ID: MRFR/AGR/0996-HCR | February 2021 | Region: Global | 120 pages
The Pet Food Market is likely to enjoy the limelight during the forecast period owing to its ability to bring a gradual shift on the dependence of the target audience in the dairy industry. Pet food provides the same nutrients that are offered by dairy products consumed by humans and maintains a good and reliable level of environmental sustainability while catering to the vibrant needs of the target audience.
The Pet Food Market Trends is projected to garner a revenue of USD 138421.9 Million by 2027, registering a CAGR of 6.10% during the forecast period of 2020 - 2027.
Covid 19 Analysis
The arrival of the pandemic was like an unwanted surprise that has brought along a series of disruptions and distress for all the underdeveloped, developing, and developed economies across the global locations. One of the major reasons behind this is the unpreparedness of the people to deal with the lifestyle changes that have been accelerated during the pandemic outbreak that hit various geographies across the globe in late 2019 and 2020. The pandemic hit the lives of people in such a way that the growth stood still and the rise in unforeseen circumstances led to a disruption in the demand graph and further, resulted in spilling a negative impact on the smooth functioning of the supply chain mechanism in the Pet Food Market. Some of the prominent players were unable to bear the wrath of the situation and hence, gave up by shutting their businesses. The sudden shutdown of various departments and market services has developed concerns regarding the sustainability and chances of the growth opportunities that will help in returning to normalcy and give rise to the production standards.
However, to help the Pet Food Market overcome such an uncertain time that is prevailing globally, the global government is raising its investment in the research and development sector that will help the market players overcome the disrupted demand and supply schedule and opt to initiate new trends. This will help in providing the target audience with a variety of market services and products with innovation and creativity to choose from. Also, the prominent market players are moving towards a better degree of innovation and creativity that will help in enhancing the scale of operations and provide opportunities to grow in the international market.
Based on the survey conducted by the US National Library of Medicine, approximately 65% of the global audience has lost their ability to digest lactose that is one of the major parts of dairy products and substances. Sometimes, due to bad eating habits and a laid-back attitude, pets tend to suffer from issues like calcium deficiency, and lack of vitamins and proteins in the body. Lactose intolerance is one of the important issues that is reporting 10 million cases each year and hence, the market operations stand a better chance of increasing their sales during the forecast period.
One of the major issues that are likely to be faced by the pet food market growth during the forecast period is the resistance of people to opt for pet market products owing to the fear related to contracting similar digestive problems. Also, lack of awareness regarding the benefits of pet products and their ability to meet the nutrition content demand by the body is an underestimated factor that might pose growth challenges for the market trends during the forecast period that ends in.
With the rising cases of lactose intake with each passing year, there is a gradual need for the development of food alternates that will help to maintain the protein and nutrient level in the body and falls within the affordability limit of the consumers, especially, when the purchasing power of consumers has been hampered due to the arrival of the pandemic. Creative advancements and skillful use of sticks in a variety of food items promise good and positive attributes for the market especially during the forecast period.
To understand the functioning of the market segments and their ability to meet the needs of the target audience, it is important to have an idea about the kind of market segments. The pet food market share has been segmented based on the following:
The APAC region is expected to hold the largest market share based on the pet food market analysis for the period. One of the major reasons for the same is the recognition of various pet bean products like candies and sticks that has all the essential proteins and nutrients and emerges as a perfect fit for pets that require amino acids to get rid of muscle repair in case they get hurt while playing or performing.
The prominent players of the pet food market are as follows:
With the pandemic year of 2020 as the base year, the report has discussed the features and drivers that will create growth opportunities for the market by the end of the forecast period. The report aims to highlight the potential of the Pet Food Market players and segments to meet the needs of the target audience and also, earn revenue at promises a good market value by the end of the period.
Frequently Asked Questions (FAQ) :
Pet food market valuation would be USD 138421.9 Million.
Pet foor market would grow with 5.4% CAGR during the forecast period.
The rising awareness regarding nutrition for pets would drive pet food market ahead.
North America would lead pet food market.
Asia Pacific would register the highest pet food market growth.