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Budding no-kill shelters and pet adoption worldwide is Anticipated to Boost Pet Food Market Demand

HYDERABAD, TELANGANA, INDIA, November 14, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Pet Food Market size is estimated to reach $142.3 billion by 2027, growing at a CAGR of 5.1% during the forecast period 2022-2027. Pet food is widely demarcated as animal feed which falls under the category of specialty foods made just for the consumption of domestic animals. Specialty animal feed mainly includes dog food, cat food, fish food, bird food, hypoallergenic dog food, dry pet foods, Veterinary Diet, and others. These foods are a sound source of energy and proteins for pets. However, many canines are allergic to certain foods which include dairy products, gluten, chicken eggs, beef, and many more. Consumption of such products forces a reaction between antibodies and antigens, therefore, leading to an adverse impact on the pet’s health. That is why recently hypoallergenic dog foods have come to the foreground. These foods offer a multiplicity of exclusive protein sources which impede their recognition by antibodies as toxic foreign substances and eventually curtail the adverse reactions. Pet foods are commonly derived from plants and cereals grains and are easily available in convenience stores and other modern retail outlets which include supermarkets and hypermarkets. The pet food market outlook appears exceptionally fascinating and is attributed to accruing trend of adopting pets throughout the globe. The heightening trend of nuclear families is a major reason driving people to buy a pet to overcome their loneliness. On another hand, growing per capita income, investments in the retail sector, and western influence in many Asian countries are the factors set to drive the growth of the Pet Food Market for the period 2022-2027. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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https://www.industryarc.com/Research/Pet-Food-Market-Research-511141

Key takeaways:

1. Geographically, the North America Pet Food Market accounted for the highest revenue share in 2021. However, Asia-pacific is poised to dominate the market over the period 2022-2027.

2. With the prevailing work-from-home trend many people got an opportunity to buy and look after a pet, enlarging problem of depression and loneliness is said to be a preeminent driver driving the growth of the Pet Food Market.

3. Whereas, vulnerable demand and supply chain due to widespread lockdowns is said to reduce the market growth.

4. Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Pet Food Market report.

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Segmental Analysis:

1. According to a pet ownership statistic published in 2021, there were around 470 million pet dogs throughout the globe. Moreover, the South American country, Brazil has several small dogs if we compare per capita wise to other parts of the world. Besides being docile, dogs are extremely helpful in averting theft incidents. Nevertheless, the cat segment is estimated to be the fastest-growing with a CAGR of 6.3% over the forecast period 2022-2027.

2. Moreover, the upsurge in up-to-the-minute retail outlets such as supermarkets/hypermarkets especially in developing countries, and the convenience of such facilities as they extend the one-stop solution to busy consumers are the prime factor behind the growth of the offline segment. However, the online segment is estimated to be the fastest-growing segment with a CAGR of 6.6% over the forecast period 2022-2027.

3. The Pet Food Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as GDP per capita income of countries like Canada and the U.S., and excessive adoption of pets as compared to other parts of the world.

4. The trend of adopting dogs from shelters is enlarging in the US and the number has reached 58% in 2020 with a comparative 5% jump from the previous year. American Pet Products Association survey claimed that more than 60% of homes in the US have a pet. Besides all these, American culture is more inclined toward nuclear families which prompts many people to buy a pet in order to cure loneliness and spend time.

5. With more funds government and donations from people, the number of no-kill shelters in the U.S. has doubled in the last 5 years. The U.S. has more than 5,300 as of now. According to a report, every year around 3 million dogs and cats set their feet in these animal care facilities. Therefore, rather than going for breed dogs, many people prefer to buy from shelters in order to confer them a fair 2nd chance to have an improved life.

6. Considering the eventful lives of people and the growing trends of nuclear families millions of people are buying pets in order to deal with the feeling of loneliness that has descended upon them. Moreover, with rising depression problems, and the need to have a companion many people are choosing to buy dogs and cats. In 2021 around 270-280 million people were estimated to have depression. A few years back Human-Animal Bond Research Institute conducted a survey where around 74% of the respondent who had a pet retorted that having a pet at home has amended their mental health.

Competitive Landscape:

The top 5 players in the Pet Food industry are -

1. Mars Incorporated

2. General Mills

3. Nestle S.A.

4. WellPet Company

5. Diamond Pet Foods

Click on the following link to buy the Pet Food Market Report:
https://www.industryarc.com/reports/request-quote?id=511141

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IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.

Related Reports:

A. Pet Food Processing Market
https://www.industryarc.com/Research/Pet-Food-Processing-Market-Research-504464

B. Animal Biologicals Market
https://www.industryarc.com/Report/18066/animal-biologicals-market.html

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IndustryARC
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