Pet Food Market: Introduction
A recent study published by Transparency Market Research on the pet food
market includes global industry analysis and opportunity assessment for
2019-2029. Revenue generated from the global pet food market is
estimated to be valued at ~US$ 97 Bn in 2019 and
is projected to expand at a CAGR of ~6%, to reach US$ 168.3 Bn by 2029.
Organic and Plant-based Food Products Gain Traction
Pet owners, especially those who are vegetarian prefer feeding
plant-based or vegan food to their pets. Moreover, pet owners often groom and
feed pets with food that has adequate amount of nutrients in them. Consumers
have become more conscious than before about their pet food and ingredients
incorporated in them. Natural and organic options are becoming popular. Pet
owners often look for similar attributes in pet food. Customers expect pet food
to be made without artificial colors, preservatives or flavors, synthetic
hormones, toxic pesticides or antibiotics.
In order to capitalize on prevailing trends, manufacturers are launching
a wide range of organic as well as natural food products. For instance, the
company, Kroger, offers all-natural pet food, which is protein-rich and has
vegetable content.
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High Demand for Clean Label Products to Create
Opportunities
Growing empathy toward a pet is fueling the demand for premium pet care
products. Along with this, increasing focus on health and wellness of pets is
one of the primary reasons encouraging pet owners to spend more on pet care,
which, in turn, is fueling the demand for pet food across the globe. The clean
label movement is a result of consumer demand for transparency. The main aim of
the clean label movement is to maintain transparency of food and feed products
among consumers. Increasing awareness about pet food and nutrition have boosted
the market for clean label products. These days, pet owners have become more
conscious about what they are buying for their pets. Due to this, the demand
for clean label products is increasing around the world.
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Presence of Online Giants Boosts Private Label
Rising penetration of e-Commerce websites is boosting the pet food
market. The expansion of electronic media is proving beneficial for pet food
sales. e-Commerce provides a very wide range of products on the same platform.
With the help of e-Commerce, a product can be easily delivered to a costumer.
Thus, manufacturers should expand their global business via e-Commerce.
For Instance-
·
In 2108, Amazon, aiding to its e-Commerce section, launched
a private label of pet food called Wag, which is especially available for
Amazon Prime subscribers. It is gaining traction among customers in the U.S.
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Pet Food Products with HALAL and KOSHER
Certifications to Witness High Demand
Quality certification is expected to soar high in the competitive pet
food market. Quality certification plays significant role, as it ascertains
quality and quantity of the product offered. Quality certifications help in
maintaining the grade of the food. Therefore, consumers easily trust products,
which are approved by regulatory bodies, such as GFSI, ISO, FSSAI, FDA,
HALAL, and KOSHER. These certifications ensure product
quality through certain laboratory tests. HALAL and KOSHER certifications
are especially for particular communities, ensuring that the certified beef or
pork-related products are fit for consumption as per their ethical laws.
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About Us
Transparency Market Research (TMR) is a global market intelligence
company providing business information reports and services. The company’s
exclusive blend of quantitative forecasting and trend analysis provides
forward-looking insights to thousands of decision makers. TMR’s experienced
team of analysts, researchers, and consultants use proprietary data sources and
various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of
research experts so that it always reflects the latest trends and information.
With extensive research and analysis capabilities, Transparency Market Research
employs rigorous primary and secondary research techniques to develop
distinctive data sets and research material for business reports.
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