The global pet food market reached a value of nearly $74,554.1m (£56,353.54m) in 2019, with the biggest 10 players making up 60% of the total market.
The market increased at a compound annual growth rate of 2.7% from 2015 but is thought to have grown more slowly this year (1.26%) to $75,494.8m, mainly due to lockdown and social distancing and economic slowdown across the world owing to the covid-19 outbreak and the measures to contain it.
It is then expected to rally and grow at a CAGR of 5.6% from 2021 and reach $88,478.1m in 2023, according to the latest report from ResearchAndMarkets.com
“Growth in the historic period resulted from increased pet spending, increased pet ownership by gen z and gen y adults, and emerging markets growth,” the ‘Pet Food Global Market Opportunities and Strategies to 2030: Covid-19 Impact and Recovery’ report says. “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 an increase in stockpiling of pet food, increasing feeding of stray animals and other abandoned pets, and increasing demand for pets will drive growth, the report predicts.
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 10 competitors in the market made up to 60% of the total market in 2019, including Mars, Nestlé and Colgate-Palmolive.
The overall global animal and pet food market, of which the pet food market is a segment, reached a value of nearly $306,273.2m 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 $388,259.0m by 2023.
The top opportunities in the pet food market segmented by type will arise in the dog food market segment, which is forecast to gain $9,2415m in 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 $13,751m globally by 2023.
The top opportunities in the dog food market segmented by type will arise in the dry dog food market segment, which is set to yield $3,973.8m 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, the report predicts, gaining $2,039.5m 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 is forecast to reach $148.2m of global annual sales by 2023.
For more information about this report visit www.researchandmarkets.com/r/22c8ob