The global Pet food market is project to grow to $128 billion
The global pet food market was worth US$ 98.3 Billion in 2018, growing at a CAGR of 5.3% during 2011-2018. The market is further projected to reach a value of US$ 128.4 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
Over the years, the growing number of pet-owners has resulted in an extensive demand for pet food. Research and studies conducted by the manufacturers have also increased their knowledge of pet nutrition. In-line with this, they are now offering products which ensure palatability and meet the nutritional requirements of pets.
Moreover, several pet food associations and federations have introduced strict legislation for the manufacturers to produce safe and high-quality pet food.
As pet food helps in combating skin allergies and infections as well as improving the overall health and life expectancy of pets, the owners are increasingly looking for pet food products that address these health concerns. Manufacturers are also introducing products specific to the breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and owners.
Apart from this, pet food companies are developing organic variants which are made using ingredients that are grown without the use of pesticides, synthetic fertilizers, hormones or antibiotics. This has increased consumer’s interest in natural formulations, thereby increasing the potential of the companies to further diversify their offerings.
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