The Pet Food by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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https://www.thebusinessresearchcompany.com/report/pet-food-global-market-report
According to The Business Research Company’s Pet Food, The pet food market size has grown strongly in recent years. It will grow from $68.67 billion in 2023 to $73.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increased pet spending, increased pet ownership by gen z and gen y adults, and emerging markets growth.
The pet food market size is expected to see strong growth in the next few years. It will grow to $97.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing demand for premium and organic pet food, influence of digital media marketing and social media, rising demand due to increase in stockpiling of pet food, increasing feeding of stray animals and other abandoned pets, and increasing demand for pets . Major trends in the forecast period include investing in facilities to produce quality grain-free dog food products, offering premium pet food products, using ecommerce platforms to sell products online, adopting automation technologies to maximize production efficiencies, focusing on offering customized food according to customer’s needs, focusing on producing pet foods with organic ingredients, focus on gaining more subscribers, investing in cbd pet food for product differentiation, and investing in increasing their online sales channels. player-adopted strategies in the pet food market include investing in expanding manufacturing operations, enhancing product portfolio through strategic acquisitions and investing in r&d to develop new improved and premium products.
The pet food manufacturing market’s growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
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The pet food market covered in this report is segmented –
1) By Type: Dog Food, Cat Food, Other Pet Food
3) By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
2) By Distribution Channel: Specialized Pet Shops, Internet Sales, Hypermarkets, Other Distribution Channels
Subsegments Covered: DRY FOOD, WET/CANNED FOOD, SNACKS/TREATS
Pet food manufacturing companies are using automation technologies such as advanced production lines and software solutions to improve safety and operational efficiency. These technologies automate formulation, batching, drying, coating, and liquid delivery processes. This results in cost-effective processing and consistent product quality. For example, Champion Petfood’s, a Canadian producer of pet food, has video-monitored production lines, with cooking processes connected through Rockwell hardware and software systems. It also uses bulk bins and conveying systems, votator heat exchangers, and advanced extrusion and drying systems. United Pet Group’s pet food manufacturing plant in St. Louis used FactoryTalk software from Rockwell Automation to reduce overtime by 10% and increase labor efficiency by 15%.
The pet food market report table of contents includes:
1. Executive Summary
2.Pet Food Market Characteristics
3.Pet Food Market Trends And Strategies
4.Pet Food Market analysis
5. Pet Food Market Size And Growth
6.Pet Food Segmentation
7.Pet Food Regional And Country Analysis
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27.Pet Food Competitive Landscape And Company Profiles
28.Pet Food Key Mergers And Acquisitions
29.Pet Food Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Mars
- Incorporated
- Nestle S.A.
- The J.M. Smucker Company
- Colgate-Palmolive Company
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