Pet Food Market Flourish at 4.3% CAGR by 2031, Raising Popularity of Personalized Pet Food to Help

WESTFORD, MASSACHUSETTS, UNITED STATES, July 19, 2024 /EINPresswire.com/ -- Pet Food Market size was valued at USD 95.1 billion in 2019 and is poised to grow from USD 99.1 billion in 2023 to USD 139.29 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

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The demand for pet food has increased significantly due to rise in the pet population. The market has potential for growth mainly due to the increase in pet humanization. In recent years, the number of old-age people and DINK (dual income, no kid) have increased significantly becoming one of the key factors in driving the pet adoption globally. Increase in separation rates have also fueled the pet food market. Government in many nations have also started promoting the usage of safe and healthy components in food to improve the well-being of pets. Initiatives like these are propelling the global pet food market.

Rising Prevalence of Pet Ownership Driving the Pet food Market

Today people are adopting pets especially in the developing countries and this has become a primary driver for the pet food market. Factors like urbanization and humanization of pets are encouraging the pet owner to select high-quality food for their animals, accelerating the market growth. The per-capita income has also increased because of which people can invest more money on organic and healthy food items to improve the well-being of their pets. Moreover, availability of products in various price range has become easier helping in the market expansion. Today, customers have a wide range of options and better financial statuses that help them to purchase better food for their pets.

Pet Food Market to Grow Significantly in the Next 4-5 Years with the Increasing Consciousness of Pet Health and Nutrition

The following are the key Pet Food Trends that will shape the growth of the market in the next 5 years

In recent times, pet owners have become more aware about the well-being of their beloved pets. This consciousness with the ingredients of pet food has raised the demand for high-quality and nutritious food that improves health and provides longevity. It consists of items like premium, organic, and specialized pet food, customized for the unique needs of each pet. This humanization of pets and providing them with good nutritious food has boosted the market growth.

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High Demand for Personalized Pet Food Market Among Owners

Pet owners have become more aware about the components used in the pet food because of the increasing pet humanization. The owners want to control the items that their pets are consuming and also the number of times. The increasing awareness about diseases caused by food consumption patterns in pets is one of the primary reasons for this consciousness. This has raised a demand for the customized and personalized pet food products. The food items are especially created for pets that suffer from obesity, skin, and coat problems, and many more. For example, in July 2023, a Canadian-based pet food manufacturer Petcurean introduced their latest customized food items under the brand GO! Solutions. These new products have customized food for dogs suffering from sensitivity and allergies.

Increasing Pet Humanization Relationship to Expand the Pet Food Market in the Next 10 Years

Nowadays pets are treated as a part of the family by their owners, and it has increased the demand for safe and nutritious pet products. Pet owners are also ready to invest more money in their pets so that they can stay healthy. Personalized pet food products have also started to gain popularity in the developed regions, and it is expected that it will soon reach in the developing markets. Personalized food items have many potentials to increase its demand as pet owners become more conscious of the food, they allow their pets to consume. Brands that offer specially made food items for animals will also grow more popular among pet owners as they will get better control over the products.

Latest Headlines in the Pet Food Market

• In June 2024, CULT food size corporation unveiled that its subsidiary section Further Food has introduced Noochies. This product offers freezed dried dog and cat food in Canada.

• In May 2024, Dr Clauder collaborated with Calysta. They introduced dog treats prepared with Feedkind pet proteins.

• In January 2024, PawCo Foods introduced two latest dog food items- Lux bites and Insta bites. The product uses AI to improve taste and nutrition.

• In December 2022, Mankind Pharma announced its entrance in the pet food domain by unveiling its new PetStar dog food. The product has different forms like dry, wet, and treats.

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Sustainable Packaging and Organic Food Products Driving the Pet Food Market

The primary factor driving the pet food market is an increase in commercial food usage and rise in pet population. The demand for protective packaging pet food is also increasing due to which manufacturers are making efforts in developing sustainable packaging. There is a growing demand for protective packaging of pet food. Therefore, manufacturers are continuously making efforts to develop sustainable food packaging. Many market leaders have also introduced organic food products for dogs and cats that is further driving the market.

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