Dallas, March 01, 2022 (GLOBE NEWSWIRE) — According to the new report published by The Brainy Insights, the global pet food processing market is expected to grow from USD 4.71 billion in 2020 to USD 6.79 billion by 2028 at a CAGR of 4.67 % during the forecast period 2021-2028.
The growing trend in product premiumization among pet food producers and the increasing adoption of animals across regions are factors that are projected to contribute to market growthover the forecast period.Pet food is plant or animal material which is meant for pet consumption. This is commonly sold in pet stores and supermarkets and is generally unique to the animal category, such as dog food or cat food. The pet food mostly consists of meat, meat by-products, cereals, grain, vitamins, and minerals.
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Rising awareness of pet’s health, rapid humanization of pets, rising trend in nuclear families, and increasing blue cross societies are fueling growth of the global pet food processing market over the forecast period. The ease of these products being available is soothing the customers to adopt these pet foods for their pets. Thus, boosting the pet food processing market growth.
Key players operating in the global pet food processing market include Andritz Group, Buhler Holding AG, Coperion GmbH, Clextral SAS, FN Smith Corporation, Mepaco Group, Precision Food Innovations, Reading Bakery Systems, Selo and The Middleby Corporation among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global pet food processing industry.
• For instance, In April, 2019, Bühler North America has announced the acquisition of PR&D, Inc., a major equipment service firm located in Perham, Minnesota.Bühler said that PR&D will help Bühler broaden its markets for processing pet food, grain, feed and oilseeds and improve its services.
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The forming equipment segment held the largest market share of around 27.4% and a market value of around USD 1.29 billion in 2020.
The type segment is divided into forming equipment, mixing & blending equipment, baking & drying equipment, coating equipment, cooling equipment and other types. The pet food processors are shifting their focus to the manufacturing based on extrusion. Therefore, the forming equipment segment held the largest market share of 27.4% and a market value of around USD 1.29 billion in 2020.The launch of new extrusion technology and their usage in the pet food sector are factors which are expected to fuel consumer demand for forming equipment.
The dry food segment is anticipated to grow at the highest CAGR of around 5.2% over the forecast period.
The form segment includes dry and wet.Dry pet food production is growing, and revenues in developing countries such as China, Russia and Poland are projected to remain high. Demand for dry pet food products is growing due to the cost-effectiveness of the dry form, ease of handling, and ease of bulk buying. In addition, the production of dry pet food remains high, with the increased use of extrusion technologies. Therefore, the dry food segment is anticipated to grow at the highest CAGR of around 5.2% over the forecast period.
The dog food segment held the largest market share of around 37.5% and a market value of around USD 1.76 billion in 2020.
The application segment includes cat food, dog food, fish food and other applications. Dog food has witnessed an elevated demand due to rising dog populations around regions. Due to their friendliness, which is projected to increase demand for premium dog food products and thereby contribute to the overall market growth, the rising trend of pet humanization has also encouraged dog owners to consider them as companions. Therefore, the dog food segment held the largest market share of around 37.5% and a market value of around USD 1.76 billion in 2020.
The offline stores comprising supermarkets/hypermarkets and specialist pet shops accounted for the largest market share and value of the global pet food processing market in 2020.
The distribution channel segment includes specialized pet shops, supermarkets/hypermarkets, online channel and other channels. With growing digitization and the usage of smartphones, sales from online stores are projected to overtake the current offline channels position in the years ahead. However, the offline stores comprising supermarkets/hypermarkets and specialist pet shops accounted for the largest market value of the global pet food processing market in 2020.
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Regional Segment Analysis of the Pet Food Processing Market
• North America (US , Mexico, Canada)
• Europe (Germany, UK, France, Spain, Italy, Rest of the Europe)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
Due to factors such as the increasing trend of adopting pets as a family member, which contributes to a substantial rise in the pet population, the North America region led the global pet food processing market with a market share of 31.1% and a market value of USD 1.46 billion in 2020. The growing awareness of pet owners has contributed to improved manufacturers’ inclination to follow the highest food safety standards, thus encouraging market growth in North America. Also, due to growing awareness among customers of the unique nutritional needs of the different pets, the Asia Pacific is anticipated to register the fastest CAGR during the forecast period.
About the report:
The global pet food processing market is analyzed on the basis of value (USD billion). The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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