"Overview of Pet Food Processing market"
Pet Food Processing Market Valued US$ XX Bn In 2018 and It Is Estimated To Reach More Than US$ 5.8 Bn By 2024, Likely To Exhibit A CAGR Of 5.2 % During The Forecast Period
Pet food processing can be defined as the stages involved in the production of pet foods. Some of the major factors driving the growth of global pet foods include premiumization of pet food products, the rising trend of pet adoption, and rising awareness towards pet health.
Rising Awareness towards Pet Health is driving the demand for Pet Food Processing Market
The pet food processing market has shown commendable growth since the last few years and is projected to show significant growth in the coming years. The regional and international governments have taken initiatives to promote healthy and safe pet food processing to improve pet’s health across the globe. According to FDA the pet food should be as pure and healthy as the human foods are. Owing to the rising concern about pet health, the demand for transparency while buying pet foods has been increased. In addition, the pet owners are focused on providing healthy food to their pets which maintains urinary tract health and contains low magnesium. In order to cater the demand of consumers, enterprises are focused on research and development activities in order to maintain the quality of the food. This in turn anticipated to fuel the growth of the global pet food processing market during the forecast period.
Dogs Segment held a significant share in the Global Pet Food Processing Market in 2018
Based on pet type, the dog's segment dominates the global market, accounting for a significant share in 2018. Dominance can be attributed to the inclination of consumers towards dogs for security and companionship, and the rising number of nuclear families. Since dogs require several kinds of nutrients to lead a healthy life, the owners are investing in healthy food which fulfil the need of these nutrients to keep them healthy. This in turn creating new growth opportunities for the segment.
Dry Segment Is Projected To exhibit Highest CAGR During The Forecast Period
On the basis of form, the dry form is expected to show significant growth rate over the period of a research study. The growth can be attributed to the advantages associated with it such as easy to carry, lesser cost, and east in purchasing in bulk.
North America dominated the global market by holding around 32% share in the Global Pet Food Processing Market in 2018
In terms of region, North America dominated the global market by holding a significant market share in 2018. The region accounted for 32.17 % market share in 2018. The dominance can be accredited to the acceptance of pets as family members across the region. According to the National Pet Owners Survey conducted by the American Pet Products Association “67% of U.S. households i.e. about 85 million families, own a pet”.
Whereas, Asia Pacific is projected to show highest compound annual growth rate of 5.8 % between 2018-2024. This is mainly due to increase in pet ownership in Asia countries including Australia, Japan, China, and India. Europe and Middle East is expected to show considerable growth in coming years.
Key Players are getting into Mergers & Acquisitions to expand their Geographical Reach
The global pet food processing market is highly competitive as the market is fragmented with multiple regional and global players. The companies are doing high investments in research and development activities in order to achieve technical competence. Also, the companies are focused on expanding their sales and marketing channels in order to enhance their customer base. The companies are expanding their facilities with the help of strategic merger and acquisition.
For instance, in February 2019 Symrise announced that they are planning to acquire American Dehydrated Foods/International Dehydrated Foods, one of the leading suppliers for natural ingredients used in pet foods. This acquisition is aimed at straitening their pet food segment.
In January 2018, Cargill announced to acquire Pro-Pet, Ohio based producer of Black Gold premium dog food. The acquisition is intended to expand Cargill’s animal nutrition business segment.
Some of the prominent players operating in global pet food processing market include Mars Petcare US Inc., Heristo Aktiengesellschaft, The Procter & Gamble Company, Blue Buffalo Co., Ltd., Big Heart Pet Brands, WellPet LLC, Nestle Purina PetCare, Tiernahrung Deuerer GmbH, Diamond Pet Foods, Hill’s Pet Nutrition, Nutriara Alimentos Ltda, The Nutro Company, Mogiana Alimentos SA, Devenish Nutrition Ltd., Spectrum Brands/United Pet Group Tuffy’s Pet Foods, Inc., Nisshin Petfood Inc., Canine Caviar Pet Foods, Simmons Pet Food, Inc., and NUTTSABOUTPETS.
Pet Food Processing Market by Form
Pet Food Processing Market by Food Processing Equipment
- Mixing & Blending Equipment
- Forming Equipment
- Baking & Drying Equipment
- Coating Equipment
- Cooling Equipment
Pet Food Processing Market by Application
Pet Food Processing Market by Sales Channel
- Specialized Pet Shops
- Internet Sales
- Others (Grocery Stores, Non-Grocery Stores
Pet Food Processing Market by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America