Global Pet Food and Snacks Market to Reach Valuation of ~US$ 170 Bn by 2028: Industry Probe

March 19, 2020, Domain: Consumer Goods & Retail

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Pet Food and Snacks Market (Form: Dry Food [Less 500 g, 501 - 950 g, 1 kg - 5 kg, and More than 5 Kg] and Wet Food [Less 500 g, 501 - 950 g, and More than 950 g]; Ingredient: Chicken, Beef, Fish, Turkey, Beet Pulp, Sweet Potatoes, and Others; Pet Type: Dog, Cat, and Others; Age Group: Starter, Adult, and Senior; End User; Individual and Commercial; Price Range: Mass and Premium; Distribution Channel: Online [Company-owned Website and e-Commerce Website] and Offline [Hypermarkets/Supermarkets, Brand Stores, and Specialty Stores]) – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2028,’ the global pet food and snacks market is expected to reach US$ 169.66 Bn by 2028 and expand at a CAGR of 6.5% from 2020 to 2028.

Overview

  • The global pet accessories market was valued at US$ 74 Mn in 2019 and is projected to expand at a CAGR of 6.5% from 2020 to 2028

  • North America held a dominant share of the global pet food and snacks market in 2019, followed by Europe and the Asia Pacific. The Asia Pacific is expected to be a key market for pet food and snacks during the forecast period. An increase in consumer spending capacities, disposable income, number of pet owners, and availability of pet food and snacks market is anticipated to drive the pet food and snacks market during the forecast period.

Driving Factors

  • The rise in the popularity of pet food and snacks is a major factor impacting the growth of the global pet food and snacks market

  • Other factors, such as an increase in disposable income and purchasing power, and high spending on pet health and grooming are expected to accelerate the growth of the global pet accessories market during the forecast period. Socio-cultural changes are also projected to drive the global pet food and snacks market during the forecast period.

  • Strict guidelines and laws for pet safety are expected to increase the demand for pet food and snacks across the world during the forecast period

  • Pet and animal owners are anticipated to invest in improving the safety and health of their companions to a large extent. This factor is likely to propel the pet food and snacks market during the forecast period.

Key Challenges

  • Growing sensitivity toward pets is a key factor restraining the global pet food and snacks market.

Market Preference

  • In terms of form, the dry pet food and snacks segment is expected to witness high demand during the forecast period. As compared to wet pet food and snacks, dry pet food and snacks are most popular among pet owners and available at a low price. This factor is likely to increase the demand for dry pet food and snacks during the forecast period.

  • Based on the ingredient, the chicken segment held a major share of the global pet food and snacks market in 2019 and expected to grow at the fastest rate during the forecast period

  • Based on pet type, the dog segment held a major share of the global pet food and snacks market in 2019. Dogs are preferred as pets across the world.

  • Based on the age group, the adult segment held a major share of the global pet food and snacks market in 2019

  • Based on end-user, the individual segment held a major share of the global pet food and snacks market in 2019

  • In term of the price range, the mass segment is expected to hold major market share and in terms of growth rate, the premium segment is anticipated to grow at the fastest rate during the forecast period

  • In terms of distribution channels, online is expected to be the most attractive segment during the forecast period. Social media also adds to online sales, as consumers often rely on internet learning and blogs about new trends and products.

  • Based on the region, North America is projected to hold a major share of the global pet food and snacks market, followed by Europe and the Asia Pacific. North America dominated the global pet food and snacks market, owing to an increase in pet adoption in the U.S. and Canada.

Competition Landscape

  • The pet food and snacks market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences

  • The report includes below mentioned pointers of major players operating in the food and snacks market:

    • Competition Matrix

    • Company Overview

    • Market Share Analysis (2019)

    • Product Innovation

    • Product Comparison

    • Business Strategies/Recent Developments

      • Technological advancements

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered Under the Scope:

  • Mars, Incorporated

  • Nestle Purina Petcare Company

  • Unicharm Corp

  • Hill's Pet Nutrition, Inc.

  • Blue Buffalo Co., Ltd.

  • WellPet LLC.

  • Diamond Pet Foods, Inc.

  • Tiernahrung Deuerer GmbH

  • NIPPON PET FOOD CO., LTD

  • The J.M. Smucker Company

Research Scope/ Market Taxonomy

Pet Food and Snacks Market – Global Industry Dynamics 2018-19, Trends and Forecast, 2020–2028

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