Pet Food Market Scope
Pet Food are generally manufactured from plant or animal materials which are consumed by the pets. Pet Food market is expected to mark significant growth over forecasted period owing to increasing consumers spending on nutritional foods for pets and dietary benefits and ethically-sourced products are propelling the market. There has been significant rise in number of people purchasing pet food and supplies with figure stood up to 31.68 Billion in United States alone in 2018, the future for Pet Food looks promising. The major companies are adding more proven technologies systematically and strategically in Asia-Pacific countries as these countries are focused on fastest-growing verticals in the Pet keeping.
According to AMA, the Global Pet Food market is expected to see growth rate of 5.34% and may see market size of USD119.4 Billion by 2026.
Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Pet Food market throughout the predicted period.
Mars Inc. (United States), Nestle Purina Petcare (United States), Nutriara Alimentos Ltda (Brazil), InVivo NSA (France), Yamahisa Pet Care (Japan), J.M.Sucker (United States), Wellpet (United States), Blue Buffalo (United States) and Diamond Pet Foods (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 Affinity Petcare SA (United States), BHJ A/S (Denmark), C&D Foods (Ireland), Del Monte Foods (United States) and Doane Pet Care Company (United States).
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 total available market.
Segmentation Overview
The study have segmented the market of Global Pet Food market by Type (Dry Pet Foods, Wet Pet Foods, Veterinary Diets, Treats/Snacks and Organic Products), by Application (Dogs, Cats, Pigs and Others) and Region with country level break-up.
On the basis of geography, the market of Pet Food has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, 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).
Market Leaders and their expansionary development strategies
In June 2018, General Mills acquired Blue Buffalo. This acquisition is beneficial in providing opportunity or potential for synergy in the target company. It also offers new models of pet foods as compared to traditional pet food products.
In November 2018, Tyson’s launched a meal toppers for dogs which is beneficial in providing four medley flavors: beef, peas and carrots, beef and sweet potato, chicken, bacon and egg, and chicken, oat and apple. It also offers strong pipeline of prepared foods.
“According to Food and Drug Administration (FDA), it’s regulates that all animal foods, like human foods, be safe to eat, produced under sanitary conditions, contain no harmful substances, and be truthfully labeled. In addition, canned pet foods must be processed in conformance with the low acid canned food regulations to ensure the pet food is free of viable microorganism.”
Market Trend
- Substitutes Available For Pet Foods.
- Rapid Demand of Pet health conscious products.
Market Drivers
- Increase Number of Pet Population and Pet Adoption Boost the Pet Food Market.
- Rapid Demand of Improve Palatability of Pet Food Fuelled up the Market.
Opportunities
- Proliferation of Pet Food in Developing Countries Leads to Grow the Market.
- Upsurge Demand of Premium Pet Foods and Novel Pet Foods.
Restraints
- Stringent Government Regulations Hampers the Pet Food Market.
- Limited Amount of Product Availability and High Cost Associated with Pet Foods Market.
Challenges
- Limitation Due to Availability of Counterfeit Products are Anticipated to Challenge the Market.
- Fluctuation of Raw Materials is Anticipated to Restrain the Market.
Analyst View
The market is witnessing lucrative growth, however product recalls owing to allergic reactions may adversely affect the company's goodwill. For instance, In July 2017, a complaint against Evanger’s Dog and Cat Food Co. and Nutripack, LLC was filed in the United States District Court of Washington regarding their products containing harmful ingredients that caused several of the Plaintiffs’ pets to become sick and caused the death of one animal.
Key Target Audience
Pet Food Manufacturers, Pet Food Traders, End-Use Market Participants of Different Segments of Pet Food, Government and Research Organizations, R&D Institutions and Others