Surge in Pet Humanization to Provide Impetus to Gourmet Pet Food Market
Gourmet Pet Food Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWire) -- 06/13/2018 --The global market for gourmet pet food is predicted to exhibit a healthy growth curve in the years to come. According to a recent report by Transparency Market Research (TMR), the growing fondness of pets among humans, and their increased tendency to consider them family is leading to the emergence of this market. The report, titled, "Gourmet Pet Food Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025," throws lights on the structure of the market and discusses the factors influencing the gourmet pet food market over the forecast period of 2017 to 2025. The report analyzes factors shaping the size and valuation of the market in the years to come, along with the significant industry trends that could impact the market.
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According to a study by Mintel, Pet Food, 2013, four out of five pet owners refer to their pet as a member of the family. The pet owners are increasingly inclining towards purchasing the best quality and exquisite food products in order to indulge their pets. Gourmet food is increasingly gaining traction among food connoisseurs. The same trend is penetrating into the pet food industry, which itself is a burgeoning and upcoming sector. On account of vendors trying to gain strategic advantage by product differentiation, gourmet food is gaining swift uptake as it could be classified and marketed as a premium product.
Increasing awareness and concerns related to ensuring that pets remain unaffected by infections and upset stomachs from traditional pet food is a key factor fuelling the growth the of the global gourmet pet food market. Pet parents are increasingly thoughtful regarding their pet's health, lifestyle and weight, leading to increased preference towards low-carb, organic ingredients, and minimally processed food, fuelling the gourmet pet food market further.
Other factors driving the market are increasing pet humanization, surge in consumer involvement, incrementing disposable incomes of people, marketing strategies adopted by vendors, and higher demand for customization. While the high cost of gourmet pet food is expected to hamper the development of the market to some extent, the market is expected to witness high demand due to increased nuclearity in families resulting in higher pet adoption.
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Geography-wise, North America is predicted to emerge dominant in the global gourmet pet food market, on account of substantial population of pets in the U.S. The high reception of premium pet products in the region is expected to be a key factor propelling the regional market in the coming years.
Some of the prominent players competing in the global gourmet pet food market are The Honest Kitchen, Lily's Kitchen, Fromm family pet food, Bone Appetite Pet Boutique and Bakery, Nestle Purina Pet Care, The J.M. Smucker Company, Evanger & Merrick Pet Care, and Polar Pups.
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