Pet Food Market - Global Industry Analysis 2027
Posted by ReportCrux Market Research on February 10th, 2021
Pet Food Market Report 2021 is comprehensive blend of qualitative and quantitative market research intel acquired by thorough secondary and primary research with industry experts. Qualitative information highlights detailed impact analysis of market growth drivers, opportunities, restraints, trends along with profiling of key players and product benchmarking.
Regional and country level granular quantitative analysis of revenue market size, share, growth rate and company market share data help reader understand market potential to manage critical business decisions and strategies: ReportCrux Market Research
Pet Food Market Size
Pet Food Market is estimated to grow from USD 30.36 Billion in 2019 to USD 43.12 Billion by 2027, at a CAGR of 4.5% from 2020-2027.
COVID-19 Impact analysis on Pet Food Market
A change in every aspect of life as well as business is witnessed due to COVID-19 pandemic. This has largely impacted consumer pet food purchasing behavior. Businesses have been largely impacted by fast-changing COVID-19 announcements and precautionary measure imposed by government making it difficult to respond, plan and recover from this crisis. Health and safety of pet manufacturers' workforce is important along with continuing supply of safe, high-quality pet food products.
The pet food market is growing rapidly as the COVID-19 pandemic has created a very positive impact on overall healthcare system. This growth is expected to continue in the coming years. Pet care industry is becoming one of the recession proof sectors just like electricity, health care, internet access etc. Industry will see growth no matter what the economic situation is since people will buy the products that are essential.
The outbreak of this pandemic is estimated to not affect the U.S. pet food market. U.S. pet ownership is increasing with growing pet adoption per year. As per The American Pet Products Association (APPA) estimates, nearly 68% household owned some kind of pet. The obsession for pet ownership in U.S. is increasing which is expected to drive the market growth in the coming years.
Pet food is enriched animal food which offers health advantages such as stronger immune system, improved digestion, better dental hygiene, reduced allergy, better muscle tone and healthier bone structure etc. Increasing adoption of pets has led to increasing demand for pet foods for different pet needs. Pet food is available on various e-commerce platforms as well as in specialized pet stores and supermarkets.
The pet food market growth in U.S. is driven by increasing number of pet ownership as well as growing pet health awareness. Pet owners are emphasizing on providing foods that are easily palatable and boost overall immune system of pets. Manufacturers are focusing on personalization and product innovation for different needs of different animal types. As part of product innovation major companies are expanding their existing portfolio to high quality, premium products.
Pet Food Market Product (Wet/Canned Food, Dry Food, Treats and Snacks and Other Products); by Application (Dog and Cat); by Source (Plant-Derived, Animal-Derived, Cereals and Cereal Derivatives, Other Sources); by Sales Channel (Specialized Pet Shops, Supermarkets/Hypermarkets, Online Channel and Others): U.S. Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027
Pet food market is segmented based on product, application, sales channel, source and region.
Dry Food Product Segment accounted for the largest share of 36% in 2019 due to ease of handling and storage
Based on product, U.S. pet food market is segmented into Wet/Canned Food, Treats and Snacks, Dry Food, Nutritious Food, Veterinary Diet and Other Products. Dry Food product type segment held largest revenue share of almost 36% share in 2019. This is due to increasing popularity of dry foods over other foods as they have low in moisture content and are cost effective. Also, dry pet food is easy to handle and store.
In 2019, Wet/Canned Food segment was the second leading product type segment for pet food market. Treats and Snacks segment will exhibit fastest growth in the years to come.
Animal-Derived Source Segment Reported Largest Revenue Share in 2019
Based on source, U.S. pet food market is segmented into Plant-Derived, Animal-Derived, Cereals and Cereal Derivatives and Other Sources. In 2019, U.S. pet food market was dominated by Animal-Derived source segment and is projected to hold its dominance in the coming years.
Meat and by-products of meat constitute major part of Animal-derived pet food. Animal derived foods are important source of essential proteins, fatty acids, iron and vitamins. Also, meat enhances the palatability of food assisting in better food digestion in pets. Fishbone is rich source of calcium, omega-3, vitamin A & D and phosphorus and major manufacturer are emphasizing on use of fish in animal derived pet foods.
Dog application segment contributed for the largest share of 52% in 2019
Based on application, pet food market is categorized into dog, fish, cat and other animal types. Dog application segment dominated the market with leading market share of 52% in 2019. This segment is projected to retain its dominance over the forecast period. Cats were second largest application segment in 2019.
Adoption of dogs are most popular across the globe followed by cats. U.S. has maximum number of pets and majority of population consider their pet to be part of family. Thus, major manufacturers are focusing on manufacturing innovative dog foods in order to gain a significant market share. Increasing pet adoption in major markets like U.S., U.K., India, China is projected to drive the pet food market.
Specialized Pet Shops were the Largest Sales Channel Segment in 2019
Based on sales channel, U.S. pet food market is split into Specialized Pet Shops, Online Channel, Supermarkets/Hypermarkets and Other Channels. Specialized Pet Shops were the largest sales channel segment in 2019 whereas online sales channel segment will witness maximum growth in the coming years.
Pet Food Market Companies
Major players in Pet Food Market: Mars Petcare US Inc., M. Smucker, Nestle Purina Petcare, Hill’s Pet Nutrition, Inc. (owned by Colgate-Palmolive), Blue Buffalo Co. Ltd (owned by General Mills), Big Heart Pet Brands, The Procter & Gamble Company, Diamond Pet Foods, Tiernahrung Deuerer GmbH, Heristo Aktiengesellschaft, WellPet LLC, Devenish Nutrition Ltd., The Nutro Company, Canine Caviar Pet Foods, Tuffy's Pet Foods, Inc., Others
The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the Pet Food market.
Like it? Share it!
About the AuthorReportCrux Market Research
Joined: October 16th, 2020
Articles Posted: 34
More by this author