The Global Pet Food market is projected to reach USD 95.45 Billion by 2021 owing to rise in pet ownership in many Asian countries

Hyderabad, India -- (SBWire) -- 01/15/2018 --The Global Pet Food market has been estimated at USD 75.50 Billion in 2016 and is projected to reach USD 95.45 Billion by 2021, at a CAGR of 4.8% during the forecast period from 2016 to 2021. Pet food is a specialty food for domesticated animals that is formulated according to their nutritional needs. Pet food generally consists of meat, meat by-products, cereals, grain, vitamins, and minerals. The primary ingredients in pet food are by-products of meat, poultry, and seafood, feed grains, and soybean meal.

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The market is driven by the factors such as the growth of product and owing to the ongoing concerns about pet health, increased awareness among pet owners. Health-conscious consumers look for the smaller portions of treats or candies with healthier ingredients like yogurt. The rise in pet ownership in many Asian countries has led to increased consumption of pet food. The private label sales in the U.S. are also expected to increase in the near future as consumers have started looking for cheaper and equally effective products.

Major restraint of the market is an increase in essential raw materials such as corn, soybeans, and wheat, which in turn led to an increase in the price of most protein sources. Concerns over the use of pesticides, genetically-modified organisms or artificial flavors in the pet food led to hike in demand for pet food containing balanced diet with organic proteins, vegetables, rice and fewer fillers are continuing to grow, creating an opportunity for organic pet food. The absence of proper supply chain is another drawback. Stringent regulation for organic certification dampens the spirit of investors to invest.

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Global market for Pet food is segmented into ingredients, animal type and geography. Each of these segments are further sub segmented into, Ingredient: Animal Derivatives, Fish derivatives, Fruits & Vegetables, Cereals & Cereal by-products, Fats & Oils, Vitamins & Minerals, Additives; Animal Type: Dog, Cat, Bird, Others animals.

Geographically, Global market for is Pet Food is segmented into North America, Asia-Pacific, Europe, Latin America and Middle-East and Africa. Global market is being driven mostly by the North American Region which has the largest market share. Asia-Pacific and South America is the high growth and potential market in the industry. North American market is being mainly driven by the U.S. primarily due to sluggish economic growth.

The global pet food industry is highly concentrated with ten major players together accounting for more than 50% of the market share and remaining market share distributed among the large number of small manufactures. Mars, Inc., Del Monte Foods, Hills Pet Nutrition, INC, Unicharm Corporation, Nippon Formula Feed Manufacturing Company LTD, Pet Center, Incorporated (PCI), Nestle Purina Pet Care, Nisshin Saifun Group INC. Natural Dog Food Company, Halo, purely for Pets, Marukan CO. LTD., Nutrena, and Spectrum Brands, INC. are the major companies in the market.

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