Consumers are drawn to new developments within the pet meals sector. Pet meals packaging is each protecting and instructive and is in well-liked demand.
Wilmington, Delaware, United States, Oct. 11, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The pet meals market was valued at US$ 97 billion in 2019. The market is projected to be worth US$ 168.3 billion by 2029, at a CAGR of 6%, in accordance with the evaluation.
The pet meals market has witnessed important progress and transformation in recent years, reflecting the rising significance of pets in individuals’s lives. This trade encompasses a variety of merchandise, together with dry kibble, canned meals, treats, and specialised diets. It caters to varied pet species and well being necessities.
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Pet homeowners as we speak are acutely aware in regards to the dietary wants of their animals, driving the demand for premium and natural pet meals choices. The market can be influenced by traits such because the humanization of pets, with homeowners searching for pet meals with pure elements, and particular well being advantages.
E-commerce has revolutionized the best way pet meals is distributed and bought, offering comfort and an unlimited array of choices for shoppers. Sustainability and eco-friendly packaging have grow to be essential issues for pet meals producers and shoppers, resulting in the event of eco-conscious merchandise.
The pet meals market’s progress just isn’t restricted to developed nations. Emerging markets are experiencing a surge in pet possession, boosting the demand for high quality pet meals merchandise. As a consequence, the trade continues to innovate, providing various decisions and making certain the well-being of pets worldwide.
Key Takeaways from the Market Study
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In phrases of animal sort, the cats and dogs section accounted for a mixed share of round 80% of the worldwide market in 2019.
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The natural nature section of the pet meals market is prone to attain a worth of US$ 23.5 billion by 2029.
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The market in North America is poised to develop at a CAGR of 6.2% till 2029.
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The market in Asia Pacific is anticipated to develop at a CAGR of 5.9% till 2029.
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The United States held a market share of 40% of North America in 2019.
Global Pet Food Market- Key Drivers and Trends
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Pet homeowners are more and more keen to put money into high-quality, premium pet meals merchandise. Health-conscious pet homeowners search nutritious choices, resulting in the rise of specialised diets, pure elements, and useful components catering to particular well being wants.
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There is a rising curiosity in different protein sources for pet meals, resembling plant-based, insect-based, or lab-grown proteins.
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Pets are more and more seen as members of the family, resulting in an rising deal with pet wellness. This pattern has led to the demand for connoisseur and artisanal pet meals, and useful treats.
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Regional Landscape of the Pet Food Market
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North America boasts a excessive price of pet possession, with dogs and cats being the preferred pets. This widespread pet possession creates a considerable demand for pet meals merchandise, driving market progress.
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North America has rigorous rules and high quality requirements for pet meals merchandise. Pet meals producers should adhere to those requirements, making certain the security and high quality of the merchandise available available in the market. This regulatory surroundings builds belief amongst shoppers, encouraging them to put money into industrial pet meals choices.
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Urbanization and rising disposable incomes have led to an increase in pet possession as economies within the Asia Pacific area proceed to develop. As many individuals transfer to city areas and undertake pets, the demand for handy and high-quality pet meals merchandise has surged.
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There has been a shift in pet feeding habits with the affect of Western tradition. Pet homeowners in Asia Pacific nations are more and more adopting industrial pet meals merchandise, shifting away from conventional home made diets. This shift has led to a rising marketplace for varied sorts of pet meals.
Competitive Landscape
The pet meals market boasts a aggressive panorama with quite a few world and regional gamers. Key multinational corporations are providing a variety of merchandise. Several regional gamers cater to particular markets with distinctive choices. Just a few key gamers working within the pet meals market embody
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Evanger’s Dog & Cat Food Company, Inc.
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Mars and Incorporated.
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Nestlé Purina PetCare Affinity Petcare SA
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Nutro Products Inc.
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Hill’s Pet Nutrition
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Lafeber Co.
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4Legs Pet Food Company
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Champion Petfoods
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Betagro Public Company Limited
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Fromm Family Foods LLC.
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Dave’s Pet Food
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Boulder Dog Food Company L.L.C.
Key Market Developments
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Manna Pro bought Oxbow Animal Health, a small animal pet firm that gives high quality meals and vitamins for rabbits, pigs, hamsters, and different pets, in January 2022.
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Wiggles, pet meals business in India, broadened its line of product choices in August 2022 by introducing EveryDawg, a brand new canine meal. EveryDawg is a tasty and wholesome dry pet food that’s sugar and gluten-free and protected for all canine breeds.
Key Segments Covered
By Animal Type
By Nature
By Product
By Region
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North America
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Latin America
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Europe
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Asia Pacific
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About Transparency Market Research
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