Pet Food Market – Trends, Industry Competitiveness and Future Outlook

PET FOOD MARKET

The pet food market was valued at USD 74.9 billion in 2016. North America accounted for the largest share of over 35% of the global market in 2016. The second largest market is Europe, followed by Asia-Pacific with around 20% of the market share, thus, accelerating the trend of pet owners across the globe. In North America, the United States holds the major market share of pets and pet owners, which is expected to register a high CAGR, during 2017-2022 (the forecast period).

TASTES FOR NEW EXPERIENCES AND PORTIONS AS INDULGENCE ALIBI

Flavors and textures are becoming bolder, more complex, authentic, and specific. The correlation of pet food and the modern formats blending freeze-dried bits, with kibble or treats, for texture variations, is making pet owners choose from a range of variety of shapes, textures, and flavors. Moreover, clean labeling continues to grow. Health conscious consumers look for permissible indulgences, like the smaller portion sizes of treats or…

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