December 9, 2023

Pet Food Market: A Detailed Analysis of Growth Trends

The global pet food market is experiencing significant growth, driven by a convergence of factors that include stringent regulatory standards, increasing pet expenditure, and evolving market dynamics across regions.

Regulations Fuel Quality and Safety Standards

Regulatory bodies, such as the Federal Food, Drug and Cosmetic Act (FFDCA) in the United States and the Food Safety Modernization Act (FSMA), have imposed rigorous guidelines for pet food manufacturing. These regulations prioritize the safety of pet food, mandating that it must be produced under impeccable sanitary conditions. Furthermore, pet food labels must adhere to strict requirements after passing food safety tests. While North America and Europe uphold stringent regulations, Asian countries exhibit a more relaxed approach. The Federal Trade Commission (FTC) and the Food and Drug Administration (FDA) oversee pet food labeling requirements in the United States, necessitating detailed ingredient percentages, manufacturer information, and feeding directions. Recent FDA interventions have aimed to reduce fatalities and recalls, notably identifying 16 pet food brands in 2019 that were linked to canine heart failures, leading to extensive recalls. Such regulations are expected to foster growth in the pet food market in the coming years.

Rising Pet Expenditure Drives Industry Growth

The trend of humanizing pets has led to increased expenditure on pet nutrition as pet owners consider their animals as integral family members. In 2018, the American Pet Products Association (APPA) reported pet expenditure of approximately US$ 73 billion, with a substantial portion allocated to pet food. This trend is set to continue, as pet ownership increases alongside spending on pet food, driving growth in the global pet food market.

Asia Pacific Emerges as a Strong Contender

The concept of pet humanization is gaining momentum in the Asia Pacific region, spurring interest in functional pet food designed to prevent pet illnesses and promote a healthier lifestyle. Manufacturers are responding by innovating their products to cater to this growing trend. For instance, Unicharm recently introduced “AllWell,” a pet food product for cats in Japan, featuring a dietary fiber blend that reduces regurgitation, improves nutrient absorption, and combats malnutrition. The pet food market is also gaining momentum in developing countries like India, where the government is actively encouraging pet food production by providing credit facilities through the Animal Welfare Board of India (AWBI). However, challenges such as high taxes, inconsistent quality standards, and an uncertain business environment may impede the growth of the pet food market in India.

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North America Maintains Stronghold

In North America, increasing GDP per capita and growing pet ownership are driving pet food sales. Over 63 million households in 2019-20 owned dogs in the region, according to the APPA. The rising preference for functional pet food has prompted manufacturers to introduce new products to meet the demand. For example, Hill’s Pet Nutrition recently launched a range of functional pet food designed to enhance mobility, maintain dog weight, and reduce dental problems and food allergies.

Competitive Landscape

Key players in the pet food market, including Mars Inc., Nestle, J.M Smucker Company, Blue Buffalo Pet Products Inc., Colgate Palmolive Company, and Lupus Alimentos, are actively expanding their product portfolios and introducing innovative offerings to gain market share. Acquisitions and capacity expansions are also prevalent strategies. Notably, in 2020, WellPet was acquired by Clearlake Capital Group, and in 2021, Nestle invested approximately US$ 182 million to expand production and floor space capacity at its Virginia manufacturing facility.

The global pet food market is poised for continued growth, driven by a combination of regulatory compliance, evolving consumer preferences, and strategic industry initiatives. As pet owners increasingly prioritize the well-being of their animal companions, the pet food market is set to thrive across the globe.

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/pet-food-market

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