A report by Grand Review Research, Inc. announced a projected increase in the global pet food market to $99 billion by 2022.
A recent report by Grand Review Research, Inc. (San Francisco, CA) described the factors driving the increased demand and growth within the global pet food market through the year 2022.
Valued at an estimated $71 billion in 2014, the global pet food market is predicted to grow nearly 40% by 2022, reaching an unprecedented $99 billion. The report highlighted several factors contributing to this growth:
To develop this report, Grand Review Research, Inc. conducted extensive data mining from the supply and demand sides of the global pet food market. On the supply side, data were collected from such sources as manufacturers, product suppliers, and trade and government publications. Sources on the demand side included consumer surveys, mystery shoppers, and case studies.
For the report, the pet food market was divided into three areas of analysis: product type (dry food, wet/canned food, nutritious food, snacks/treats, others), application (dogs, cats, other pets), and global regions (North America, Europe, Asia Pacific, and rest of the world). Industry insights were also included in the report.
Dry pet food continues to be the dominant product type in the market. However, because pet owners have become increasingly concerned about obesity and other diseases (eg, diabetes, high blood pressure), nutritious foods are expected to have the fastest growth rate among product types; this will likely slow the growth rate of snacks/treats.
Dog food is expected to continue predominating within the pet food market. This is not surprising, given dogs’ popularity as household pets. The report indicated the rise of urbanization and larger amounts of disposable income as reasons for increased pet ownership and subsequent increased demand for dog food.
The Asia Pacific region is expected to have the fastest growth rate among global regions evaluated in the report. Reasons for this growth include the growing demand for pet food, availability of low-cost pet food products, and product innovation.
In Europe, where the pet food market reached nearly $16 billion in 2014, continued growth is expected due in large part to increased rates of pet ownership; Europeans are adopting more pets for companionship and seeing them as family members. Notably, in 2014, Europe made up the largest volume share of the pet food market, with North America a close second.
The pet food market is an oligopoly, meaning a few major players dominate. Some of the major players are Nestle SA, Mars Inc., and Colgate-Palmolive Co. According to the report, Mars Inc. and Nestle SA comprise 55% of the pet food market share. Competition is high among brands, which all invest heavily in research and development to produce new and innovative pet food products.
Dr. Pendergrass received her doctorate in veterinary medicine from the Virginia-Maryland College of Veterinary Medicine. Following veterinary school, she completed a postdoctoral fellowship at Emory University’s Yerkes National Primate Research Center. Dr. Pendergrass is the founder and owner of JPen Communications, LLC.