The worldwide market for pet food processing is projected to touch US$ 6.7 Billion towards 2029 end reflecting a sturdy rise at 5.1% CAGR. According to the FMIs report, the growing trend of product premiumization amid pet food producers and the increasing acceptance of pets all over regions are amid key aspects which are anticipated to add to the development of the market amid the assessment period.
Key Takeaways from Market Study
- The projected value of the market was at US$ 4.1 Billion in 2019. During the expected period, the market is likely to reflect a sturdy pace of development.
- Key participants are projected to concentrate on product innovations to remain relevant in emerged markets.
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- The North American market is likely to hold the maximum share.
- The growing urbanization all over the emerging countries in this region is a foremost aspect that is anticipated to fuel the requirement for pet food products.
- Moreover, decelerated demand and supply chain disruptions because of coronavirus might negatively influence development.
- The growing need for pet food in the APAC region is additionally estimated to generate development prospects for pet food processing makers in this region.
“Increase in ownership of pets in emerging countries and increase in e-commerce sales provide prospects for the market participants,” said a lead analyst at FMI.
Affect of Coronavirus on Worldwide Market Assisted by Pet Acceptance and Pet Adoption expected to Fuel the Market
The expanding trend of pet adoption and increasing pets acceptance across regions because of the expanding disposable income are the topmost aspects that are anticipated to drive market development. Moreover, the presentation of new technologies in the pet food sector likewise gives development prospects.
Because of the expanding interest in nutrition-rich pet food, makers are concentrating on putting resources into new ingredients. This has additionally expanded the need for specific hardware and is likely to fuel the market development of the pet food processing worldwide.
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Notwithstanding, the monetary effect of the coronavirus spread on pet food would be a stock stun, which implies manufacturing and industrial facilities may incidentally quit working because of the spread of disease and prevention. In this manner, the consumer product distribution, in general, would decay, whereas utilization stays consistent. The coronavirus scourge can’t be known as a market stun, as the pet food market is probably not going to lessen. The death risk for COVID-19 is little as indicated by the reports, so infected pet owners will likely keep their pets. Momentary demand, conversely, can well spike as panic buys develop. As panic purchasing keeps on, including pet food items, it could cause an impermanent increment in demand that would cover out up the following few weeks.
The growing awareness amid pet owners has directed towards an augmented preference of makers to abide by the highest food safety standards, thus encouraging the North America market growth. Additionally, M&A stays a popular strategy amid market participants. Companies aim to increase their regional footprint through strategic collaborations.
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