Transparency Market Research has published a new report titled ”Pet Food Market - Global Scenario, Trends, Industry Analysis, Size, Share And Forecast 2016 – 2024” to its report store.
Albany, NY -- (SBWIRE) -- 10/20/2016 -- The global market for pet food is growing steadily and is considered as one of the fastest growing food industry segments. Smaller families, increasing disposable incomes, decreasing birth rates, and many more factors are leading to the increasing adoption of pets in families. Increasing adoption of pets and their growing importance in homes is mainly driving the market for pet foods globally. Advancement in pet food packaging techniques and innovations in specialty and premium pet food products are expected to propel the growth in larger markets such as U.S., Europe and Japan. Focus on nutritive and functional pet food, and shift in preference for dry pet food are some key determinants for the growth of pet food industry in developing economies.
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The world market for pet foods is dominated by North America accounting for around 40% of the total pet food market. Emerging economies like India, China, and Brazil are considered future pet food markets due to the growing importance of pets with the trend of nuclear families in these regions. The pet food market is deeply influenced by recent trends in the human food industry as pet owners prefer the best quality food for their pets. As a result, the global market for pet foods is steadily shifting towards healthier, more nutritious and organic pet foods.
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. 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.
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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Global pet food manufacturers are responding to the increasing requirements of better quality pet food products as owners believe that food they give to their pets should be as good as they have themselves.
Increasing problems of obesity in pets due to consumption of pet food with high fat content, and rising incidence of pet allergies to humans due to pets are some challenges to the growth of this industry.