Press Release

The Global Pet Food Market is projected to grow from USD 115.5 Bn in 2022 to USD 163.7 Bn by 2030.

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The major global market players are concentrating their efforts on developing a wide range of pet food products to meet the needs of various animal species and age groups. The global market is expected to be driven by this. Companies including General Mills, Nestle, and Mars Inc. have launched premium food items in recent years to attract consumers' attention and meet the demands of growing pets. Nestle Purina, for example, developed pet food based on alternative proteins in November 2020 to make better use of the planet's resources. Insects and plant protein from fava beans and millet are among the options. Similarly, General Mills, Inc. announced the debut of their new cat food in March 2021.

The Agricultural Improvement Act of 2018 takes a big step forward by separating hemp and hemp-derived CBD from marijuana-based products, putting hemp-derived products under the Department of Agriculture's management as a crop rather than the Justice Department's control as a restricted narcotic. According to the Farm Bill, marijuana is defined as cannabis with a THC content of 0.3 percent or more (as defined by the DEA), and hemp is defined as cannabis with a THC content of less than 0.3 percent. As laws have become less stringent, the usage of cannabis in pet food treats has grown in favour. Concentrates, isolates, and synthetic cannabis-based pet food are all available. Anxiety-relieving cannabis-based food products are the most effective at reducing anxiety. Pet owners are also interested in CBD.

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The demand for dry organic and natural pet food is expected to be driven by convenience benefits. Organic and natural pet meals are used on a big basis, unlike most conventional pet feeds. Over the projected period, the pet food market is expected to be driven by rising dog food demand and increased traction in the luxury pet food category. Due to its simplicity in terms of storage and feeding dogs without making a mess, dry food is seeing tremendous development in demand as compared to other product rivals. This has a good impact on urban consumers, who are increasingly choosing dry pet food.

A major share of the rise in pet owners has come from young people. Between the ages of 16 and 34, more than half of new pandemic pet parents are. Another key driver of pet buying is current pet owners, with 42% of them getting a new pet since the lockdown. 74 percent of pet owners reported their pet had helped them with their mental health during COVID-19.

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orth America region is expected to dominate the market share of global pet food market owing to the presence of key players and increased adoption of pets in American households. According to a survey performed by the American Pet Products Association (APPA), around 85 million U.S. homes own a pet, accounting for roughly 67 percent of all households in the country. The positive attitude of North American customers toward pet humanization and its widespread acceptance is fueling the expansion of the market for nutritious pet food. North American governments have enacted favorable trade policies and implemented a price support mechanism, all of which contribute to the market's expansion.

KEY INDUSTRY DEVELOPMENTS:

March 2021- Mars Incorporated invested USD 200 million to expand its Royal Canin plant in Lebanon. The company will add five new corporation lines to double the production capacity.

December 2020- Nestle S.A. has announced to invest USD 550 million to expand its pet food manufacturing facility in Georgia.

Read More Details On This Report: https://extrapolate.com/Food-Beverage/pet-food-market/25805