Pet Food Testing Market Poised for Robust Growth, Reaching $8.18 Billion in 2024 - Global Long-erm Forecast to 2028 and 2033
Pet Food Testing Market
Dublin, Sept. 26, 2024 (GLOBE NEWSWIRE) -- The "Pet Food Testing Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global pet food testing market is witnessing a significant upward trajectory, with projections indicating an increase from $7.63 billion in 2023 to an estimated $8.18 billion in 2024. This growth at a compound annual growth rate (CAGR) of 7.3% is fueled by heightened awareness among pet owners regarding animal health and nutrition, alongside other influential factors such as the rising incidence of food allergies in pets and increased disposable incomes. Moreover, a growing demand for transparency in pet food labeling has further propelled the market's expansion.
Anticipating a Future Surge in Pet Food Testing
Experts anticipate the pet food testing market to continue its robust growth in the coming years, estimating it to reach $10.89 billion by 2028 with a consistent CAGR of 7.4%. Factors contributing to this projected growth include a significant rise in pet ownership, enhanced anthropomorphic views of pets, advancements in providing high-quality packaged pet food, and the evolution of direct-to-consumer sales models. Technological innovations in testing, as well as the integration of blockchain for better traceability, are key trends likely to shape the market landscape in the near future.
Global Insights into Pet Ownership and Veterinary Costs
The growing number of pets adopted for companionship and the accompanying health benefits are key drivers propelling the demand for rigorous pet food safety testing. Statistics reveal a considerable increase in pet ownership, with veterinary costs averaging $362 for dog-owning households and $321 for those with cats, emphasizing the importance placed on the well-being of pets, as well as their dietary safety.
Technological Advancements in Pet Food Testing
The industry is witnessing technological advancements with the introduction of products designed for ensuring food safety. High-profile companies are focusing on development efforts, such as the launch of testing kits that enable rapid and accurate detection of contaminants, ensuring compliance with stringent safety standards. Mergers and acquisitions, like the combination of two major entities in the food safety business, showcase strategic industry efforts aimed at enhancing capabilities and innovation in pet food safety and quality.
Major Market Players and Regional Outlook
A comprehensive list of major market players reflects a diverse and competitive environment, with companies operating on a global scale. North America is currently the largest market for pet food testing, while Asia-Pacific is anticipated to be the fastest-growing region during the forecast period. The industry encompasses a wide array of services, including various forms of testing and analysis, all of which are geared toward ensuring the safety, nutritional adequacy, and overall quality of pet food for the well-being of pets worldwide.
This press release provides insights into the current state and future projections of the pet food testing market, indicating a substantial growth pattern and identifying key factors and trends impacting this vital industry segment.
Key Attributes:
Report Attribute | Details |
No. of Pages | 175 |
Forecast Period | 2024 - 2028 |
Estimated Market Value (USD) in 2024 | $8.18 Billion |
Forecasted Market Value (USD) by 2028 | $10.89 Billion |
Compound Annual Growth Rate | 7.4% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/wkm2ks
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