Global Industry Analysts announced the release of a global report of the pet foods markets. In the report, the global market is projected to reach $95.7 billion dollars by the year 2017 with macro regional economic conditions, pet population and consumer attitudes driving the market.
The report revealed pets being considered as family members and companions and not just as “animals.” Some of the changing attitudes contributing to this mindset include single person families viewing pets as family members, growing urbanization, increase in disposable incomes, and the number of households owning pets.
Titled “Pet Foods: A Global Strategic Business Report”, the report revealed Europe’s continuance as the largest regional market, especially in the pet health-oriented market, with treats for different ages and types of pets. Asia-Pacific represented the fastest growing regional market displaying a CAGR of about 9.0% over the analysis period. In developing markets including Vietnam, India, and China, product pricing, value for money and cost factor represents prime criteria for the purchase and demand of pet foods. In Japan, due to an increasing older pet population, the pet food market is shifting toward food supplements to cater to this clientele.
Key companies mentioned in the report that are focused on large-scale food manufacturing for pet include C&D Foods, Ltd., Del Monte Foods, Hartz Mountain Corporation, Hill’s Pet Nutrition, Inc., Mars, Inc., Nestle Purina PetCare Company, Nutro Products, Inc., and The Iams Company.
Pet superstores and smaller specialty stores hold a moderate share of the marketplace, with retail grocery chains dominating distribution and marketing space. In 2010, the report revealed a decline in the number of new product introductions, with retailers concentrating on value products and private labels.
Market estimates and projections are revealed in the report for segments including cat food, dog food, other pet food and looks at markets in the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia Pacific, Latin America (Brazil and rest of Latin America), and other parts of the word.
Learn more about the report by visiting www.strategyr.com/Pet_Foods_Market_Report.asp.