Technavio’s latest market research report on the global pet food market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technaviodefines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new market research report on the global pet food market from 2018-2022. (Graphic: Business Wire)
According to Technavio analysts, the global pet food market will grow at a CAGR of over 6% during the forecast period. The rising demand for grain-free and freeze-dried pet food and increasing demand for pet food with savory ingredients and smaller portions are the two major trends in the market.
Rising demand for grain-free and freeze-dried pet food
The demand for grain-free pet food is increasing among pet owners and is expected to continue during the forecast period. Grain-free foods keep the pets full for a long period that results in less food consumption and fewer and smaller stools, reduces canine food allergies, gives more energy and reduce flatulence, and results in healthier skin, shinier coats, better breath, and causes less shedding.
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Increasing demand for pet food with savory ingredients and smaller portions
At present, players in the global pet food market are focusing on expanding their line of pet food with new flavors and fresh ingredients. Companies are offering a specialty cat food line that includes hard, dry kibble mixed with tender meat to provide an interesting texture. The overall trend of pet food with savory ingredients is expected to increase at a higher rate during the forecast period.
“Presently, there has been a high rate of adoption for small dog breeds. The elderly pet owners are choosing pets that are easier to care for and handle, and the increasing resistance among the younger population to move to the suburbs are making the adoption of smaller dogs a smarter choice. With the onset of such trends, the leading players in the global pet food market are offering smaller kibble in dry products and wet pet food for small dogs,” says a senior analyst at Technavio for research on food.
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Global pet food market segmentation
This market research report segments the global pet food market into the following products (dry pet food, wet pet food, and pet snack and treats), end-users (dog food and cat food), and key regions (the Americas, APAC, and EMEA).
The dry pet food segment held the largest market share in 2017, accounting for nearly 45% of the market. The market share for this product is expected to decrease nearly 5% by 2022. The fastest growing product is pet snack and treats, which is expected to grow nearly 7% during the forecast period.
The Americas was the leading region for the global pet food market in 2017, accounting for a market share of 50%. By 2022, this region is expected to witness a decline of nearly 2%.
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