Pet Food Market to be Worth US$74.8 Billion by 2017: Transparency Market Research

Albany - NY, Oct. 19, 2015 (GLOBE NEWSWIRE) -- The TMR report analyses the global market for pet food and offers key insights into the scope and dynamics of the industry. The report segments the pet food market on the basis of pet type, food type, and geography. The three major categories that the pet food market caters to are cat food, dog food, and others. The various types of pet food include nutritious food, wet/canned food, dry food, and snacks/treats. The report divides the global pet food market into four main regions on the basis of geography: North America, Europe, Asia-Pacific, and Rest of the World.

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Accounting for 39% of the overall pet food market share, dry pet food is the largest segment, followed by snacks/treats with 21%. Wet/canned pet food makes up 7% of the pet food market share, while nutritious food accounts for 3%. With nearly 40% of the global pet food industry share, North America dominates the scene. The North American regional market for pet food was worth US$21.7 billion in 2011 and is expected to grow at a CAGR of 3.5% to reach US$26.6 billion. Globally, Europe is the second largest regional market for pet food and is forecast to grow at a 4.4% CAGR from 2011 to 2017. Owing to increasing number of people realizing the importance of keeping pets at home, the Asia-Pacific region is expected to witness rapid expansion during the forecast period, becoming the fastest growing regional market for pet food.

The global pet food market is primarily driven by growing urbanization and rising purchasing power of people, leading to a subsequent change in lifestyle. As the trend of nuclear families grows, more and more families have started keeping pets at home. Moreover, increasing awareness regarding pet health and pet humanization has influenced buying decisions and fueled the growth of the pet food market.

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On the other hand, rising incidences of people being allergic to pets and rising obesity levels in pets consuming high-fat content pet food is expected to restrain the growth of the pet food market.

The report features a detailed section on the competitive landscape and highlights strong and potential industry players. Some of the leading companies mentioned in the global pet food market report are Del Monte Foods Co., Uni-Charm Corp., Mogina Alimentos SA, Agrolimen SA, Marc Inc., Total Alimentos SA, Colgate-Palmolive Co., Nutriara Alimentos Ltda., Proctor & Gamble Co., and Nestlé SA.

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Source:Transparency Market Research