Europe Occupies the Second Largest Share in the Global Pet Food Market After North America
The
global pet food market is anticipated to witness a stable growth in the coming
years due to major factors like transformation in lifestyle, rise in numbers of
nuclear families, rising disposable income of people, increasing trend of pet
humanization among many others.
Request to Get the Sample
Report@ https://www.psmarketresearch.com/market-analysis/pet-food-market/report-sample
The
dry pet food held the largest market share in the global pet foods market, followed by
snacks and treats, and wet foods. Manufacturers in the global pet food market
are becoming increasingly responsive towards demand for better quality
standards and healthier products owing to rising concern of pet owners to
provide their pet with foods with high nutrition level.
Geographically,
North America dominates the global pet food market and is expected to grow at a
consistent pace. According to American Pet Products Association, the total pet
care industry expenditure in the U.S. was $58 billion in 2014 which is expected
to increase exponentially in the coming years. The total expenditure in the U.S
pet food industry is expected to be $23 billion in 2015 increasing from $22
billion in 2014. Europe occupies the second largest share in the global pet
food market after North America.
Asia
Pacific is the fastest growing pet food market which can be attributed to
factors such as under-penetrated market structure, growing disposable incomes,
and rising numbers of nuclear families. Pet adoption is emerging as one of the
symbols of social status in Asian countries which has been favorable for the
pet food market in the region. This has also led to significant increase in
investment from the global pet food manufacturers in the region.
The
major vendors in the global pet food market include Mars Inc., Colgate-Palmolive
Co, Nestlé and Del Monte Pacific Ltd, Agrolimen SA, Barking Heads, Diamond Pet
Foods Inc., and Vitakraft AG. Nestle dominated the cat food market in North
America, followed by Mars. On the other hand, Mars held the largest share in
the dog food market in the region. Colgate Palmolive and Blue Buffalo are the
other major players for cat and dog food market in the region.
Comments
Post a Comment