Owing to an increase in the nuclear families, aging population and growing urbanisation rates, people have started turning to animals for companionship. As a result, there has been a major rise in the global pet population in recent years, due to which, there has been an increase in the demand for pet foods. According to Expert Market Research, the global pet food market reached a value of US$ 98.9 Billion in 2018 and is further expected to reach US$ 128 Billion by 2024.
There are several factors that are stimulating the growth of the global market for pet food. With rising pet population, there has been a trend of pet humanisation which has made pet owners to treat their pets as their family members. Consequently, pet owners are now conscious about the well-being of their pets and are ready to increase their expenditure on nutritional and high-quality pet food. Moreover, increasing cases of obesity and other diseases among pets have augmented the demand for nutritious and organic products. Other factors like growing demand for premium products, easy availability of pet food, convenient packaging, innovations in flavours, and increase in variety and organic products are also fuelling the demand for pet foods.
Key findings from the report:
Expert Market Research has analysed the global pet food market according to type, major regions and top players:
Market breakup by Type
- Dog food
- Cat food
Market breakup by Major Regions
- United States
- United Kingdom
- Mars Petcare Inc.
- Nestle Purina PetCare
- Hill’s Pet Nutrition
- Big Heart Pet Brands
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A new report by Expert Market Research, entitled “Dog Food Market Report and Forecast 2019-2024”, provides a comprehensive analysis for anyone who plans to foray into the dog food market.