An increase in the trend of adopting a pet is likely to surge the demand in the global pet food market within the forecast period. Moreover, the trend is observed mostly in the high-income class of people which makes them an easy bearer of the expenses of pet food.
Because of lockdown in different nations, pet owners all over the world stored food for pets which resulted in the lack of some popular brands. The government announced pet food as a fundamental business, however, because of lack of labor and social distancing norms, the producers are dealing with issues. Yet there wasn’t any critical effect on the global manufacturing and operations.
The growing trend of adopting dogs has also fueled the growth in the pet food sector. Particularly selection of dogs is boosting the development. Pet owners who care about health and safety have likewise contributed to the development of the global pet food market. Developing variations in pet food, rising disposable income, along the rising purchase of premium pet food is additionally bolstering the market growth.
Canned and dry foods for dogs are seeing fast development in the market because of the convenience as far as taking care of pets and capacity is concerned. Personalization of pet food is arising as a recent fad. Makers are delivering customized food as per the clients’ demand.
The global pet food market is majorly classified into product, source, distribution channel, type, and region. The product segment is divided into canned food, dry food, snacks, nutritious food, and others. In terms of source, the market is categorized into plant-based, animal-based, and synthetic. On the basis of type, the global market is sectioned into cat food, dog food, and others. Based on distribution channel, the market is segregated into special pet shops, hypermarkets, online stores, and others.
Geographically, the global pet food market is estimated to be led by North America with the highest market share within the forecast period. This is attributed to the rising awareness among the consumers about the advantages of special food for their pets. The US is the major country contributing to regional growth. Moreover, the increasing trend of pet humanization, rising disposable income, and the trend of keeping more than one pet, are also the key factors propelling the demand in the region. Europe follows the race and is emerging as the leading region owing cats.
The J.M. Smucker Company, Diamond Pet Foods, Blue Buffalo Pet Products, Inc., WellPet LLC, Total Alimentos SA, Nestlé Purina, Hill’s Pet Nutrition, Inc., The Hartz Mountain Corporation, Lupus Alimentos, and so on are some of the leading players dominating the global pet food market. These players are working on creating a substantial online presence as their basic strategies.
Several budding firms like Farmer’s Dog, JustFoodforDogs, Ollie, PetPlate, and NomNomNow have received funding from venture capitalists for producing fresh pet food.