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.
This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing
Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers
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.”
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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.
Technavio’s best deals of the month!
Mark the beginning of spring with Technavio. Get 30% discount on all energy reports. Offer valid from 12th March for a limited period.
Get 20% off on all media and entertainment services reports. Offer valid only till the 31st of March.
Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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 10,000 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.
If you are interested in more information, please contact our media team at firstname.lastname@example.org.