News Global Pet Food Market Sees 4 2 Growth

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Global pet food market sees 4.2% growth
29th August 2012

The global pet food market is expected to be worth $74.8 billion (£48.7) by 2017, according to a new report from Transparency Market Research.

The market was valued at £58.6bn last year with growth projected at 4.2% between 2011 and 2017.

North America is expected to remain the largest regional segment for the pet food industry in terms of revenue generation, accounting for around 40% of the total revenue.  But Asia Pacific will be the fastest growing segment due to growing trend and increasing importance of pets in homes.

The North American market for pet foods was valued at $21.7bn in 2011 and expected to witness growth in 2012 and reach $ 22.4bn this year.

The European market is the second largest consumer of pet foods and is expected to grow at a rate of 4.4% from 2011 to 2017.

Worldwide market for pet foods is segmented as dry food, wet/canned food, nutritious food, snacks, and others.  According to the Transparency research, dry food is the largest segment of the market, accounting for around 39% of the total. 

Snacks/treats are the second largest consumed pet food, accounting for about 21% of the global market share. Wet/canned food and nutritious food is the smaller pet food segment, accounting for only 7% and 3% market shares respectively.

Browse the full report at http://www.transparencymarketresearch.com/pet-food-market.html