With increasing disposable income, a growing number of people are opting for pets. Pets are adopted extensively as many people have nuclear families and wish to have a pet to get rid of loneliness and have a companion in the form of a pet.
Transparency Market Research has released a new market study on pet food market, titled "Pet Food Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2011 - 2017." Due to the growing demand for nutritious food for pets, the global pet food market is expected to expand at a CAGR of 4.2% during the period from 2011 to 2017. The global pet food market was valued at US$58.6 bn in 2011 and is anticipated to reach US$74.8 bn by 2017.Pet owners are increasingly concerned about pet health and providing pets with nutritious food, which directly benefits the global pet food market. The purchasing decisions they make are based on factors such as high nutrition content and other factors that benefit the health of the pets.
This is expected to drive the global pet food market.
Factors such as the rising number of cases of allergies among humans due to pets may hamper the market. Growing obesity problems among pets due to the utilization of high-fat pet food can also act as a restraint for the global pet food market.
The report segments the pet food market on the basis of food type, pet type, and geography. By type of pet, the market is categorized into cat food, dog food, and others.
On the basis of food type, the market is segmented into nutritious food, wet food or canned food, dry food, and snacks/treats. The report states that dry pet food is the largest segment of the market, accounting for 39% of the global pet food market.
The snacks/treats segment follows, accounting for 21% of the global pet food market.
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Geographically, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Currently, North America dominates the market, representing almost 40% of the global pet food market.
The North America pet food market is expected to demonstrate a CAGR of 3.5% in the forecast period, rising from US$21.7 bn in 2011 to US$26.6 bn in 2019. Europe is anticipated to be the second largest regional market and progress at a 4.4% CAGR between 2011 and 2017.
Asia Pacific is anticipated to grow rapidly and emerge as the fastest growing regional market, driven by the rising trend of keeping pets at home.
The report comprises key details about the major manufacturers of pet food. The strategies implemented by the leading players, along with details about the recent developments, and their financial overview are given in the report.
Major players in the global pet food market analyzed in the report are: Del Monte Foods Co., Colgate-Palmolive Co., Nestle’ SA, Total Alimentos SA, Marc Inc., Proctor & Gamble Co., Nutriara Alimentos Ltd., Agrolimen SA, and Uni-Charm Corp.
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