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Apr 12, 2022, 04:45 ET
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NEW YORK, April 12, 2022 /PRNewswire/ — The pet food market share is expected to increase by USD 36.11 billion from 2019 to 2024. Moreover, the growth momentum of the market will accelerate at a CAGR of 7% during the forecast period.
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Pet Food Market Driver:
The growing demand for organic pet food is driving the growth of the pet food market. Organic and natural food is becoming a popular choice among pet owners. The global market for organic pet food is growing at a high rate owing to the increasing focus on pet health and wellness, along with the pet humanization trend. Organic pet food has health benefits such as a reduction in skin allergies and ailments, fewer digestive disorders, and better overall health. Hence, many players operating in the global pet food market are launching and selling organic pet food varieties.
Major Five Pet Food Companies and their Offerings:
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Pet Food Market Product Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Distribution channel Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Type Outlook (Revenue, USD bn, 2019-2024)
Pet Food Market Geography Outlook (Revenue, USD bn, 2019-2024)
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Revenue-generating Product Segments:
The pet food market share growth by the dry food segment will be significant during the forecast period. The consumption of dry pet food is higher than that of wet pet food. Its associated benefits include easy storage and transportation, maintenance of oral hygiene in pets, and controlled intake of food.
Regional Analysis:
North America will account for 33% of the market’s growth during the forecast period. The large interest in pet ownership in countries such as the US, Canada, and Mexico will drive the pet food market growth in North America during the forecast period.
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Pet Food Market Scope
Report Coverage
Details
Page number
120
Base year
2019
Forecast period
2020-2024
Growth momentum & CAGR
Accelerate at a CAGR of 7%
Market growth 2020-2024
USD 36.11 billion
Market structure
Concentrated
YoY growth (%)
7.24
Regional analysis
APAC, Europe, MEA, North America, and South America
Performing market contribution
North America at 33%
Key consumer countries
China and Japan
Competitive landscape
Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled
Blue Buffalo Co. Ltd., Colgate-Palmolive Co., Mars Inc. Nestlé SA, Schell & Kampeter Inc., Spectrum Brands Holding Inc., Thai Union Group Plc, The J.M. Smucker Co., Unicharm Corp., and WellPet LLC
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of Contents
Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Distribution channel
Market Segmentation by Type
Customer landscape
Geographic Landscape
Drivers, Challenges, and Trends
Vendor Landscape
Vendor Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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