Recent years have seen a marked increase in pet ownership across the globe. According to Fortune Business Insights, the growing number of people who adopt pets globally causes a corresponding development in the size of the worldwide pet food market, which is anticipated to reach USD 127.21 billion by 2027 while exhibiting a CAGR of 4.60% between 2020 and 2027.
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The surge in the Adoption of Furry Companions amid COVID-19
According to Kaveri Rana Bhardwaj, President of People For Animals (PFA), "The pandemic has caused a rise in pet adoptions. Eight to ten of the independents living in our shelter houses have been adopted between July–August 2020. Additionally, in line with PetPoint, households in the U.S. have seen a general 8% increase in the number of foster pets. Why has pet parenting suddenly become more popular? As stress and insecurity take control of human lives, the pandemic has had a significant impact on them.
According to a study in the Journal of Veterinary Behaviour, in May 2020, dogs have the capacity to absorb the thoughts and sentiments of their owners. People are finding that their pets can help them cope with isolation, which has led to an increase in the adoption of pets. This is expected to be good news for pet food demand globally.
A Focus on Product Innovation! Businesses Respond to Increasing Demand for Premiumization
The desire for premium or super premium food items is driving considerable growth in the global pet food market. According to Euromonitor International's Pet Care Head, Jared Koerten, "Consumers are buying premium-priced pet foods that claim to be grain-free, natural, and high-meat or protein-induced." The demand for ultra-premium food items for furry animals is mostly driven by factors like value for money, sustainability, and meal personalization.
According to Euromonitor, 85% of global consumers believe they are trying to have a beneficial impact on the environment through their behaviors. As a result, there is a desire for sustainable proteins, recycled packaging, and regionally sourced products. To meet the requirements of pet owners, businesses invest in sustainable practices and continue to launch more affordable pet food products. Due to its strong growth in the categories of inexpensive premium pet food, Asia is emerging as a new frontier. The worldwide pet food market was valued at USD 35.78 billion in North America in 2019, although Asia appeared to be expanding at the highest rate.
Additionally, a number of businesses have consolidated lucrative opportunities as a result of the high demand for personalized pet food among consumers. Food products based on unique formulas, such as therapeutic diets and breed-specific food, are being introduced by firms. Despite being small, the personalization market is expanding more steadily on a global scale.
To meet pet parents' growing demand, a number of businesses are developing and releasing new items. The proactive presence of businesses that operate internationally is greatly benefiting the market. Let's have a quick look at a few of them.
Pet Releaf Launches Peppered Bacon Flavor to its Edibites Range
Edibites, a line of hemp CBD-infused dog vitamins from Pet Releaf, will now come in a peppered bacon flavour, the company revealed in March 2021. According to the company, the new flavour has antioxidants in it thanks to the black pepper in it, which helps to reduce inflammatory illness in dogs while promoting healthy brain function and keeping their blood sugar levels regular. Grain, corn, fillers, soy, wheat, artificial preservatives or dairy are totally absent from the product. The National Animal Supplement Council (NASC), which assesses the food quality and safety of pet supplement ingredients, also awarded the company with its Quality stamp.
Kakato Hunts for 2000 Pet Owners During a Bid to Recruit Mini Paw Influencers
Leading pet food company Kakato, with headquarters in Hong Kong, announced in March 2021 that it would partner with 2000 pet owners to promote its food brand in Singapore. The business has partnered with Pawjourr, a website that links pet owners to products, information, and services. The company is eager to spread the word about its highly nourishing, human-grade, and ethically sourced products while advertising 16 varieties of its wet pet food for cats and dogs. Additionally, Kakato is conducting a six-month online campaign encouraging pet owners who are interested to try their products and post a social media review with images of their animals.
United Petfood Announces Acquisition of Cambrian Pet Foods
A leading British manufacturer of pet foods, Cambrian Pet Foods, has been acquired by United Petfood, a global pet food supplier. The acquisition is expected to boost United's position as a full-service manufacturer of private-label pet foods and give its clients full access to its whole line of internally made goods. The corporation runs 17 pet food factories spread across eight different European nations and has three production sites.
Innovation, Facility Expansion, and Acquisition!
Around 85 million people in the U.S. own a pet, according to a survey conducted by the American Pet Product Association (APPA). In the upcoming years, the global pet food industry is expected to be driven by consumer demand for high-quality pet food products and a favorable attitude towards pet humanization. This trend has further encouraged firms to employ innovative tactics to create goods that would satisfy the expanding dietary needs of companion animals. Additionally, this could result in the development of novel recipes that will guarantee the pets' well-being and general health.
The demand for pet food will increase due to rising pet ownership and, consequently, rising awareness of the advantages of pet ownership, such as companionship and emotional support. In addition, pet owners are paying attention to the growing number of online retail platforms. As an illustration, Amazon reported astonishing USD 1.4 billion in pet food sales. This is due to the ease and wide selection of pet foods available on these platforms.
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