Major companies in the market include Cargill Incorporated, Nestle S. A. , New Hope Liuhe Co. Ltd. , Charoen Pokphand Foods PCL, Bunge Limited, Diamond Pet Foods Inc. , Mitsui, CJ Cheiljedang Corp, Land O’Lakes Inc, and J.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Animal And Pet Food Global Market Report 2022" - https://www.reportlinker.com/p06284455/?utm_source=GNW
M. Smucker Company.
The global animal and pet food market is expected to grow from $348.7 billion in 2021 to $386.7 billion in 2022 at a compound annual growth rate (CAGR) of 10.9%. The market is expected to grow to $562.14 billion in 2026 at a compound annual growth rate (CAGR) of 9.8%.
The animal and pet food market consists of sales of animal and pet foods by entities (organizations, sole traders, and partnerships) that produce food and feed for animals and pets from ingredients, such as grains, oilseed mill products, and meat products.
The main type of animal and pet food is pet food and animal food.Pet food is a specialty food, used to feed domesticated animals and that is formulated according to their nutritional needs.
The various type of ingredients are animal derivatives, plant derivatives, synthetic and distributed through various channels such as supermarkets/hypermarkets, convenience stores, e-commerce, Other Distribution Channels.
Asia Pacific was the largest region in the animal and pet food market in 2021.Western Europe was the second-largest in the animal and pet food market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The animal and pet food market growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the animal and pet food market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and spread globally including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the animal and pet food market will recover from the shock across the forecast period as it is a ’black swan event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Pet food manufacturing companies are using automation technologies such as advanced production lines and software solutions to improve safety and operational efficiency.These technologies automate formulation, extrusion, batching, drying, coating, and liquid delivery processes.
This results in cost-effective processing and consistent product quality.For example, Champion Petfoods, a Canadian producer of pet food, has video-monitored production lines, with cooking processes connected through Rockwell hardware and software systems.
It also uses bulk bins and conveying systems, votator heat exchangers, and advanced extrusion and drying systems.United Pet Group’s pet food manufacturing plant in St.
Louis used FactoryTalk software from Rockwell Automation to reduce overtime by 10% and increase labor efficiency by 15%.
The countries covered in the animal and pet food market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
Read the full report: https://www.reportlinker.com/p06284455/?utm_source=GNW
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