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NEW YORK , Sept. 5, 2022 /PRNewswire/ -- The dog food market has grown substantially over the years. To estimate the size of the market, Technavio has tracked the recent trends and developments in the dog food market. The analysts at Technavio have considered various aspects such as the consumer base, adoption rate, average selling price, revenue generated by vendors, and various other factors to estimate the market size. Download Sample PDF Report Here to get an idea of the overall scope of the full report.
The report on the dog food market by Technavio expects the market size to increase at a CAGR of 4.27% and register an incremental growth of USD 12.84 billion between 2021 and 2026. However, the growth forecast could be missed with the market growing slower than expected if the following factors come into play: changing lifestyle patterns and busy work lives of the urban populace and limited choice of frozen foods.
According to Technavio, the growth of the market is primarily driven by increasing pet health awareness.
With rising disposable incomes, people are more inclined to provide a better lifestyle for their pets. They are learning about how to better take care and feed an animal. This has increased the awareness of pet health among consumers, which is driving the demand for pet food that is free from grains, dyes, sugar, preservatives, and other chemical additives. All these factors are expected to foster the growth of the market during the forecast period.
"Rise in product visibility and accessibility through online retailing and increasing focus on manufacturing clean-label pet foods will further accelerate the growth of the market", says an analyst at Technavio.
The market structure is fragmented. The market has the presence of several global, regional, and local vendors. Additionally, factors such as the low cost of switching products for buyers, high product perishability, high exit barriers, and high fixed cost requirements intensify the threat of rivalry in the market. As a result, the threat of rivalry was moderate in 2021, and it is expected to remain the same during the forecast period.
The report breaks down the market into the following segments:
Based on the product, the dry dog food segment is expected to create more revenue in the market. The segment is driven by the increasing focus of vendors on offering dog food products in attractive packaging and other packaging innovations. In addition, vendors operating in the segment are adopting strategies such as mergers and acquisitions (M&A) and product innovations to expand their consumer base. This will further drive the growth of the segment.
In terms of region, North America will emerge as the dominant region, occupying 33% of the global market share. The regional market is mainly driven by the increasing production of clean-label pet food products and the move toward innovative and sustainable packaging materials by manufacturers.
The complete report on the global dog food market offers detailed insights into the potential business segments and regions to invest in over the forecast period. Before making the purchase, we recommend reading our Sample PDF Report.
The dog food market report answers questions such as:
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Accelerate at a CAGR of 4.27%
North America, Europe, APAC, MEA, and South America
US, China, Russian Federation, Japan, and UK
Leading companies, competitive strategies, consumer engagement scope
Bravo LLC, Champion Petfoods LP, Grandma Lucys LLC, Hills Pet Nutrition Inc., Mars Inc., Nestle SA, Primal Pet Foods Inc., Stella and Chewys LLC, Steves Real Food, and The J.M. Smucker Co.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.
If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/ Newsroom: newsroom.technavio.com/news/dog-foodmarket
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