The global market for pet food is growing steadily and is considered as one of the fastest growing food industry segments. Smaller families, increasing disposable incomes, decreasing birth rates, and many more factors are leading to the increasing adoption of pets in families. Increasing adoption of pets and their growing importance in homes is mainly driving the market for pet foods globally. Advancement in pet food packaging techniques and innovations in specialty and premium pet food products are expected to propel the growth in larger markets such as U.S., Europe and Japan. Focus on nutritive and functional pet food, and shift in preference for dry pet food are some key determinants for the growth of pet food industry in developing economies.
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Pet owners around the world are demanding the best products for their pets. This is evolving beyond the usual standards such as flavor. Pet owners want products with a high nutritional value and manufacturing safety standards, similar to human food. This is projected to drive the global pet food market greatly in the coming few years. According to a study, a quarter of American pet owners worry if the pet food they are buying will make their pet obese.
The global pet food market is also driven by trends such as the changing lifestyle, growing urbanization, and rising level of disposable incomes. In addition to this, the accelerating trend of nuclear families will further boost the global pet food market in the foreseeable future. On the other hand, the rising obesity in pets, regulatory issues, and pet allergies will suppress the global pet food market.By pet type, the global pet food market is divided into cat food, dog food, and others. According to food type, the global pet food market is classified into snacks/treats, nutritious food, wet/canned food, and dry food. The global pet food market is dominated by the dry pet food segment, with a market share of 39%. The second largest segment in the global pet food market is that of snacks/treats, holding a market share of 21%.
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This post was originally published on The Market Plan