Pet Food Market By Type, By Ingredient, & By Distribution Channels, Opportunities & Strategies – Global Forecast To 2030
The Business Research Company’s Pet Food Market By Type, By Ingredient, & By Distribution Channels, Opportunities & Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, July 16, 2020 /EINPresswire.com/ — According to pet food market trends, pet food manufacturers are increasingly investing in cannabidiol (CBD) infused pet food to cater to the increasing demand fueled by the COVID-19 pandemic. Pet food sales are currently increasing as consumers are increasingly panic buying to have enough food for their pets amidst government lockdowns due to the pandemic. CBD food products are expected to last for a longer duration when compared to traditional pet foods. For example, currently, both human and pet CBD infused food accounts for more than 30% of online sales and over 3,500 CBD brands are available in the US pet food market. In 2019, Purina, a Nestle owned pet food company, announced its decision to invest in CBD infused dog food production.
The global pet food market reached a value of nearly $74,554.1 million in 2019. The market is expected to reach $75,494.8 million in 2020 at a growth rate of 1.26%. The slow growth is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at an annual rate of 5.6% from 2021 and reach $88,478.1 million in 2023.
Pet owners’ concern about their pets’ health is driving the demand for premium and organic pet foods, thus spurring the market for pet foods manufacturing during the forecast period. Pet owners often view pets as family members and are willing to spend on best pet products and services, therefore they buy organic and premium products to feed their “fur babies”. Organic pet foods are free from artificial colors, flavors, antibiotics, synthetic hormones, toxic pesticides and preservatives, whereas premium pet foods contain higher quality ingredients than economy or generic pet foods. Companies that manufacture premium pet foods formulate diets according to the nutritional requirements of an animal. For example, premium brand companies offer foods that are specially formulated for growing puppies, large- and small-breed dogs, lactating and gestating animals, and geriatric animals.
Pet foods are specialty foods prepared according to the nutritional requirements of domesticated animals that can be made from plant or animal-based food materials. Pet foods are made in innovative shapes and attractive colors to entice the owners and are added with special flavorings to enhance the taste so that animals easily eat the food.
The pet food market segmentation by type includes dog, cat, and other pet food. By ingredient, the market is segmented into animal derivatives, plant derivatives, and synthetic. By distribution channels, the market is segmented into internet sales, hypermarkets, specialized pet shops, and others.
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