The pet food market is projected to grow at a CAGR of 3.76% over the forecast period of 2018 to 2024. Pet food is the food material consumed by the pets which are sold either in pet stores or in the supermarkets. Pet food is specific according to the type of animals like dog food or fish food or cat food. Rising disposable income in regions with high pet ownership is increasing the capacity of people to spend on pet food. Moreover, increasing pet humanization across many regions is increasing the demand for quality food products for pets. Availability of a wide range of pet food products with diverse flavors and nutritional values is driving the global pet food market. Strategic mergers and acquisitions by the existing market players and increasing investments in the pet food industry by the private equity firms are further contributing to the market growth. For instance, in April 2017, “I and love and you”, a U.S. based premium dog and cat food brand received a significant growth investment from L Catterton, which is one of the largest consumer-focused private equity firms in the world.
Rising trend of pet humanization.
Availability of a wide range of pet food products.
Increasing awareness about pet health.
Increasing food product recalls.
In January 2019, The Farmers Dog raises US$39 million in the latest Series B from Insight Venture Partners, Shasta Ventures and Forerunner Ventures
In September 2017, Nestle Purina invests nearly Swiss franc 310 million in new US pet food factory Hartwell, Georgia (U.S.)
The major players profiled in the pet food market include Blue Buffalo Co., Ltd., Hill’s Pet Nutrition, Inc., Nestlé Purina PetCare Company, The J.M. Smucker Company, Mars Incorporated, Heristo Aktiengesellschaft, and WellPet LLC among other.
The pet food market has been analyzed through the following segments:
By Pet Type
By Food Type
Frozen and Freeze-dried Food.
By Sales Channel
Middle East and Africa