Pet Food Market Expected to Collect $133,430.9 Million by 2030

PORTLAND, OREGON, UNITED STATES, August 9, 2023/EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, “Pet food Market by Pet Type, Food Type, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,”

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The major players operating in the pet food industry are Mars Petcare Inc., The Hartz Mountain Corporation, Big Heart Pet Brands, Nestle Purina PetCare, Diamond Pet Foods, Hill’s Pet Nutrition, Deuerer, WellPet, Blue Buffalo, and Heristo AG. These major players have adopted various strategies to expand their market reach. The strategies adopted in the pet food market are product launch, partnership, collaboration, joint venture, and acquisition.

Pet food market is booming owing to increased pet ownership across the globe due to rising consumers’ disposable income. The major factors and pet food market trends driving the global pet food market are rising trend of nuclear families, rapid humanization of pets, increasing awareness about pet health. However, increase in pet obesity and pet food recalls are expected to hinder the market growth to a certain extent over the pet food market forecast period 2021-2030. Additionally, increasing pet ownership in developing nations and rising e-commerce sales act as an opportunity for the global market.

According to pet food market analysis, the market is classified on the basis of pet type, food type, sales channel and region. By pet type, the pet food market is segmented into dogs, cats and other pets. Rising trend of nuclear families and their need to keep dogs for companionship and security resulted into highest revenue generation in 2020. Based on food type, the market is segregated into dry food, wet food, treats & snacks and others. Dry food holds the highest pet food market share by food type because it is one of the most convenient types of food, easy to store, requires no refrigeration, and available at affordable prices as compared to other types of food.

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By sales channel, the market is categorized into supermarkets & hypermarkets, specialized pet shops, online sales channel, and others. Region wise, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.

The rising disposable income in urban areas has resulted into a greater number of households owning a pet and spending willingly on their dogs, cats, fishes more than ever before. Over the past few years, several multinational companies have established a presence in various regions, owing to this high amount of pet ownership and have enhanced their presence through a manufacturing facility or through their distribution facilities. For instance, Perfect Companion, a multinational company from Thailand has setup its new factory in Zhenjiang province.

Furthermore, flavor trends have begun to emerge in the pet food market. For instance, the adoption of beef in several food categories (dry and wet food) has witnessed a recent trend while chicken is already a dominating flavor. Overall, natural, organic and nutritious food trends are driving the market owing to its grain-free properties and health benefits offered to pets.

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Population growth, rise in incomes in developing countries, and urbanization have all contributed to an increase in global pet food production. The rise in pet population has led to increase in pet humanization. As a result of which, the consumers are tending toward premium pet food products so as to minimize health associated risks. It also gives lucrative pet food market opportunities to producers to manufacture therapeutic and nutritional foods concerning pets’ health and would allow them to gain high pet food market share in the industry.

David Correa
Allied Analytics LLP
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