The pet food processing market is anticipated to rise at a CAGR of ~5.1% between 2020 and 2030, Future Market Insights foresees stable growth for the market. Increasing demand for food enhancers from pet food processing industry mealtime is the happiest time for pets, and each pet owner tries to give their pet a nutritious dinner containing great flavour. Key variables urging owners to raise pets are social solace, security, organization, and the tasteful sense offered by pets. An increasing number of pet owners has led to a subsequent rise in interest regarding pet nourishment. The aforementioned reasons are the significant reason fuelling the market demand for pet food processing market.
Growing pet humanization trends on the back of high-disposable income pet owners is central to the growth of the pet food processing market. Increasing consumer knowledge about pet specific intolerances, and allergies furthers consumer spending on niche pet food products.
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Impact of COVID-19 on Pet Food Processing Market
Pet food processing market has been largely affected by the outbreak of coronavirus. According to FMI’s analysis, the market will take time till the end of 2020 to recover completely. Border closures, quarantines, and supply chain and trade disruptions have restricted access to sufficient/diverse and nutritious sources of food, especially in countries such as the U.S, China and Italy, which are hit hard by the virus or already affected by high levels of food insecurity. Due to restriction on movement and the basic aversion behavior by workers, the market continues to suffer amid the pandemic.
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KEY RESEARCH FINDINGS
- Pet humanization and pet ownership are defining the top trends fueling pet food processing demand in global market.
- The expanding food and beverages industry and rising demand for fermented supplements is complementing the growth of global pet food processing market.
- By the end of 2030, the market valuation is projected to reach US$ 6.7 Mn. The market was valued at US$ 4.1 Mn in 2020.
- Asia Pacific is expected to emerge as a highly lucrative market.
PET FOOD PROCESSING MARKET TAXONOMY
The global Pet Food Processing Market is segmented in detail to cover every aspect of the market and present complete market intelligence to readers.
Product type
- Mixing & Blending Equipment
- Forming Equipment
- Baking & Drying Equipment
- Cooling Equipment
- Others
Form
- Dry Food
- Wet Food
Application
- Dog Food
- Cat Food
- Fish Food
- Others
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Key Takeaways from the Pet food processing Market Study
- Advent of newer technologies and increasing attention to clean label product development will enable growth in pet food processing market. In addition to this, leading manufacturers are now focusing on strengthening their distribution and supply base in order to ensure that products are easily available to their target customers. This is expected to bode well for the market in the coming years.
- The dog food segment is projected to account for the largest share in the global pet food processing market. The increasing population of dogs and the rising trend of pet humanization have encouraged dog owners to accept them as companions, which is projected to drive the demand for premium dog food
- The key players operating in this pet food processing market are focusing to expand their presence globally through acquisition and collaboration with domestic and regional players.
- Key players are also focusing on expanding their global footprint by launching new products related to pet food. In addition, Tier -1 players are investing in research and development activities and continuously monitoring their product offering in order to offer an excellent quality of product.
- Despite changing consumer attitude, supply-chain disruptions could hamper the growth of the market. Restrictions imposed on movement of raw material is causing delay in production. This could have negative impact on the market.