Pet food market to grow due to owners' needs
According to the report, "Global Pet Food Market (By Food Type, By Animal Type, By Region, By Country): Opportunities and Forecast (2016-2021)" by
ReportsnReports.com (reportsnreports.com), is projected to exhibit a CAGR of over ~3.94% during 2016 - 2021, largely driven by the increase in spending of pet owners towards the pet food products, increased focus of pet owners towards their pet health , rising awareness for the traditional veggie food for the pet will give the huge growth momentum for the market in the forecast period.
The global pet food market growth is driven by the increasing demand for grain-free products along with the increasing demand of natural pet food products. Additionally the increasing ownership of pet cats and dogs with the increasing trend of pet humanization and premiumization of pet food will drive the market in the forecast period.
Moreover the market is getting consolidated in terms of recent mergers and acquisition where big brands are acquiring the smaller firms in order to increase their product variety and market expansions.
Although, the dog food market is gaining the maximum market share and will dominate the market share in the forecast period as well. In terms of derivative type the animal, grain-free and genetically modified product are gaining the market share. APAC (the Asia Pacific market) is predicted to grow with a CAGR of 4.42% during the year 2016-2021, which is mainly driven by the increase in ownership of pets along with the rising awareness of pet owners to switch from the local brands to international brand.