Global Pet Food Market Driven by Increasing Preference Towards Nutritious and High-Quality Products

Throughout the history, animals have been domesticated as helpers, companions and status symbols. The global pet population has been increasing steadily over the years as a result of smaller families, ageing population, hectic lifestyles and growing urbanisation. People now turn to animals for companionship and treat their pets as family members. The trend of pet humanization has led to human-like services and goods being produced for animals which range from food to drugs. Pet owners have started to pay close attention to the food that they are giving to their pets in particular, worrying about the nutritional value and taste of the food. Pet owners are willing to pay more money for better quality and nutrition. As a result of these factors, the global pet food market has been witnessing a strong growth, reaching sales worth US$ 84.9 Billion in 2015, growing at a CAGR of more than 5% during 2008-2015.

The global pet food market is further expected to grow at a CAGR of nearly 5% reaching values worth US$ 113 Billion by 2021. The growing instances of pet diseases such as arthritis, diabetes, high blood pressure and obesity are expected to drive pet owners towards better and high-quality pet food leading to premiumisation, increase in variety and improvement in quality.

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Dog food leads the global pet food sales

Different kinds of animals are preferred by people depending on their dispositions and surroundings. Some of the most popular kind of pets include – dogs, cats, small mammals (such as rabbits, hamsters, Guinea pigs, rats, mice, chinchillas, etc.), fishes, birds and reptiles. These different kinds of pets have varied food requirements which have led manufacturers to produce a number of pet food varieties depending upon the pet species.

Dogs are one of the most popular pets worldwide. As there is a great variety of sizes and breeds of dogs and as dogs tend to eat more depending on their size, they have a huge variety of food products and have a large share in the global pet food sales. Currently, dog food accounts for more than half of the total global pet food sales. Dog food is followed by cat food and food for other animals, which includes – bird food, fish food and small mammal/reptile food.

The United States dominates the global pet food market

As the United States has one of the largest pet population, it contributes the most to the global pet food sales. Currently, it accounts for more than a quarter of the total global sales. The United States is followed by Brazil, Japan, United Kingdom, France and Germany.

Mars Petcare Inc. represents the largest pet food manufacturer globally accounting for more than a quarter of the total sales. Other major pet food companies include – Hill’s Pet Nutrition, Nestle Purina Petcare and Big Heart Pet Brands.

Read full report: http://www.imarcgroup.com/pet-food-market

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the pet food industry, which has enabled the clients to successfully set up and expand their businesses. Some of the company’s offerings include: