Fortune Business Insights: pet food market to reach nearly $128B worldwide by 2027
by Katie Pfaff
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Fortune Business Insights' market analyst company forecasts the global pet food market will reach a value of $127.21 billion by 2027. The growth marks a 4.60% CAGR from the 2019 market value estimate of $90.13 billion. The increase is thought to be based on pet owners' interest in pet health and high-quality organic options.
Pet food makers respond with greater options from traditional and low-cost pet foods with food offerings with high-quality ingredients and eliminate hormones, pesticides, antibiotics, preservatives, and artificial ingredients. Further, as pet owners increasingly see animals as part of the family, they are willing to pay premium pet food and health premium prices. The trend has brought about an interest in pet food options that are sugar-, grain-, and dye-free.
North America is driving the market increase in pet food, including locally sourced foods. The North American market for pet food was valued at $35.78 billion in 2019. The report also includes information on market drivers and trends as well as challenges. COVID-19 brought unique challenges to the pet food industry with increased demand while supply chains were disrupted.
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