The global pet food market is quickly returning to its pre-covid levels and further growth is expected, according to a new report.
The ‘2021 Pet Food Market – Size, Share, Competition and Forecasts to 2027’ report has just been added to ResearchAndMarkets.com’s offering.
It provides data and contemporary analysis of the pet food market at a global, regional and key country level, split by different sub-segments of the industry.
And it says a healthy growth rate is expected over the forecast period, driven by a ‘V-shaped’ recovery in most of the developing nations.
Key strategies of pet food companies are identified as showcasing their ‘contactless’ manufacturing and delivery methods, highlighting USP statements, focusing on product packaging and increasing the presence of products on online platforms.
The industry is set to experience a few changes in 2021 due to the increased awareness of consumers in selecting food. This inclination towards sustainable, regenerative, plant-based food and demand for foods and beverages with immunity-boosting ingredients is driving demand for these products and their constituents.
A trend for DIY pet food trend has seen huge momentum during the pandemic, however, and this is expected to continue in 2021.
“Considering the rapidly changing market landscape, companies are changing their perspectives on expanding beyond traditional markets,” the report says. “In addition to focusing on widening applications, introducing new product portfolios, most food and beverage companies are planning to capture domestic and international markets.”
And a fast pace recovery in developing economies will lead to increased disposable income and will support the pet food market demand between 2021 and 2027.
Recent developments in the industry are covered, including mergers, acquisitions, contract awards, licenses, product launches and expansion plans.