A new report recently released by Transparency Market Research reveals that the global pet food market is expected to grow to the value of $22.4 billion in 2012 and then to $26.6 billion in 2017.
The largest regional segment for the pet food industry with regards to revenue generation will remain North America, according to the report. Total revenue from North America will account for 40 percent of all revenues generated. The fastest growing predicted sector due to the importance and increase of pets in the home will be Asia Pacific.
The report identifies factors including current market trends, industry drivers and challenges, along with segregation of the pet food industry in terms of geography and product. Pet Food Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2011 – 2017,” reports the worldwide pet food market as containing dry food, wet or canned food, nutritious food, snacks, and others. A total of 39 percent of the total market share is from dry food. The second largest consumed pet food is in the snacks/treats category, with about 21 percent of total global market share. Wet and canned food makes up the smallest portion of the pet food sector, with 7 percent and 3 percent, respectively.
Factors that are driving the increased need for pet foods globally include more family disposable income, growing trends of the numbers of people who own pets, the nuclear family growth, and changing lifestyles.
Major players included in the report for pet food markets include Marc Inc., Nestle’ SA, Colgate-Palmolive Co., Proctor & Gamble Co., Del Monte Foods Co., Agrolimen SA, Uni-Charm Corp., Nutriara Alimentos Ltda., Total Alimentos SA, Mogiana Alimentos SA, and others.
Some of the major players in pet foods market include Marc Inc., Nestle’ SA, Colgate-Palmolive Co., Proctor & Gamble Co., Del Monte Foods Co., Agrolimen SA, Uni-Charm Corp., Nutriara Alimentos Ltda., Total Alimentos SA, Mogiana Alimentos SA, and others.
For more information, visit http://www.transparencymarketresearch.com/pet-food-market.html.