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Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

ReportLinker
·5-min read

The global pet food market was estimated at USD 96,893 million in 2020 and is projected to register a CAGR of 4. 8% during the forecast period. On one hand, COVID-19 exerted a negative impact on the supply chains.

New York, March 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06030462/?utm_source=GNW
Owing to the restrictions in the movement of raw materials, the pet food industry suffered initially in terms of supply and cash flow. On the other hand, demand for the pet food segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown. To address this demand, the players in the market have shifted their focus from retail stores to e-commerce platforms by increasing their investments in developing their own websites.

In 2020, North America held the largest share of the market studied and accounted for around 37.6% of the overall market. The pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world’s largest pet food markets are the United States, the United Kingdom, France, Brazil, Russia, Germany, and Japan. The pet food market in the United States showed continuous growth in 2019, despite the maturity and due to the impressive scope of the pet food industry. In 2019, a continued surge in pet product e-commerce delivered modest gains, while the overall market was strengthened by the phenomenal growth in pet food sales through mass channels.

Over the long term, the premiumization and humanization trends are expected to remain the key drivers for the market growth during the forecast period. Due to the rising pet humanization trend worldwide, there is a growing interest of pet owners over their pet health and nutrition, which in turn is expected to boost the sales of organic, premium, and custom-made products over the study period.

Key Market Trends
Rising Trend of Pet Humanization

Globally, pet humanization has received a lot of attention in mainstream media over the recent past. The shift from pet ownership to pet parenting has been a very crucial and defining trend in the pet food market, more so in the developed countries. Over one-third of the households in the developed countries own a pet. A study conducted by the American Pet Products Association (APPA), under the National Pet Owners Survey (2019-20), revealed that more than 85 million households in the United States had one or more pets, the majority of them being dogs. Thus, increasing pet humanization is anticipated to drive the pet food industry.

As a part of this pet humanization trend, nowadays, pets are considered a part of the family. The growing bond between pet owners and their pets shapes consumers’ willingness to spend more on pet food. Consumers are now becoming aware of their pet’s health and are buying pet food rich in nutritional value for the betterment of their beloved pets. Nowadays, pet owners are not just looking for basic food products but also for pet consumables that are locally produced and natural or have specific health benefits.

Additionally, the pet humanization trend has led to increased health consciousness and has generated demand for pet food free from sugar, grain, dye, and other chemical additives. Hence, with the emerging pet humanization and premiumization trends, the pet food demand is expected to grow further in the coming years.

North America Dominates the Market

Increasing pet humanization and pet ownership, the emergence of private label store brands, and growing urbanization accompanied by increased disposable incomes are some of the major driving forces propelling the North American pet food market’s growth. The market is driven by heavy influences from human nutrition, driving research toward better and safer food for pets with high nutritional and dietary benefits. Additionally, locally-sourced products and ethically-sourced products are propelling the market, as the local manufacturers are expanding their presence in the domestic market. According to the American Pet Products Association (APPA), national pet owners survey 2019-20, 63.4 million households own dogs as pets, which is about 74.6% of the country’s total pet-owning households. This, accompanied by the dog owners’ rising focus on purchasing healthy and nutritious food for their pets, is helping to drive the sales of different types of dog foods in the country.

Pet owners are showing preference toward functional treats compared to other treats as the former offer additional health benefits to their pets. Owing to this trend, major players in the market are developing new functional treats to meet the pet owners’ demand. For instance, in 2019, Hill’s Pet Nutrition launched its new range of functional dog treats specifically designed to maintain dogs’ weight, mobility, food allergies, and dental problems.

Competitive Landscape
The global pet food market is consolidated with the top global players occupying a major share in the market. The competition in the market is driven by consumer loyalty. Since pets often crave for the same brand of food that they are used to during any particular growth stage, gaining market share of competitors is very tough in this market. The major players in the global pet food market are: Mars, Inc., Nestle Purina Petcare Company, Colgate-Palmolive Company (Hill’s Pet Nutrition, Inc.), The J.M. Smucker Company (Big Heart Pet Brands, Inc.), and Blue Buffalo Pet Products, Inc., among others.

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Read the full report: https://www.reportlinker.com/p06030462/?utm_source=GNW

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