The world has witnessed a significant rise in pet ownership in recent years. Globally, the increasing number of individuals adopting pets leads to a proportional growth in the global pet food market Industry that is expected to reach USD 127.21 billion by 2027 while exhibiting a CAGR of 4.60% between 2020 and 2027, consistent with Fortune Business Insights.
Surge in Adoption of Furry Companions amid COVID-19
Kaveri Rana Bhardwaj, President of individuals For Animals (PFA), said, “The pandemic has led to the increase in the number of pet adoptions. Since July-August-2020, around eight to 10 of the indies in our shelter homes have been adopted.” Moreover, consistent with PetPoint, the general number of foster pets has increased by 8% across U.S. households. what’s driving the sudden rise in pet parenting? Well, the pandemic has had a dramatic impact on human lives as stress and insecurity take a driver’s seat.
As per a study published within the Journal of Veterinary Behavior, May 2020, dogs have the potential to soak up the emotions and feelings that their owners are going through. This has led to the increasing rate of pet adoption as people find that their pets help them cater to isolation. this is often likely to bode well for the demand for fresh pet food worldwide.
Product Innovation at the Fore! Companies Cater to Growing Demand for Premiumization
The global pet food market is experiencing significant growth due to the growing demand for a premium or super premium food products. Jared Koerten, Pet Care Head at Euromonitor International, says, “Consumers are buying premium-priced pet foods that claim to be grain-free, natural, and high-meat or protein-induced.” Factors like values for money, sustainability, and food personalization are the main factors driving the demand for super premium food products for furry animals.
85% of the worldwide consumers were of the view that they try to positively impact the environment through their actions, consistent with Euromonitor. This drives the demand to integrate sustainable proteins, recycled packaging solutions, and locally sourcing of ingredients. Companies invest in sustainable practices and further introduce more value-for-money pet food products to suffice the pet owners’ needs. Asia is popping out to be a new frontier due to its robust growth in affordable premium pet food categories. Although North America stood at USD 35.78 billion in 2019, Asia is seemed to be the fastest-growing region in the global pet food market.
Additionally, the high demand for personalization of pet food among customers has led several companies to consolidate lucrative opportunities. the businesses are introducing food products based on specific formulas such as therapeutic diets and breed-specific food. Though small, the personalization category is growing at a steadier pace worldwide.
Several companies are innovating and launching products to cater to the demand from pet parents. The market is gaining considerably by the proactive presence of companies operating globally. Let’s take a glance at some of them.
Pet Releaf Launches Peppered Bacon Flavor to its Edibites Range
In March 2021, Pet Releaf announced expanding its hemp CBD-infused supplements, Edibites for dogs, by including a peppered bacon flavor. the corporate reports that the new flavor contains antioxidants through the black pepper content that aids in subsidizing inflammatory disease in dogs while supporting proper brain functioning and maintaining normal blood sugar levels in them. the merchandise is completely devoid of grain, corn, fillers, soy, wheat, chemical preservatives, or dairy. Additionally, the corporate received the Quality seal from the National Animal Supplement Council (NASC) that evaluates pet supplement components for food quality and safety.
Kakato Hunts for 2000 Pet Owners during a Bid to Recruit Mini Paw Influencers
In March 2021, Kakato, a Hong-Kong-based leading pet food brand, announced its marketing decide to collaborate with 2000 pet owners to promote its food brand in Singapore. the corporate has collaborated with a pet parenting website, Pawjourr, that connects pet owners to products, information, and services. the corporate is looking forward to promoting 16 variants of its wet pet food for cats and dogs and further informing people about its highly nutritious, human-grade, and ethically-sourced products. Moreover, Kakato is running a web six-month campaign calling interested pet owners to try their products and post a social media review with their pets’ pictures.
United Petfood Announces Acquisition of Cambrian Pet Foods
United Petfood, a worldwide pet food producer, announced the acquisition of Cambrian Pet Foods, a number one British manufacturer. The acquisition is predicted to strengthen United’s position as a full-service private label pet food producer while giving its customers complete access to its complete range of in-house manufactured products. the corporate has three production plants and operates 17 pet food facilities located across eight different European countries.
Innovation, Facility Expansion, and Acquisition!
According to a survey by the American Pet Product Association (APPA), around 85 million people within the U.S. own a pet. A positive attitude towards pet humanization and therefore the growing demand for quality pet food products is anticipated to drive the global market in the foreseeable years. This development has further propelled the businesses to adopt dynamic strategies to develop products that will cater to the growing nutritional requirements of pet animals. Moreover, this may lead to the introduction of innovative recipes that will ensure the well-being and overall health of the pets.
The rising pet ownership and therefore the growing awareness regarding the benefits of owning a pet that includes companionship and emotional support will boost the demand for pet food worldwide. additionally to this, the surging number of online retail platforms have caught the attention of pet parents. as an example , Amazon registered a staggering USD 1.4 billion in pet food sales as these platforms offer people a good variety of pet food options to choose from and convenience.