The global pet food market size is projected to reach $98.81 billion by 2022, according to a new report by Grand View Research, Inc., exhibiting a 4.3 percent CAGR during the forecast period. The rise in the number of people taken in pets is expected to be a major driving factor over the coming years.
Increasing number of nuclear families in emerging economies of Asia Pacific, particularly India, China, Vietnam and Indonesia, has resulted in the growing trend of pet ownership and this is expected to drive market growth over the forecast period. Rising need for nutritious, healthy and organic pet food on account of increasing awareness regarding animal health is expected to augment market demand.
Increasing life expectancy across the globe has led to older generation getting pets to guide them through routine chores; this is expected to fuel pet food demand over the forecast period. Innovation in specialty, premium and gourmet pet food products and packaging techniques is expected to propel growth in larger markets of U.S., Europe, and Japan.
Natural and organic products were once a niche segment in the industry; however, major food manufacturers are now getting in on the trend, which Grand View Research says is likely to have a positive impact on the market over the forecast period.
Further key findings from the report suggest:
- Demand for dry products is anticipated to exhibit a CAGR of 2.5 percent in terms of volume from 2015 to 2022 owing to handling convenience. It does not require special handling and can be stored easily.
- The wet/canned segment is projected to expand at a CAGR of 4.9 percent in terms of revenue over the forecast period due to increasing demand for products with high water content.
- Demand for dog products is predicted to rise at a CAGR of 2.7 percent in terms of volume from 2015 to 2022 on account of rising trend of dog ownership across the globe.
- In 2014, approximately 83.3 million dogs were taken in as pets in U.S. Demand for dog food is expected to rise at a CAGR of 2.5 percent, in terms of volume, over the forecast period.