Global Pet Food Market Thrives Amid Challenges, Anticipates Reaching $94.97 Billion by 2027

The Business Research Company's Pet Food Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, November 24, 2023 /EINPresswire.com/ -- The global pet food market has shown remarkable resilience, evolving from $66.45 billion in 2022 to $72.02 billion in 2023, marking a substantial compound annual growth rate (CAGR) of 8.4%, projecting a market size of $94.97 billion by 2027, with a CAGR of 7.2%.

Economic Growth Fuels Pet Food Manufacturing Market
The growth of the pet food manufacturing market is bolstered by the anticipated stable economic growth in both developed and developing nations. According to the International Monetary Fund (IMF), global GDP witnessed growth rates of 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices, following a significant historical decline, is expected to further drive market growth. Stable growth is forecasted for developed economies, with emerging markets expected to outpace their developed counterparts slightly. This stable economic growth is anticipated to stimulate investments in end-user markets, acting as a driving force for the pet food market throughout the forecast period.

Key Market Players and COVID-19 Impact
Major companies shaping the global pet food market landscape include Mars Incorporated, Nestle S.A., Diamond Pet Foods Inc., J.M. Smucker Company, Colgate-palmolive co, Hill's Pet Nutrition, General Mills, InVivo Animal Nutrition and Health, Unicharm Corporation, and Ingredion Incorporated. The outbreak of the COVID-19 pandemic acted as a substantial restraint on the pet food manufacturing market in 2020. Supply chain disruptions and decreased consumption due to lockdowns resulted in production halts. However, it is expected that the market will rebound over the forecast period, considering the pandemic's classification as a "black swan" event rather than a reflection of fundamental market weaknesses.

Automation Technologies Transforming Pet Food Manufacturing
Pet food manufacturing companies are increasingly embracing automation technologies to enhance safety and operational efficiency. Advanced production lines and software solutions are automating key processes, including formulation, batching, drying, coating, and liquid delivery. Champion Petfoods, a Canadian pet food producer, exemplifies this trend with video-monitored production lines connected through Rockwell hardware and software systems. Automation not only ensures cost-effective processing but also maintains consistent product quality. United Pet Group's St. Louis plant utilized FactoryTalk software from Rockwell Automation, resulting in a 10% reduction in overtime and a 15% increase in labor efficiency.

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Market Segmentation

Type:
1. Dog And Cat Food
2. Other Pet Food
Distribution Channel:
1. Specialized Pet Shops
2. Internet Sales
3. Hypermarkets
4. Other Distribution Channels
Ingredients:
1. Animal Derivatives
2. Plant Derivatives
3. Synthetic
Subsegments Covered:
• Dog Food
• Cat Food

Regional Insights
North America claimed the largest share in the pet food market in 2022, with Western Europe following closely as the second-largest region. The global pet food market analysis covers regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Pet Food Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Pet Food Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on pet food market size, pet food market drivers and trends, pet food market major players, competitors' revenues, pet food market market positioning, and market growth across geographies. The pet food market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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