World Pet Food Market to be worth $74.8 billion by 2017

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Cut throat competition expected within the segment in coming few years

World Pet Food MarketAccording to the newest research reports on pet food industry, it is expected that the global market for the segment will grow at a CAGR of 4.7% and is about to reach a value of $74.8 billion by the finish of 2017. These figures have come out from the most renowned research companies of the globe after considering several factors such as the pet types, food varieties and geographical conditions.

Main categories of pet foods:

As per the information in the report there are three main categories that cover the majority business in the world pet food market, they are dog food, cat food and other pet foods. These pet food products also range such as notorious food, wet/canned food, dry food and snacks. There is a latest range of treats which has been introduced into the market which is considered to be a party meal for the pets.

Regions covered under the research:

Pet food market unlike the initial stage is a massive global market now; the report covers Africa, North and South America, Asia-Pacific and Europe. North American market is considered to be the dominating one as it has grown at a CAGR of 3.5% from $21.7 billion in 2011 to $26.6 billion; it is calculated to acquire nearly 40% of the total pet food market globally. It is followed by Europe which has the fastest growing CAGR of 4.4% from 2011 to 2017, expansion wise the Asia-Pacific region is set to witness a huge leap as people in the region have started understanding the importance providing healthy food for their pets.

Food types and their market shares:

With 39% dominance over the global pet food industry, dry food type is the largest segment, it is followed by the snacks and treats segment with 21% market share. The wet/canned food section has a notable 7% share whereas the other food varieties for the pets cover up a 3% share.

Rising number of cases of obesity in pets consuming high-fat content pet foods is a worry that needs serious attention.

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Supporting factors for the industry:

Urbanization and increased purchasing power of the people are sighted as the most likely factors resulting in the growth of the global pet industry. As the trend of nuclear family trend grows worldwide, the inclusion of pets at home has become a common practice.

Leading brands in the industry:

Brands like Del Monte Foods Company, Colgate-Palmolive Co, Mogina Alimentos SA and Uni-Charm Corp are few among the leading producers of pet foods and accessories that are operational globally.