Building on the increasing prevalence of household pets seen as a member of the family, market analysts, Future Market Insights, predict that pet food market will increase. The company’s report on the subject suggests pet food sales will grow by a CAGR of 6.2% to the end of 2031. The market spike would represent a change from the 2021 estimated value of $44.83 billion to an estimated market value of $81.65 billion by the close of 2031.
As pets are looked as on par with humans in the household, pet owners are increasingly concerned about their nutrition and dietary options. Interest in what goes into a pet’s food has spurred growth in insect- or plant-based and organic sectors of the pet food industry, including supplements. The trend was also boosted by an uptick in pet adoptions during the COVID-19 pandemic.
Specifically, organic pet food is expected to grow at a CAGR of 6.9% for the period. Pet food made primarily from insects is expected to overshadow other sectors with a growth rate predicted at 8% CAGR. Based on pet characteristics, the segment for adult dogs is expected to make up a majority of the market at 58.6%. Geographically, currently the US corners the market in dog food, taking 84.4% share of the market this year.
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