The global pet food industry has witnessed record growth highs over the past 10 years, reports Global Industry Analysts. The pet food sector is among the fastest-growing sectors within the food industry. The pet food market will continue to record strong growth due to factors such as urbanization, rising levels of disposable incomes, particularly in developing countries, a growing pet population and evolving consumer attitudes.
Consumers are becoming increasingly aware of the health benefits of a nutrient-dense diet not only for themselves but also for their pets. This trend has fuelled market growth in the organic pet food segment and points to vast potential for pet food manufacturers ready to adapt to meet changing consumer demand for healthier food products.
Dry pet food represents a larger segment than wet pet food, in large part due to the lower prices of dry food products, reports Global Industry Analysts. In developed markets, dry pet food demand continues to rise due to its convenience and better pricing as well as consumer awareness as to the health advantages of dry food over wet food.
Fresh pet food is benefiting from increasing consumer awareness as to the health benefits of fresh food. Pet owners are opting for fresh food to encourage optimal pet health. Fresh food is not exposed to high heat during the production process, boosting the food’s natural nutritional content. Raw diets are promoted for their ability to lessen allergies and as a way of treating gastrointestinal ailments. Demand for fresh pet food is also being fuelled by product innovation facilitated by technology advances. Other factors driving fresh pet food market growth include consumer concern regarding food safety following pet food recalls, convenience and strong growth in the natural/organic market segment.
Leading players operating in the global pet food market include Royal Canin, Nestle Purina, Mars, Procter and Gamble,...
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