San Jose, CA (Vocus) September 1, 2010
Pet food market is expanding at a steady rate worldwide and is considered one of the fastest growing food industry segments. The market size and outlook are determined by factors such as number of pet households, consumer preferences, regional economic scenario and spending propensity of pet owners. Smaller families, decreasing birthrates and higher disposable incomes have led to a sea change in the attitudes of pet owners. Pets occupy an important place in today’s rapidly changing family structure and are looked upon as individuals and companions, than just animals. Innovations in specialty, premium and gourmet pet food products and packaging techniques will propel growth in the larger and relatively mature markets of US, Europe and Japan. Shift in preference for dry pet food, emphasis on nutritive and functional aspects and easy availability options are some of the key growth determinants in developing countries. The UK pet foods market received a new lease of life by a spate of strategic restructuring and development initiatives during the 2008-2009 fiscal. The pet food brands were revamped through launch of novel pouch variants, innovative gourmet recipes, and new packaging for food products.
The pet food industry is highly influenced by the trends and preferences in the human food market. Accordingly the shift towards healthier, organic and natural human food finds a reflection in the pet food industry too. This trend is particularly prevalent in developed markets such as the US, where organic food production is poised to become one of the fastest segments in the food industry.
As stated by the new market research report on pet foods, the United States represents the single most dominant global market for pet foods, trailed by Europe and Japan at the second and third positions, respectively. Together, the US and Europe account for a consolidated share of more than 80% of the world pet foods market. The recession has done little to dampen the spirits in the pet food industry in majority of the markets, particularly in the cat and dog food segment, which have shown positive results. The pet foods market is primarily categorized into the dog food and cat food segments. Smaller and exotic pets such as fish, birds, guinea pigs, rodents and dwarf rabbits constitute the other pet food segments. Market size, activity, and dominance of each segment vary from region to region. In the US, Latin America, and in most parts of Asia-Pacific, dogs constitute the most popular pets.
Dog food represents the largest segment accounting for more than 50% share of the pet foods market. Cat food segment is projected to lead the pet foods market with the highest growth rate compounded through 2015. Dog and cat food is widely available in a variety of formats such as Wet/canned foods, dry foods, snacks, treats, semi-moist and many others.
Large sized players including Royal Canine, Hill's, Iams, Nestle, and Masterfoods continued their growth trajectory. The rising trend is attributable to the increasing inclination among consumers to purchase mid-priced and premium brand products for their pets. The pet food market is characterized by the presence of a strong private label segment. Major market participants include Del Monte Foods, Hill’s Pet Nutrition, Doane Pet Care Company, Hartz Mountain Corp., Mars Inc., Nestle Purina PetCare Company, Nutro Products, P&G/Iams and C&D Foods Ltd.
The report titled “Pet Foods: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, product profile, market share data, competition, new product introductions, recent industry activity, and profiles of market players worldwide. Analysis is presented for major geographic markets such as United States, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of World. Market analytics are provided in terms of dollar value for product segments including Cat Food, Dog Food, and Other Pet Food. The study also presents historic data for an insight into market evolution over the period 2000 through 2006.
For more details about this comprehensive market research report, please visit - http://www.strategyr.com/Pet_Foods_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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