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In recent years, Generation Z consumers and millennials are increasingly adopting pets. This in turn results in rapid growth opportunities in the pet food market. Furthermore, the pet food market is witnessing innovations and technological advancements in plant-based food products. This factor may fuel growth opportunities in the market in upcoming years. With growing awareness among pet owners about the health of their pets, they are estimated to increase expenditure on healthy food for their pets.
Consumers are looking for specific pet food in the market. This demand is on the back of consumers’ identification of different signs of allergies and tolerance in their respective pets. This factor is enabling manufacturers from the pet food market to produce animal food according to the consumer requirements.
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The manufacturers from pet food market are using quality ingredients due to premiumization. In addition, these market players are streamlining their pet food production processes. Furthermore, they are also investing in R & D activities, which are focused on cellular agriculture technologies to use animal proteins in cat and dog food.
As per the research report by TMR, the pet food market is estimated to expand at a CAGR of 6% and gain a valuation of US$ 168.3 Ban during the forecast period from 2019 to 2029. This market growth is on the back of growing trend of pet humanization and increasing demand for premium and high-quality pet food.
Innovative and Sustainable Packaging May Fuel Product Demand
The new trends are attracting consumers in the pet food market. These trends are about the increasing demand for informative and protective packaging of pet food. The manufacturers are concentrating on the use of touch-based packaging solutions to improve the offerings of their products. Several market players are focusing on different environmental concerns.
So, the manufacturers from the pet food market are taking their efforts to develop sustainable food packaging for pets. With growing awareness about adverse environmental impact of different packaging solutions, the manufacturers from the market have started using sustainable packaging solutions.
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Many companies from the pet food market are using hybrid packaging solutions such as poly or paper material. They are also looking for opportunities to use woven polypropylene bags, as these bags provide durability and flexibility to consumers. Several dog food product manufacturers are using paper-based packaging instead of plastic bags. So, with this environmental-friendly approach along with innovative packaging solutions, the pet food market is anticipated to witness rapid growth in the upcoming years.
The research report on the pet food market gives a detailed analysis of key R &D activities of prominent players. Some of the key players engaged in the market include Mars and Incorporated, Hill’s Pet Nutrition, Nutro Products Inc., Lafeber Co., Dave’s Pet Food, 4Legs Pet Food Company, Fromm Family Foods LLC., and Champion Petfoods.
Emergence of Clean Label Increases Competition to Improve Pet Food Formulations
There is an increased awareness about clean label among consumers in the pet food market. This clean label trend in pet food has led to various innovations in order to meet consumer requirements. The key market players are taking different initiatives through R & D activities for the production of safe and shelf-stable pet food products. There is a growing demand for production of pet food with limited ingredients. This may help the manufacturers from pet food market to achieve the target of clean label.
There is an increasing demand for organic food for pets with the introduction of a clean label. In terms of volume and value, conventional pet food segment holds a prominent position in the market. But there are increasing number of opportunities for organic pet food in the market. Therefore, the manufacturers from the pet food market are working to streamline the process of food production to meet safety standards. All these initiatives from key players and manufacturers may bring lucrative sales opportunities in the pet food market.
The global pet food market is segmented as follows:
Global Pet Food Market, by Animal Type
Global Pet Food Market, by Nature
Global Pet Food Market, by Product
Global Pet Food Market, by Sales Channel
Global Pet Food Market, by Region
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Upcycling of Palatable Ingredients Helps Companies to Produce Gut-friendly Pet Food
The pet food market is expected to expand at a significant CAGR of ~6% during the forecast period. However, producing gut-friendly food for cats and dogs acts as a restraint for the manufacturers. As such, in terms of animal type, the cats segment is projected to lead the pet food market during the forecast period. The cats segment is projected to reach a value of ~US$ 71 Bn by 2029. Hence, it is crucial for companies to address the challenges of producing ethical cat food. Thus, several startups are introducing new pet nutrition options.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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