Dogs today represent the most preferred pets across the globe. They make the best companion for humans and are perceived to be the most loyal, affectionate and intelligent animals. It has been found in a study that compared to non-dog owners, dog owners tend to be more outgoing and energetic, suffer less from depression, have slightly less cholesterol, lower blood pressure, lower stress levels and better heart health.
With rise in trends like pet humanisation, dog owners have started treating their dogs as family members. Similar to human food trends, the focus of the pet food industry is also shifting towards health and wellness solutions. Moreover, pet premiumisation has led dog owners to demand the best food for their pets. This has evolved beyond the standards such as flavours and taste as dog owners now want products with high nutritional benefits, good quality ingredients and high manufacturing standards. Most of the store-bought dog food is prepared by feed grade (animal grade) ingredients and are available in different forms.
Driven by changing lifestyle, growing urbanisation, rising disposable incomes, product innovations and increasing ownership of dogs in both developed and emerging markets, the global dog food market currently represents a multibillion dollar business. According to research analysts at IMARC Group, the market is anticipated to grow at a CAGR of 4% during 2016-2021, reaching a value of US$ 57 Billion by 2021.
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Dry food represented the most preferred type
The global dog food market can be segmented on the basis of food types available in the market – wet dog food, dry dog food(also known as kibble) and semi-moist(dog treats). Dry dog food has a comparatively lower price and is convenient in terms of storage and feeding as it can be left out for longer time without any fear of spoilage. On the other hand, wet dog food is a good source of hydration, more palatable and is easy to digest. Among all the types, dry food exhibited a clear dominance in the market accounting for the majority of the market share. Dry dog food was followed by semi-moist and wet dog food.
North America dominated the market
On a geographical front, the market has a presence in many countries across the world. With growing demand from the US and Canada, North America represented the world’s largest dog food market and accounted for nearly 40% of the total global sales. North America was followed by Western Europe, Asia-Pacific, Latin America, Eastern Europe and the Middle East and Africa. Looking forward, the market for dog food is expected to grow rapidly in the developing regions such as Asia-Pacific while growth in the developed regions is expected to slow down in the near future.
Mars and Nestle dominated the global market
The global pet food market is quite concentrated with the top three manufacturers, namely, Mars, Nestle and Colgate-Palmolive together accounting for the majority of the total global market share.
Keeping in mind the requirements of consumers, the manufacturers are broadening their product portfolio by offering nutritious and organic products. Further, product segmentation strategies by manufacturers like premium brands for various life stages and breeds of dogs are also helping to accelerate the global demand for dog food.
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