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Pet Food Market size was valued at USD 95.1 billion in 2019 and is poised to grow from USD 99.1 billion in 2023 to USD 139.29 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Mars Petcare Inc.', 'Nestlé Purina PetCare', 'Hill's Pet Nutrition Inc.', 'Blue Buffalo Co., Ltd.', 'The J.M. Smucker Company', 'Diamond Pet Foods Inc.', 'Deuerer GmbH', 'Nutriara Alimentos Ltda', 'WellPet LLC', 'Merrick Pet Care', 'Diamond Pet Foods Inc.', 'Sunshine Mills, Inc.', 'Ainsworth Pet Nutrition', 'Agrolimen SA', 'InVivo NSA', 'Big Heart Pet Brands', 'Unicharm Corp.', 'Doane Pet Care', 'C&D Foods Holdings Ltd.', 'Colgate-Palmolive Co.'

One of the main market drivers is expected to be the rising prevalence of pet ownership worldwide, particularly in emerging nations. Rising urbanization and the humanization of pets are pushing pet owners to choose wholesome and high-quality food for their animals, which is further accelerating the market's growth rate. Consumers' increased per capita incomes are encouraging them to spend money on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the market's expansion. They provide customers with a variety of options and financial statuses.

Pets are increasingly being treated as members of the family by their owners. This trend in pet humanization has boosted pet expenditure while increasing demand for safe and nutritional pet health products. The concept of personalized pet food products is gaining popularity in developed areas and is anticipated to do the same in emerging markets in the coming years. As pet owners become more aware of the food, they are giving their pets, personalization of pet food items has a lot of potentials to increase tremendously. A tremendous potential opportunity exists for brands or businesses that provide specially made and tailored food items for pet animals as pet owners are leaning toward having better control over the ingredients used in the manufacturing of pet food products.

North America currently holds the majority share in the Pet Food Market and the region is predicted to lead the market throughout the forecast period. One of the key factors in the region's supremacy is the high rate of pet adoption in American households. A poll by the American Pet Products Association (APPA) found that around 85 million American families, or 67% of all households in the country, have pets. The adoption of pet humanization and the favorable public perception of it in North America are fostering market expansion for wholesome pet food products.

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Global Pet Food Market

Product ID: SQMIG30K2044