A new report from Grand View Research, Inc. has identified new trends and patterns that may expand the global pet food market to be worth $98.81 billion by 2022.
According to the report, the growth may come as a result of a trend towards pet adoption with the expansion of the nuclear family in emerging Asian economies including India, China and Vietnam.
The pet food market is also growing in Europe, as people are more commonly adopting pets and starting to see pets as family members.
A rising need for nutritious, healthy and organic food because of increasing awareness of pet health is another factor expected to augment demand.
Additionally, increasing life expectancy in both humans and pets is expected to fuel demand over the forecast period.