Pet owners have long struggled with problems related to mobility with pets, finding the right amount of food every day and taking care of their nutritional needs. The manufacturers in the pet food industry has taken all these problems into consideration and have tried to develop new technologies to manufacture pet foods that are customized according to the nutritional needs of different types of pets and also according to the convenience of the owner. Various companies are investing heavily in the specialized equipment that are used to manufacture pet foods, in nutritional research and in developing new ingredients to expand their product portfolio and cater to the demands of the wide section of pet owners. The pet food manufacturing process flow starts from sourcing of raw materials and ends in packaging of the pet foods.
Owing to the westernization of traditional cultures across the developing world, the trend of owning a pet has increased remarkably. Pet owners today are more concerned about the convenience of carrying, storing and using of pet foods which has opened another front for the companies to invest in and develop advanced pet food processing systems. Owing to these factors, the pet food processing market is expected to attain a significant CAGR during the forecast period 2021-2029. The market is segmented by application into dog food, cat food and others. Out of these segments, the dog food segment is anticipated to grow at the fastest rate on the back of growing population count of dogs across the world. According to the survey statistics of over 8000 people by the Pet Food Manufacturers Association (PFMA), dog population increased from 5.1 million in the year 1970 to 9.0 million in the year 2020. It was followed by cat population, which observed a growth of 4.6 million in the year 1970 to 7.5 million in the year 2020. CLICK TO DOWNLOAD SAMPLE REPORT
Leading a fast-paced life is taking a toll on everyone’s mental wellbeing. People are resorting to pet adoption as a means to avoid loneliness and to improve their psychological wellbeing. Most people try to get the best for their pets which often includes food. As a result, people are inclined to purchase pet food in bulk which often requires high end packaging in order to keep the food fresh. This acts as a significant factor that is expected to drive the growth of the pet food processing market during the forecast period. In other statistics by the PFMA, the top ten pets with the highest population count, recognized in the year 2019, were dogs, followed by cats, rabbits, indoor birds, guinea pigs, domestic fowl, tortoises & turtles, hamsters, snakes and lizards.
There is a rising demand for diverse types of pet food in the market today. It is not difficult to find pet food of different shapes and sizes. People have the option to decide exactly what their pet requires and purchase that food. This increase in choice has led to a competitive market. As a result, pet food companies are spending a lot on attractive and convenient packaging. This is expected to drive the growth of the pet food processing market during the forecast period.
The rising demand for different types of pet food has further increased the demand for specialized equipment for pet food manufacturing. Owing to such a factor, manufacturers in the pet food processing industry are increasingly investing in the research and development of food processing technology to produce specialized products. Additionally, government of several nations are also focusing on providing grants to organizations for developing viable products that can meet a market need. For instance, the Office of Economic Development & International Trade of Colorado (OEDIT), in the month of November 2020, granted 37 start-ups in the state a total of USD 7.7 million under its Advanced Industries Accelerator Grant Program. Amongst the 37 start-ups, one of the companies named Bond Pet Foods, Inc., which is focused on re-imagining pet nutrition by developing foods made from animal-free ingredients, received USD 250 thousand as part of the program. Such factors are anticipated to drive the growth of the global pet food processing market during the forecast period.
Owing to the widespread availability of the internet, individuals can now easily access to a bundle of information. Aided up with such a factor, pet owners can research easily on pet health and nutrition and can gather knowledge on the wellbeing of their pets. With the growing awareness for pet nutrition amongst the pet owners, there is an increase in demand for nutritionally adequate and visually appealing pet foods. Key players therefore rely on high end pet food processing machines and technologies to serve the best products to their consumers who are often concerned about the health of their pet. This rising awareness on pet health is anticipated to drive the growth of the global pet food processing market during the forecast period.
The pet food processing industry requires a high initial investment in order to develop products that are of good quality. This requirement of initial capital can act as a major restraint in the growth of the pet food processing market.
The pet food processing industry has a large population of key players which are actively involved in the production and manufacturing of pet foods. Owing to a large number of key players, there is often active competition between them. This type of competition can often force mid-scale companies to adopt a less beneficial strategy in order to sell their product, which ultimately might hamper their profitability. This can, as a result, act as a major restraint factor in the growth of global pet food processing market.
Owing to the COVID-19 pandemic, many people were forced to work from home. Many others were also forced to take up self-isolating measures. As coronavirus is unlikely to spread through pets, people turned towards pet adoption for companionship. Even though the pet food processing industry suffered losses owing to the lockdown, the increased pet ownership mitigated these losses partially.
Further, pet owners stocked up on pet food mainly as a preventive measure which resulted in a short-term sales spike. This led to empty shelves in various retail outlets leading to a rise in opportunities for sales of pet food via online distribution channel.
Additionally, disrupted supply chains and closure of local, national and international borders, restricted access to raw materials that are required for the production of pet foods, hampering manufacturers in the entire manufacturing process.
Our in-depth analysis of the global pet food processing market includes the following segments:
On the basis of regional analysis, the global pet food processing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Among these regions, the market in North America is anticipated to hold the largest share on the back of rising investments in pet food processing technology by key players in the region. There is also a need for pet companionship amongst individuals in the region, and therefore an increase in demand for pet foods amongst the pet owners, which is further anticipated to drive the growth of the North America pet food processing market.
The market in Asia Pacific is anticipated to record the highest CAGR on the back of rising influence of the Western lifestyle, increasing disposable income and increasing pet adoption in the region.
The global pet food processing market is further classified on the basis of regions as follows:
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