The pet food industry includes establishments involved in manufacturing dog and cat food and other animal food from ingredients such as grains, oilseed mill products and meat products. This market does not include agricultural animal food.
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The global pet food market has shown slow growth in the past years with a CAGR of just over 2%. The year 2017 recorded highest ever growth in this market with a net value of over $219 billion as per TBRC’s in-house consultants.
TBRC’s latest report show the growing trends in the market for each year, globally and geographically with sourced reasons to support the growth claims.
The report also shows the pet food industry market to grow with double the rate by 2021 as compared to 2017 with a CAGR of about 5%, along with geographies best suited for investments with highest return rate.
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The forecasted rapid growth in this market is attributed to the expected increase in demand for pet food due to increasing pet population, rapid urbanization, rising disposable income in emerging countries such as China and India, rising humanization of pets, increasing availability of premium pet food brands and growing online sales of pet food. Pet humanization is a trend, wherein pet owners care and spend for pets like they do for a family member, this phenomenon drove the market for expensive pet food products.
Geographies with best return rate for pet food along with future trends and factors affecting them have been mentioned in the report that will aid in factual investment strategies and expansion in this market.
Companies included in the report are Mars Petcare Inc., Nestle Purina Petcare, Nutreco, Hill’s Pet Nutrition, and InVivo Animal Nutrition and Health.
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