., Archer Daniels Midland Co., Colgate Palmolive Co., General Mills Inc., heristo aktiengesellschaft, Laroy Group, Mars Inc., Nestle SA, Nippon Pet Food Co. Ltd, Real Pet Food Co, Schell and Kampeter Inc., Spectrum Brands Holdings Inc., Sunshine Mills Inc., Thai Union Group PCL, The JM Smucker Co., Tiernahrung Deuerer GmbH, Unicharm Corp., United Petfood Producers NV, and Wellness Pet Co.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
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Precise market size estimation during the forecast period 2022-2026.
CAGR of the pet food market forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the pet food market share.
Prediction on the upcoming trends, drivers, and factors that challenge the growth of the pet food market.
Pet food industry growth across North America, Europe, APAC, South America, and the Middle East and Africa.