Royal Canin and others
Pune, June 19, 2020 (GLOBE NEWSWIRE) — The global pet food market is anticipated to gain impetus from the ever-increasing demand for natural and premium products. Besides, the governments of several countries are emphasizing on the usage of natural, healthy, and safe ingredients in pet food products. They are also enabling more transparency in selling such products. Fortune Business Insights™ provides this information in a recent report, titled, “Pet Food Market Size, Share & Industry Analysis, By Animal Type (Dogs, Cats, and Others), Form (Dry Pet Food, Wet Pet Food, and Snacks & Treats), Distribution Channel (Supermarkets/ Hypermarkets, Specialty Pet Food Stores, Online Channels, and Others), and Regional Forecast, 2020 – 2027.” The report further mentions that the pet food market size stood at USD 90.13 billion in 2019 and is projected to reach USD 127.21 billion by 2027, thereby exhibiting a CAGR of 4.60% during the forecast period (2020-2027).
Fortune Business Insights™ presents a list of all the pet food manufacturers operating in the global market. They are as follows:
- Mars Incorporated – United States
- Nestle Purina Petcare Company – United States
- The J.M. Smucker Company – United States
- Colgate-Palmolive Company – United States
- Blue Buffalo Co. Ltd. – United States
- Diamond Pet Foods – United States
- WellPet LLC – United States
- Del Monte Food Inc. – United States
- Nutriara Alimentos Ltd. – Brazil
- Royal Canin – France
Since the past few years, industry giants, such as Mars Inc., Nestle, and The J.M. Smucker have been introducing premium these food products in the market to grab the attention of more consumers. They have also been striving to address the urgent needs of the rising number of pets. Prominent manufacturers are mainly aiming to address the requirements of various types of animals belonging to numerous age groups and breeds. To do so, they are launching wide range of products. Nestle Purina PetCare, for instance, unveiled its premium range of dog food named Supercoat, in India in 2018. These factors are expected to propel market growth in the near future.
Dog Segment to Dominate Owing to Their Rising Adoption Worldwide
In terms of animal type, the market is segmented into cats, dogs, and others. Out of these, the dogs segment held 57.35% pet food market share in 2019 and is set to dominate throughout the forecast period. This growth is attributable to the increasing adoption of dogs as pets worldwide. In addition to this, the rising expenditure associated with the well-being and maintenance of dogs is anticipated to augment the demand for premium quality and natural food. Numerous companies are also unveiling new nutrition-rich dog food products. These factors would drive the growth of this segment.