Inkwood Research estimates that the Global Pet Food Market is evaluated to register a CAGR of 7.72% in terms of revenue during the forecasted years of 2023-2032.
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Pet foods are specialty foods for domesticated animals tailored to their nutritional needs. These entail cereals, meat by-products, meat, minerals, vitamins, grains, etc. These include semi-moist, canned, dry types, and snacks like treats, kibbles, and biscuits.
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High Demand for Premium & Organic Pet Food propel Market Demands
The growing concerns regarding pet health drive the demand for organic and premium pet foods. This has propelled pet food manufacturing in the United States, the United Kingdom, China, Italy, Germany, etc. Pet owners often view pets as family members and are therefore inclined to splurge for optimal products and services. This leads to increased demands for premium and organic foods to feed their ‘fur babies.’
Also, organic pet foods are devoid of artificial colors, synthetic hormones, antibiotics, flavors, preservatives, and toxic pesticides. In addition, premium pet foods have high quality ingredients than generic pet foods. Besides, companies manufacturing such foods have specific segregation among lactating mothers, kittens, puppies, and breeds. They also formulate diets as per the nutritional requirements of the animal, unlike regular pet food production.
Store-Based Distribution Channel has the Largest Revenue Share
Reliability, with regard to brands and shop owners, is the key criterion consumers look for while buying pet foods. The pet food stores include specialty stores and hypermarkets & supermarkets. Also, the physical markets are visually appealing enabling pet owners to identify the products in accordance with the nutritional requirements of their pets.
At the same time, pet stores have varied supplies and accessories. These include food, aquariums, cages, litter boxes, leashes, collars, toys, treats, etc. Moreover, in countries like Canada, the United States, and the United Kingdom, pet stores offer aesthetic services and hygienic care.
North America: Largest Revenue-Generating Region
The growing pet humanization and the increasing pet foods awareness with high nutritional benefits contribute to market growth. Also, there is an increase in the number of millennial pet owners and shifting perspectives on pets. In addition, the convenience factor with regard to product purchases has influenced the growth of online retail channels.
The market offers new entrants some edge in competition with regard to herbal ingredients and pricing in developing countries. Some of the eminent companies in the market are Mars PetCare Ltd, The J M Smucker Company, Hill’s Pet Nutrition, Blue Buffalo Pet Products Inc, etc.
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