Major Key Trends in Pet Food Processing Market
by Mit K. SEOThe Pet
Food Processing Market is projected to grow from USD 4.4 billion in
2019 to USD 6.2 billion by 2026, recording a CAGR of 5.0% during the forecast
period. The major factors driving the growth of the pet food processing market
include the increasing trend of pet food product premiumization, rising pet
adoption, and acceptance of pets across regions.
Market Dynamics
Drivers
·
Growth of Premiumization Across
the Pet Food Category
·
Rising Acceptance of Pets
·
Rising Awareness Among Pet Owners
to Use Healthy Food With Proactive Ingredients
·
Growing Investments By Pet Food
Processing Equipment Companies
·
Growing Demand for Extruded Products
Restraints
·
Depreciating Processing Capability
of Equipment Used for Pet Food Processing
Opportunities
·
New Technologies Being Used in the
Pet Food Processing Industry
·
Reintroducing the Concept of
Convenience Food Through Supermarkets and Hypermarkets Will Help Boost the Pet
Food
The wet segment is projected to be
the fastest-growing segment in the pet food processing market during the
forecast period.
The
increasing demand for wet pet food products is mainly due to its high
nutritional content and the presence of animal-based proteins, which is
essential for the development of pets. Though it is less economical, the
increasing trend of pet humanization and product premiumization has encouraged
increasing demand for premium and high-quality pet food products among pet
owners. These factors are projected to drive the growth of the wet segment in the
pet food processing market.
The dog food segment is projected to
account for a major share in the pet food processing market during the forecast
period.
The dog food
segment is projected to account for the largest share in the global pet food
market. The increasing population of dogs and the rising trend of pet
humanization have encouraged dog owners to accept them as companions, which is
projected to drive the demand for premium dog food. These factors are projected
to drive the growth of the overall pet food processing equipment market. Dogs
have the largest population among other pets globally. Pet owners are
witnessing an increasing trend of purchasing premium-priced and nutrition-rich
pet food products and prefer opting for high-quality food for their pets. Due
to these factors, the dog food segment is projected to account for the largest
market share.
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The Asia Pacific region is projected
to be the fastest-growing market for pet food processing during the forecast
period.
The Asia
Pacific region is projected to be the fastest-growing market for pet food
processing during the forecast period. The region witnesses a high demand for
pet food products due to the increasing acceptance of pets. The rising concerns
among pet owners regarding the health of pets have led to an increase in demand
for high-quality pet food products that require specialized machinery. These
factors are projected to create growth opportunities for equipment
manufacturers in countries such as India, China, Japan, and Thailand.
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Created on Feb 12th 2021 06:25. Viewed 213 times.