Pet Food Market
The global pet food market is anticipated to expand at a rate of 5.20% during 2020-2027. The increasing awareness of feeding pets with packed and exclusive pet food and the surge in pet parenting has raised the pet food market size.
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Pet Food Market Dynamics
The major forces steering the growth of the global pet food market include the remarkable switch in the consumer’s choice to choose for grain-free and vegan pet food products. The accelerating expendable income of the middle-class population has raised the total disbursement on pets. In addition, the pet food market research report projects that with the growing trend of adopting pet and the increasing agitation towards health of the pets, the pet owners are seeking for a healthy of their animals. Nearly 95% of the pet owners assume their pets as a part of their family, thus they are focussing on the importance of quality in the pet food. In parallel, the accelerating disposable income of middle-class population has raised the overall expenditure on pets.
The pet food products include fruits, chicken meal, lamb meat, and vegetables, which helps to improve the colour, texture, and flavour of the food items. Thus, all these features will persuade pet owners to choose for pet food items. In addition, as per the pet food market analysis, the easy accessibility of pet food products across several platforms such as supermarkets, online stores, and retail shops will further bolster the market growth. Various market players are emphasising on product innovations, such as the launch of grain-free pet food and vegan food items to cater for the robust demand among pet owners.
Regional Drivers
By region, the North American region is likely to seize the largest share in the overall market during the forecast period. This is attributed to the increasing knowledge regarding the exceptional benefits offered by the pet food products and the rising trend of pet humanization. Furthermore, the evolving tendency of adopting pets, primarily among the millennials will further raise the pet food market share.
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