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Trends to Leverage in the Global Pet Food Market 2023

The global pet food market is anticipated to witness growth with a CAGR of 7.91% during the forecast period of 2023 to 2030. Get more insights into the blog

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Trends to Leverage in the Global Pet Food Market 2023

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  1. Trends to Leverage in the Global Pet Food Market 2023 Petanimaladoptionhasescalatedmajorlypost2020,mainlyasaresultofCOVID-19-inducedloneliness.Statisticssuggestthat85millionfamiliesacrosstheworldownsomekindofpet.Thishasconsequentlyincreasedthesalesoffoodproductsforthesecompanionanimals,whichisexpectedtopropeltheglobal pet food marketataCAGRof7.91%intheforecastperiod2023-2030. Aninterestingtrenddrivingthisgrowthisthatofpethumanization,asownersareincreasinglytreatingtheirpetslikefamilymembers.Andthus,petcaretrendsnowmirrorhumantrends,especiallythesoaringdemandforhigh-qualityfood.Also,duetoheightenedawarenessoftheirpets’ nutritionalneeds,ownersarewillingtospendmoreonhealth-focusedandpremiumqualityfoodproducts. PremiumizationTrendunderpinsGrowthProspects Asthepethumanizationtrendgathersmomentumanddisposableincomerises,ownersaremorelikelytosplurgeonluxuriousproductsfortheirpets.AccordingtoFEDIAF,Europeansspentover$20.3billiononpetfood,supplies,andservicesin2021,whichisreflectiveoftheincreasingpetownershipintheregion.IncreasedspendingbybuyersisexpectedtodrivetheEurope pet food marketataCAGRof7.41%overtheforecastperiod. Premiumpetfoodissourcedfromsuperiorqualityingredients,andhashighproteincontenttocaterto thetastebudsandhealthneedsofcarnivoreslikecatsanddogs.Tocatertoitsgrowingdemand,

  2. manufacturersarecomingupwithinnovativeproductsthatarefreeofantibiotics,synthetichormones,artificialcolors&flavors,preservatives,etc.manufacturersarecomingupwithinnovativeproductsthatarefreeofantibiotics,synthetichormones,artificialcolors&flavors,preservatives,etc. Japan-basedInabaFoodsCoLtdisonesuchmarketplayer,whichhasgainedprominenceasoneoftheleadingbrandsofferingpremiumdryandwetcatfood.Furthermore,severalmanufacturershaveexpandedtheirpremiumproductportfoliowithdistinctofferingsforvariousbreeds,kittens,puppies,andlactatingmothers.Organicandveganpetfoods,aswellasgourmetandartisanalpetfoods,havealsoemergedasfavorites,inlinewiththepremiumizationtrend. Physicalv/sDigitalStores:HowareDistributorsCompetingforBuyerAttention? Whilee-commercesiteshavealwaysbeenareliablepurchasingmedium,thepandemicbroughtaboutaparadigmshiftinthewaypeopleshop.Duetotheeasyavailabilityofpetfoodonline,thee-commercedistributionchannelisanticipatedtowitnessthefastestCAGRof8.89%during2023-2030. Inadditiontoconvenienceandcomfort,onlineshoppingallowsbuyerstothoroughlyresearchproductsandcomparecosts&benefitsbeforemakingapurchase.Withthehelpofestablishede-complatformslikeAmazonandChewy,severalpetfoodprovidershavebeenabletoincreasethesalesandsubscriptionsfortheirproducts. However,thishasplacedadegreeofpressureonphysicalpetfoodoutlets,suchassupermarketsandspecialtystores,thuspushingthemtoinnovate.InJune2021,AustralianretailgiantColesrolledouta“self-servedoggytreatbar” atitsphysicalstores,inabidtoattractcustomersinlightofthegrowingonlinecompetition. Thehumanizationandpremiumizationtrendsareencouragingpetownerstoturntoretailstores,especiallypetsuperstores,astheyofferspecializedcareandproductsthatmeetincreasinglysegmented,high-enddemand.Store-baseddistributionchannelsdominatethemarket,withthehighestrevenueof$94947.82millionin2022. CounteringChallengeswithTargetedSolutions Basedona2018-2019studybytheAmericanPetProductsAssociation,anestimated56millioncatsand50milliondogsareoverweight.Thealarmingstatisticsarearesultoffactorslikeoverindulgenceofcertainfoodsandtreats;sedentarylifestylesofownersandtheirpets;inappropriatenutritionaladvicefromveterinarians;andafailuretoacknowledgetheseriousnessofevenslightlyextrabodyfat. However,thelackoftransparencyonnutritionallabelsofproductsisalsoamajorcontributortothegrowingobesityepidemic,whichcancauseseveralchronicillnesses.Inthisregard,therapeuticdietsandnutritionalsupplementsarerecommended,astheirintakeensuresadequatenutrientbalanceforoptimumhealthofpetanimals.Supplementscontainingvitamins,probiotics,fishoil,andevenCBD,arebecomingincreasinglypopular,whichiscontributingtotheglobal animal nutrition marketgrowth. CalltoSustainability– ManufacturersAimtoLowertheirCarbonPawprint Humanizationhasenabledpetownerstohaveamorehands-onapproachtowardstheirfurbabies,whichhasresultedinthembecomingmoreconsciousoftheirpurchasedecisions.Thishasenlargedthespotlightonsustainabilityandcompelledmarketplayerstorethinkallaspectsoftheirofferings,from ingredientsourcingtomanufacturingtopackaging.

  3. Sustainablepackagingisparticularlywitnessinghighdemand.Andrealizingitsgrowthpotential,severalplayersintheglobal pet food packaging markethavestartedofferingsustainablesolutions.Forexample,inNovember2020,US-basedpetfoodgiant,MarsPetcareLtd,announceditsdecisiontoincorporaterecycledpolypropyleneplasticforpackagingsomeofitspopularproducts. Premiumbrandsstandtolargelybenefitfromtherisingethicalconsciousnessandsustainabilitydemandsofpetparents.Asthetrendsofpethumanizationandpremiumizationevolvefurtherintheyearstocome,thecompaniesthatstayinformedandadapttothesechangeswillshapetheoutlookofthepetfoodmarket. FAQs: Q1)Whataretherevenueestimatesfortheglobalmarket? EstimatesbyTritonMarketResearchsuggestthat,theglobalpetfoodmarket,whichwasvaluedat$124579.70millionin2022,willreacharevenueof$227690.72millionby2030. Q2)Whicharethefoodtypescoveredinthemarketreport? Dryfood,wetfood,andotherfoodtypesarecoveredinthemarketreport. Q3)Whicharetheotheranimalsstudiedintheanimaltypesegment? Otheranimalsincludepetslikebirds,rabbits,tortoises,lizards,andfish.

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