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.
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.
About IMARC Group: IMARC Group is a leading
market research and consulting company that offers management strategy and
market research worldwide. The company has done multiple projects on the dog
food industry, which has enabled the clients to successfully setup and expand
their businesses. Some of the company’s offerings include:
·
Market Research
·
Plant setup
·
Plant Expansion
·
Marketing and sales
·
Procurement and Distribution
·
Innovation and Product Development
For more information or any enquiry, please visit: http://www.imarcgroup.com/enquiry-form
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