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Pet Food Processing Market size was is expected to reach a value of USD 9.31 Billion in 2032 and register a revenue CAGR of 5% during the forecast period.

NEW YORK CITY, NEW YORK, UNITED STATE, May 30, 2023/EINPresswire.com/ -- The global Pet Food Processing Market has witnessed substantial growth in recent years, with its size reaching USD 6.0 Billion in 2022 and projected to reach USD 9.31 Billion by 2032. This market is expected to maintain a steady revenue Compound Annual Growth Rate (CAGR) of 5% during the forecast period. Several factors contribute to this significant growth, including the increasing global pet ownership rate, the tendency to humanize pets, and the growing popularity of high-end pet food products.

One of the primary drivers of the pet food processing market is the rising rate of pet ownership worldwide. The American Pet Products Association reports that 67% of households, equating to approximately 85 million families, own pets in the United States alone. This trend is not limited to the United States but extends to other regions as well. Factors such as the prevalence of nuclear families and single-occupancy houses have contributed to a substantial increase in pet adoptions. Consequently, there is a growing demand for pet food, thereby expanding the market for pet food production.

The humanization of pets is another significant factor fuelling the growth of the pet food processing market. Pet owners are increasingly considering their pets as integral members of the family and are prioritizing their nutritional needs. They recognize the importance of providing high-quality pet food to ensure the overall health and well-being of their beloved animals. As a result, consumers are opting for luxury pet food products that boast high-quality ingredients and superior nutritional value. This shift in consumer preferences has led to an expansion in the market for pet food manufacturing.

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Top Leading Players in Pet Food Processing Market:

Nestle S.A, Mars Incorporated, Hill's Pet Nutrition Inc, Colgate-Palmolive Company, Blue Buffalo Company Ltd, Diamond Pet Foods, Purina Mills LLC, Royal Canin SAS, J.M. Smucker Company, WellPet LLC, Ainsworth Pet Nutrition

Strategic Developments:

• In 2021, Nestle S.A. announced that it had acquired a majority stake in Tails.com, a direct-to-consumer pet nutrition company in the UK. The acquisition aimed to expand Nestle's presence in the online pet food market and enhance its e-commerce capabilities.

• In 2020, Mars, Incorporated acquired a majority stake in Kindred Biosciences, Inc., a biopharmaceutical company specializing in pet therapeutics. The acquisition was aimed at strengthening Mars' position in the pet health market and expanding its portfolio of pet care products.

• In 2020, Hill's Pet Nutrition, Inc. announced that it had acquired Prescription Diet^®, a line of therapeutic pet food products. The acquisition aimed to expand Hill's specialized pet nutrition product portfolio.

• In 2020, Colgate-Palmolive Company announced that it had acquired Tom's of Maine, a natural personal care company. The acquisition aimed to strengthen Colgate-Palmolive's position in the natural and organic products market, including pet food products.

Pet Food Processing Market Segmentation:

By Processing Equipment Type Outlook

• Mixing & Blending
• Forming
• Baking & Drying
• Cooling
• Others

By Pet Type Outlook

• Dogs
• Cats
• Birds
• Fish
• Others

Key Regional Markets Covered in the Report:

North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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