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KEY MARKET INSIGHTS
The global pet food market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during (2024-2032). North America dominated the pet food market with a market share of 42.55% in 2023. Moreover, the pet food market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 59.76 billion by 2032, driven by high pet ownership and a rising trend of pet humanization. Pet food products are found in different forms in the global market, such as dry, wet, and snack treats. These products can be animal-based or plant-based. The sales of these products are carried through several distribution channels, such as hypermarkets/supermarkets, specialty stores, online channels, and others. With the rising pet population globally, the market has displayed significant growth in recent years. In addition to increasing pet humanization, the market is expected to show rapid growth during the forecast period. The COVID-19 pandemic was one of the significant factors that fueled the growth of the market, owing to the rapid growth in pet adoption. In addition, the stockpiling of pet food due to the increased panic among individuals as a result of the lockdown and several government regulations increased sales. For instance, as per executive vice president and chief financial officer of Purina François-Xavier Roger, pet care product sales observed a double-digit growth in 2020, from which pet food is a leading segment owing to the increase in pet adoption during the pandemic. The new development in products by manufacturers and the launch of innovative product ranges are said to create new opportunities further. However, owing to the stringent regulations imposed by several government bodies, especially in the Western market, the market growth was restrained. PET FOOD MARKET TRENDS
Personalization of Pet Food to Propel Market Growth In recent times, owing to the rising pet humanization, pet owners are becoming more conscious of the ingredients in pet food. Thus, pet owners are more interested in controlling what their pets consume and how many times. This increasing consciousness among pet owners related to the consumption pattern of their pets is due to the rising awareness of diseases that are caused by pets concerning their food consumption pattern. Thus, customized and personalized products have shown promising growth with the rising demand among pet owners for products that are designed to target a specific factor or disease, such as obesity, skin and coat, and others. For instance, in July 2023, Petcurean, a Canada-based premium pet food manufacturer, announced the launch of its new customized food products under the brand Go! Solutions. These new products include Sensitivities Limited Ingredient Grain-Free Insect for dogs with sensitivity and allergies and Go! Solutions Skin + Coat Care, which is made for dogs to improve skin health and coat texture. Rapid Growth in Pet Humanization is Driving the Global Market Growth
The global market has observed a significant shift in pet ownership culture in recent years. One of the important cultural changes is increasing pet humanization. Pet humanization is where the companion or pet is considered a human by its owner. Thus, pet humanization has increased the demand for premium products for pets as individuals are more inclined to spend more on healthy and high-quality food products for their pets. The rising pet humanization is due to increased pet ownership by millennials. For instance, as per the Pet Health of Animals Organization, around one-fourth of pet owners are millennials in the U.S. Furthermore, as per Alex Douzet, the CEO of Pumpkin Pet Insurance, an insurance company for pets based in the U.S., millennial couples before having a child prefer to adopt a pet. Thus, as pet ownership has become a training wheel before having a child, pet owners have become more health conscious toward their pets and are looking for healthy food products for pets. Premium food products have recorded a rapid growth in traction in recent years and are said to drive market growth further. Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554 |
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