Pet Food Market Valuation to Be US$ 168.3 Bn by 2029
Pet Food Market is anticipated to rise at moderate CAGR of ~6% during forecast period 2019 to 2029, Organic nature is dominant segment of global pet food market holding valuation of US$ 23.5 Bn by 2029 as the introduction of clean label food fuels demand
Albany, NY -- (SBWire) -- 04/07/2021 --Pet Food Market: Introduction
A recent study published by Transparency Market Research on the pet food market includes global industry analysis and opportunity assessment for 2019-2029. Revenue generated from the global pet food market is estimated to be valued at ~US$ 97 Bn in 2019 and is projected to expand at a CAGR of ~6%, to reach US$ 168.3 Bn by 2029.
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Organic and Plant-based Food Products Gain Traction
Pet owners, especially those who are vegetarian prefer feeding plant-based or vegan food to their pets. Moreover, pet owners often groom and feed pets with food that has adequate amount of nutrients in them. Consumers have become more conscious than before about their pet food and ingredients incorporated in them. Natural and organic options are becoming popular. Pet owners often look for similar attributes in pet food. Customers expect pet food to be made without artificial colors, preservatives or flavors, synthetic hormones, toxic pesticides or antibiotics.
In order to capitalize on prevailing trends, manufacturers are launching a wide range of organic as well as natural food products. For instance, the company, Kroger, offers all-natural pet food, which is protein-rich and has vegetable content.
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High Demand for Clean Label Products to Create Opportunities
Growing empathy toward a pet is fueling the demand for premium pet care products. Along with this, increasing focus on health and wellness of pets is one of the primary reasons encouraging pet owners to spend more on pet care, which, in turn, is fueling the demand for pet food across the globe. The clean label movement is a result of consumer demand for transparency. The main aim of the clean label movement is to maintain transparency of food and feed products among consumers. Increasing awareness about pet food and nutrition have boosted the market for clean label products. These days, pet owners have become more conscious about what they are buying for their pets. Due to this, the demand for clean label products is increasing around the world.
Presence of Online Giants Boosts Private Label
Rising penetration of e-Commerce websites is boosting the pet food market. The expansion of electronic media is proving beneficial for pet food sales. e-Commerce provides a very wide range of products on the same platform. With the help of e-Commerce, a product can be easily delivered to a costumer. Thus, manufacturers should expand their global business via e-Commerce.
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In 2108, Amazon, aiding to its e-Commerce section, launched a private label of pet food called Wag, which is especially available for Amazon Prime subscribers. It is gaining traction among customers in the U.S.
Pet Food Products with HALAL and KOSHER Certifications to Witness High Demand
Quality certification is expected to soar high in the competitive pet food market. Quality certification plays significant role, as it ascertains quality and quantity of the product offered. Quality certifications help in maintaining the grade of the food. Therefore, consumers easily trust products, which are approved by regulatory bodies, such as GFSI, ISO, FSSAI, FDA, HALAL, and KOSHER. These certifications ensure product quality through certain laboratory tests. HALAL and KOSHER certifications are especially for particular communities, ensuring that the certified beef or pork-related products are fit for consumption as per their ethical laws.
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