As the number of pet owners continues to grow, the demand for pet food has also increased. In 2020, the global pet food market reached a value of 108 Billion USD. As the market grows, manufacturers have increased their knowledge on nutrition, making food that is increasingly more nutritious and palatable for pets.
Pet food safety standards have also increased after strict legislation was introduced. Some companies are developing organic variants, which are grown without the use of pesticides, synthetic fertilizers, hormones, or antibiotics. Owners are increasingly looking for pet food that is not only safe but individualized to pet health concerns, such as allergies and skin conditions. Manufacturers are able to specify the breed, age, and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and owners.
Some of the leading players in the current pet food market are Petcare Inc., Nestle Purina PetCare, Hill's Pet Nutrition, and The J.M. Smucker Company. Looking forward, the global pet food market is expected to grow at a CAGR of 4.3% between 2021-2026.
Research and Markets
Laura Wood, Senior Manager
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