LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global dog and cat food (D&C) market to grow at a CAGR of more than 5% during the period 2018-2022, according to their latest report.
This market research report segments the global dog and cat food market into the following products (dry D&C, wet D&C, and pet treats) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increase in pet humanization as a key factor contributing to the growth of the global dog and cat food market:
Increase in pet humanization
One of the major growth drivers for the global dog and cat food market is the increasing humanization of pets within a family. Humanization refers to the treatment of pets like a member of the family. The practice of keeping pets for functional purposes is decreasing due to the growing advent of new-age millennials. Instead, pets are increasingly becoming a part of the daily routine of urban families. For instance, most of the people nowadays do not expect their dogs to sleep outside the house and protect them. They can now sleep alongside the owner. In the modern world, there is a sense of closeness in the animal-human bond. The pet owners are increasingly concerned about the health, wellness, and look of their pets. This is leading to an increase in the adoption of premium and luxury pet products.
According to a senior analyst at Technavio for food, “The products for pets are reflecting on how consumers want products for themselves. With more financial freedom and delay in having children, millennials are increasingly driven toward the humanization trend. The new-age owners are trying to match their pets' diet with theirs in terms of nutritional value. With the humanization of pets, the owners are mindful of the quality of the food their pet eats. This increases the demand for high-quality food products for animals. Therefore, this sentiment of treating pets like children is expected to drive the sales of the global dog and cat food market during the forecast period.”
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Global dog and cat food market segmentation
Of the three major products, the dry D&C segment held the largest market share in 2017, accounting for more than 66% of the market. This segment is expected to post tremendous growth during the forecast period.
The Americas was the leading region for the global dog and cat food market in 2017, accounting for a market share of approximately 51%. However, the market share occupied by this region is anticipated to decrease slightly during the forecast period.
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