Pet Food Market Demand will be Increasing with Highest Growth Rate to Reach USD 118.17 Billion by 2028| Size and Share

The global pet food market accounted for USD 80.41 Billion in 2020 and growing at a CAGR of 5.4% from 2021 to 2028, expected to reach USD 118.17 Billion by 2028

SUITE N202, NEW YORK, UNITED STATES, September 12, 2022/EINPresswire.com/ -- According to Research Experts at Zion Market Research, the global pet food market accounted for USD 80.41 Billion in 2020 and is expected to reach USD 118.17 Billion by 2028, growing at a CAGR of more than 5.4% from 2021 to 2028. This review is based on a report by Zion Market Research, titled “Pet Food Market By Product (Dry Food, Canned Food, Nutritious Food, Snacks, and Others), By Source (Animal-based, Plant-based, and Synthetic), By Type (Dog Food, Cat Food, and Others), By Distribution Channels (Online, Hypermarkets, Specialized Pet Shops, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2028.”

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 & 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞

Some of the key players in the pet food market are Diamond Pet Foods, The J.M. Smucker Company, Blue Buffalo Pet Products, Inc., Total Alimentos SA, WellPet LLC, Nestlé Purina, The Hartz Mountain Corporation, Hill’s Pet Nutrition, Inc., Lupus Alimentos, Mars Incorporated, among others. Creating an online presence is one of the key strategies for market players.

For instance, companies such as JustFoodforDogs, Farmer’s Dog, Ollie, NomNomNow, and PetPlate received venture capitalist funding for fresh pet food. Subscription sales by popular sites such as Amazon and Chewy.com spurred growth.

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𝐋𝐚𝐭𝐞𝐬𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐓𝐫𝐞𝐧𝐝𝐬

𝟏. 𝐑𝐢𝐬𝐞 𝐢𝐧 𝐏𝐞𝐭 𝐇𝐮𝐦𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐒𝐩𝐮𝐫 𝐆𝐫𝐨𝐰𝐭𝐡

The rise in trend of dog adoption has increased the demand for pet food. Especially dog adoption is driving the growth. Pet owners concern about safety and health has also helped in the growth of the pet food market. Growing variants in pet food, rising disposable income, and an increase in the demand for premium pet food are also the reasons for the rise in the global pet food market.

The availability of different pet food products in the market may impel the growth of the market in the forecast period. The growing occurrence of obese pets had regulated various laws regarding the nutrition content of pet food which may obstruct the growth of the pet food market in coming years. Nevertheless, the introduction of highly nutritious value food is expected to endow the pet food market with ample opportunities in the forecast period.

𝟐. 𝐏𝐫𝐞𝐬𝐞𝐧𝐜𝐞 𝐨𝐟 𝐁𝐢𝐠 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐓𝐡𝐞 𝐑𝐞𝐠𝐢𝐨𝐧 𝐒𝐮𝐩𝐩𝐨𝐫𝐭 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚𝐧 𝐃𝐨𝐦𝐢𝐧𝐚𝐧𝐜𝐞

Regionally, North America has been leading the worldwide pet food market and is anticipated to continue in the dominant position in the years to come. In the U.S., it was noted that around 60 % of houses possess pets in the U.S. which in turn drives the pet food market. Moreover, the growing concern for pets’ health has resulted in high expenditure on pets in the U.S. This trend is expected to drive the pet food market in this region. The increasing vogue for different pets may persuade the pet food market growth in the coming years. Increasing disposable income is anticipated to trigger the growth of the pet food market in this region in the coming years.

Access the full Report Summary “Pet Food Market By Product (Dry Food, Nutritious Food, Canned Food, Snacks, And Others), By Source (Plant-Based, animal-Based, And Synthetic), By Type (Cat Food, Dog Food, And Others), By Distribution Channels (Hypermarkets, Online, Specialized Pet Shops, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.”

𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭: https://www.zionmarketresearch.com/report/pet-food-market

𝐓𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐩𝐞𝐭 𝐟𝐨𝐨𝐝 𝐦𝐚𝐫𝐤𝐞𝐭 𝐢𝐬 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐞𝐝 𝐚𝐬 𝐟𝐨𝐥𝐥𝐨𝐰𝐬:

By Product

Dry Food
Canned Food
Nutritious Food
Snacks
Others

By Source

Animal-based
Plant-based
Synthetic

By Type

Dog Food
Cat Food
Others

By Distribution Channel

Online
Hypermarkets
Specialized Pet Shops
Others

By Region

North America

The U.S.
Canada

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of the Middle East & Africa

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𝐒𝐨𝐮𝐫𝐜𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐏𝐫𝐞𝐯𝐢𝐞𝐰

The animal-based segment held a share of over 60% in 2020. Animal-based products are divided into meat products, proteins, amino acids, fats, and others. It provides fatty acids, iron, essential proteins, and vitamins to pets. Meat helps in increasing palatability and hence improves digestion. Fish bones are a major ingredient in pet food, as it has phosphorus and calcium. Fish is a rich source of omega-3 and vitamin A & D. The benefits of omega-3 is it helps in regulating the immune system, blood pressure, and cognitive function in older pets.

𝐓𝐲𝐩𝐞 𝐒𝐞𝐠𝐦𝐞𝐧𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐏𝐫𝐞𝐯𝐢𝐞𝐰

The cat segment is projected to grow at a CAGR of around 6% from 2021 to 2028. The trend of having more than one cat has helped in consistent growth. Cats need less training as compared to dogs and cats are also capable of spending more time alone while a dog can’t. Besides, the cost of owning a cat is relatively low compared to a dog.

The rise in consumer awareness about pet health has led to an increased focus on maintaining their overall health and checking the weight of dogs. Pet owners usually have their own trusted brands which they barely change and demand for premium dog food held a substantial share in the global pet food market.

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Varsharani Lavate
Zion Market Research
+ +1 855-465-4651
varsha.l@marketresearchstore.com
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Pet Food Market Growth, Demand, Trends, Size and Expertise by Zion Market Research