Luxury Pet Food Market Scope
Luxury Pet food is a specially prepared diet for domesticated animals that meets their nutritional requirements. Livestock, meat by products, cereals, grain, vitamins, and minerals are common ingredients in pet food. Pet food is animal feed that is meant to be consumed by pets. It is usually specialised for the type of animal, such as dog or cat food, and is offered in pet stores and supermarkets. The majority of animal flesh is a waste product of the human food business and is not considered human grade.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Bone Appetite Pet Boutique and Bakery (India), Diamond Pet Foods (United States), Lily’s Kitchen (India), Nestle Purina Pet Care (United States), Fromm family pet food (United States), Evanger & Merrick Pet Care (United States), The Honest Kitchen (United States), Mars Petcare Inc.(United States), The Hartz Mountain Corporation (United States) and Big Heart Pet Brands (United States) |
CAGR | % |
The global luxury pet food market has a moderate level of consolidation. The main players had the majority of the market share. Existing firms' adoption of new strategies has resulted in the market being dominated by a few players. Mars Incorporated, Nestle Purina Pet Food, Colgate Palmolive, JM Smucker Company, and Diamond Pet Foods dominated the market in 2021. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Luxury Pet Food market throughout the predicted period.
Bone Appetite Pet Boutique and Bakery (India), Diamond Pet Foods (United States), Lily’s Kitchen (India), Nestle Purina Pet Care (United States), Fromm family pet food (United States), Evanger & Merrick Pet Care (United States), The Honest Kitchen (United States), Mars Petcare Inc.(United States), The Hartz Mountain Corporation (United States) and Big Heart Pet Brands (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Hill’s Pet Nutrition (United States), Deuerer (Germany), WellPet (United States) and Other.
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Luxury Pet Food market by Type , by Application (Cat, Dog and Other) and Region with country level break-up.
On the basis of geography, the market of Luxury Pet Food has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
WellPet LLC expanded its partnership with Pet Food Experts, the third-largest wholesale pet food and pet supply distributor in the United States, to increase the distribution of its natural food, treats, and dental chews for dogs and cats.
In August 2021, Diamond Pet Foods has launched a new range of high-performance dog foods, Diamond Pro89 Beef, Pork & Ancient Grains Formula for Adult Dogs, in order to meet these needs. As its name implies, Diamond Pro89 gets 89 percent of its protein from animal-based ingredients that are high in critical amino acids.
The pet food industry in North America has been seriously examined by the FDA and the Canadian Food Inspection Agency (CFIA) since the largest pet food recall, introduced by Menu Foods. This recall highlighted the issue of food safety in gradually globalized food chain, and drove pet food manufacturers and government regulators to improve pet food safety standards and preventive controls.
Influencing Trend:
Pet Humanization Trend has led to increased Health Consciousness and High-End Pet Products Gain Popularity for Pet Food
Market Growth Drivers:
Luxury Pet Food products has Increased among Consumers, due to the ongoing Concerns about Pet Health, Consumers Are Interested In Improving Their Pets Taste Palette and Pet Food Industry Is Concentrating On Less Processed Foods with Fewer Additives and More Natural Ingredients
Challenges:
Growing Competition of Luxury Pet Food, Huge Distribution & Sales Overheads and Pricing Comparisons That Make Value Clear Private Online Brands
Restraints:
High Cost Associated with Pet Foods, Pet Food Is One of the Most Tightly Controlled Food Categories, Particularly In the Western Market and High Level of Formality Associated With Commercialization Could Be a Key Stumbling Block to the Market's Expansion
Opportunities:
Growing Availability of Pet Food on e-commerce Platforms and Pet Food Ownership and Purchasing Habits
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers and Suppliers of Luxury Pet Food, Luxury Pet Food Distributors, Pet Food Manufacturers, Venture Capitalists, Government Bodies, Corporate Entities, Government Bodies, End-Users and Others