Pet Food Market Valuation to be US$ 168.3 Bn by 2029
Pet Food Market: Introduction
A recent study published by Transparency Market Research on the pet food market includes
global industry analysis and opportunity assessment for 2019-2029. Revenue generated from
the global pet food market is estimated to be valued at ~US$ 97 Bn in 2019 and is projected
to expand at a CAGR of ~6%, to reach US$ 168.3 Bn by 2029.
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Organic and Plant-based Food Products Gain Traction
Pet owners, especially those who are vegetarian prefer feeding plant-based or vegan food to
their pets. Moreover, pet owners often groom and feed pets with food that has adequate
amount of nutrients in them. Consumers have become more conscious than before about their
pet food and ingredients incorporated in them. Natural and organic options are becoming
popular. Pet owners often look for similar attributes in pet food. Customers expect pet food to
be made without artificial colors, preservatives or flavors, synthetic hormones, toxic
pesticides or antibiotics.
In order to capitalize on prevailing trends, manufacturers are launching a wide range of
organic as well as natural food products. For instance, the company, Kroger, offers all-natural
pet food, which is protein-rich and has vegetable content.
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High Demand for Clean Label Products to Create Opportunities
Growing empathy toward a pet is fueling the demand for premium pet care products. Along
with this, increasing focus on health and wellness of pets is one of the primary reasons
encouraging pet owners to spend more on pet care, which, in turn, is fueling the demand for
pet food across the globe. Th