Pet Food Processing Market to Be Propelled by Growing Pet Adoption and the Demand for Different Pet Food Types; Market to Witness a Significant CAGR during 2021-2029
With the rising economic growth, changes in family structure have taken place giving rise to the growth of nuclear families. Additionally, hectic lives are taking a toll on the mental health of the populations. Owing to these factors, the popularity of pet adoption has grown considerably in the recent years. The pet food processing market is anticipated to attain a significant CAGR during the period 2021-2029. The market is segmented by application into dog food, cat food and others, out of which the dog food segment is anticipated to grow significantly during the forecast period owing to the increase in dog population around the globe. The Pet Food Manufacturers Association (PFMA), in one of its survey statistics of over 8000 people, stated that dog population touched 9.0 million in the year 2020 from 5.1 million in the year 1970.
On the basis of regional analysis, the global pet food processing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
The market in North America is anticipated to hold the largest market share on the back of increasing investments in pet food processing technology and the growing demand for convenient pet food products.
The Asia Pacific pet food processing market, on the other hand, is anticipated to record the highest CAGR owing to the rising disposable income of individuals and increasing popularity of pet adoption.
Growing Demand for Pet Food for Different Types of Pets to Drive the Market Growth
The demand for pet foods of different shapes, sizes and nutritional value has grown owing to the increasing awareness about pet health and for the increasing adoption of different type of pets by the pet owners. Companies have been investing heavily to develop the pet food processing technology to manufacture the differentiated products, which is anticipated to propel the market growth during the forecast period.
However, high initial investments and the intense competition between key players are expected to operate as key restraints to the growth of the global pet food processing market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global pet food processing market which includes company profiling of Andritz Group (VIE: ANDR), The Middleby Corporation (NASDAQ: MIDD), Baker Perkins Limited, Precision Food Innovations, Clextral, Mepaco, B?hler AG, ProBake Inc., Fusion Tech Integrated, Inc. and Scansteel Foodtech A/S.
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