Riel Roussopoulos
DUBLIN–(BUSINESS WIRE)–The “Pet Food Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery” report has been added to ResearchAndMarkets.com’s offering.
Pet Food Global Market Opportunities And Strategies To 2030: COVID 19 Impact and Recovery provides the strategists, marketers and senior management with the critical information they need to assess the global pet food market.
The global pet food market reached a value of nearly $74,554.1 million in 2019, having increased at a compound annual growth rate (CAGR) of 2.7% since 2015. The market is expected to register a slow growth from $74,554.1 million in 2019 to $ 75,494.8 million in 2020 at a growth rate of 1.26%.
The slow growth is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 5.6% from 2021 ad reach $ 88,478.1 million in 2023.
Growth in the historic period resulted from increased pet spending, increased pet ownership by gen z and gen y adults, and emerging markets growth. Factors that negatively affected growth in the historic period were contamination of pet foods, and stringent rules and regulations.
Going forward, increasing demand for premium and organic pet food, the 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 will drive the growth. Factors that could hinder the growth of the pet food market in the future include reductions in free trade and supply chain disruption.
The global pet food market is highly concentrated with a small number of large players dominating the market. The top ten competitors in the market made up to 60.0% of the total market in 2019. Major players in the market include Mars, Incorporated, Nestle S.A., the J.M. Smucker Company, Colgate-Palmolive Company, and Diamond Pet Foods Inc.
The global animal and pet food market, of which the pet food market is a segment, reached a value of nearly $306,273.2 million in 2019, growing at a compound annual growth rate (CAGR) of 4.5% since 2015. It is expected to grow at a CAGR of 6.1% and reach nearly $388,259.0 million by 2023. The animal food market was the largest segment in the animal and pet food market accounting for 75.7% of the total in 2019 and is expected to grow the fastest at a CAGR of 6.6% during 2019-2023.
The top opportunities in the pet food market segmented by type will arise in the dog food market segment, which will gain $9,2415 million of global annual sales by 2023. The top opportunities in the pet food market segmented by distribution channel will arise in the internet sales market segment, which will gain $13,751 million of global annual sales by 2023.
The top opportunities in the dog food market segmented by type will arise in the dry dog food market segment, which will gain $3,973.8 million of global annual sales by 2023. The top opportunities in the cat food market segmented by type will arise in the dry cat food market segment, which will gain $2,039.5 million of global annual sales by 2023. The top opportunities in the other pet food market segmented by type will arise in the small mammal/reptile food segment, which will gain $148.2 million of global annual sales by 2023.
Companies Mentioned
- African Gazelle Products
- Archer Daniels Midland Company
- Bio-Pet Ltd.
- Brazilian Pet Foods S/A
- Brit
- Burgess Pet Care
- Cagatay Pet Food
- Canadian Jerky Company Ltd.
- Colgate-Palmolive Company
- Corey Nutrition Company Inc.
- Diamond Pet Foods Inc.
- Diana Pet Food Brasil (SPF)
- Elmira Pet Products Ltd.
- Fressnapf
- GA Pet Food Partners
- General Mills, Inc.
- Glenand Group
- Hill’s Pet Nutrition
- Luscious
- Malta Cleyton
- Maneli Pets
- Marp Pet Food
- Mars Petcare Inc.
- Mars, Incorporated
- Martin & Martin Pty Ltd
- Marukan co.,ltd
- Monge & C. Spa
- Natural Pet Foods
- Neovia Group Brazil
- Nestle Purina PetCare
- Nestle S.A.
- Nippon Pet Food Co. Ltd
- Nutreco
- Partner in Pet Food
- Pedigree
- Pet Food UK
- Premier Pet
- Premier Petfoods Aust Pty Ltd
- PROMEAL
- Purina PetCare India Private Limited
- RCL Foods
- Real Pet Food Company
- Riverd Corporation Inc
- Saturn Petcare GMBH
- Tekro
- The J.M. Smucker Company
- Tiernahrung Deuerer GmbH
- Tropikal Pet
- Unicharm Corporation
- Yantai China Pet Foods Co., Ltd
For more information about this report visit https://www.researchandmarkets.com/r/22c8ob
Published at Thu, 10 Dec 2020 08:08:00 +0000
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