Global Dog Food Market Boosted by Rising Pet-Adoption RatesThe global dog food market is growing at a steady rate. The introduction of new product varieties, owing to the fluctuating consumer preferences and technological innovations, is the key factor which has contributed to the market expansion.
Dog food is manufactured for the consumption of dogs in order to provide them a nutritional diet. It is generally produced with highly nutritional ingredients such as oatmeal, potatoes, pea protein, sugar-based sweeteners, bone meal, chicken as well as liver chunks. As a result, dog food offers various health benefits like it enables digestion, improves immunity, and strengthens bones, muscles and teeth. A new research report by IMARC Group, titled “Dog Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 49.1 Billion in 2017. The report further anticipates the market to cross US$ 61.1 Billion by 2023, at a projected CAGR of 3.7% over the forecast period.
Market Drivers/Constraints:
- Surging geriatric population, elevating incomes and improving standards of living in developing nations are some of the factors that have led to an increase in the pet-adoption rates, particularly dogs. This has encouraged the growth of the global dog food market.
- Over the years, one of the major trends that has been witnessed globally is rising pet humanisation and premiumisation. Nowadays, dog owners consider their pets as a part of their family and are willing to spend on high-quality and premium products for them.
- Keeping in the mind the changing preferences of dog owners, manufacturers are coming up with innovative and healthier product varieties in the market, complying with the high manufacturing standards.
- However, there are several factors that hamper the market growth. Obesity and allergies of the pet is categorised as a huge concern amongst dog-owners as well as various institutions.
Product Type Insights:
On the basis of type, there are different variants of dog food available in the market. Currently, dry dog food, accounts for the majority of the market share. It is followed by dog treats and wet dog food.
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Regional Insights:
On a geographical front, North America represents the leading market for dog food, holding the majority of the market share. It is followed by Asia-Pacific, Western Europe, Eastern Europe, Latin America, and Middle East and Africa.
Competitive Landscape:
The market is highly concentrated in nature with the presence of top three manufacturers. There is an intense competition in the market which makes it difficult for new manufacturers to enter. The leading players operating in the market are:
- Nestlé
- Mars
- Colgate-Palmolive.
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