LONDON–(BUSINESS WIRE)–Mar 27, 2020–
The pet food market size is poised to grow by USD 36.11 billion during 2020-2024, progressing at a CAGR of about 7% during the forecast period.
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Technavio has published a latest market research report titled Global Pet Food Market 2020-2024 (Graphic: Business Wire)
The market is driven by the growing demand for organic pet food. In addition, the increasing demand for pet food with savory ingredients and smaller portions is anticipated to boost the growth of the pet food market.
The global market for organic pet food is growing at a high rate owing to the increasing focus of pet owners on pet health and wellness along with the emerging pet humanization trend. Many pet owners have started opting for organic pet food over the conventional ones, as organic pet food provides several health benefits to animals such as the reduction in skin allergies and ailments, fewer digestive disorders and better overall health. Many players operating in the global pet food market have started launching and selling organic pet food varieties. For instance, Kroger offers all-natural Abound pet foods with high protein and vegetable content. Thus, the growing demand for organic pet food will drive the pet food market growth during the forecast period.
Colgate-Palmolive Co. has business operations under various segments such as oral care, personal care, home care, and pet nutrition. Under the pet nutrition segment, the company offers pet food for every day nutrition, . manufactured using all natural ingredients and prescribed pet food for specific health conditions prepared by the team of veterinarians, nutritionists, food scientists, and sensory experts.
Mars Inc. operates its business through various segments, such as Mars Petcare, Mars Wrigley, Mars Food, and Mars Edge. The company offers nutritious pet food that includes PEDIGREE, WHISKAS, and ROYAL CANIN.
Nestlé SA has business operations under various segments, such as powdered and liquid beverages, water, milk products and ice cream, nutrition and health science, prepared dishes and cooking aids, confectionery, and PetCare. Some of the pet products that the company offers include Beyond, Purina Pro Plan, Purina One, and others.
Spectrum Brands Holding Inc. operates its business through various segments, such as hardware & home improvement, home and personal care, global pet care, and home and garden. Under the pet food category, the company offers a wide range of pet food that includes, bone chews, dental chews, rawhide-free dog treats, wet and dry pet food for dogs and cats, and food for small animals.
Thai Union Group Plc has business operations under various segments such as ambient seafood; frozen and chilled seafood; and pet food, value added, and other businesses. The company sells a wide range of format and flavored pet food , manufactured and marketed under the brand name Bellotta and Marvo.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 03/27/2020 01:30 PM/DISC: 03/27/2020 01:30 PM
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