Pet food processing Market Expected to Register a CAGR of More Than 5.1% Restrictions Imposed to Contain Coronavirus However May Impact Growth, says FMI
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.
Pet Food Processing Market
A recent market study published by Future Market Insights on the Pet Food Processing Marke...
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.
Increasing Social Media Exposure Supports Growth
The increasing use of social media has made consumers more aware about recent launches in the pet food processing market and the products that offer the necessary nutrition for pets at different life stages. Moreover, social media has increased consumer awareness regarding products from other countries, which are now becoming easily available. This has helped pet food processing products that contain dehydrated fruits and vegetables gain immense traction in the United States of America. Thus, manufacturers have started investing in expansion of their businesses in the country as well as overseas.
“ Pet food processing market is gaining strength from growing demand for functional food, increase customer base and sales through expansion of e-commerce platforms. Moreover, developing clean label pet food processing products is a major focus of market players. This is expected to create growth opportunities for the market in the near future” says an FMI analyst.
Use of Innovative Packaging to Lure Customers into Purchasing
Appearance of products has become a major factor, along with their quality and taste that determines sales. The appearance of a product on the shelves in hypermarkets/supermarkets, convenience stores, and on e-Commerce platforms has proven to increase the chances of consumers buying products. This has urged companies to increase their investments in innovative packaging solutions. For instance, several companies are using recyclable boxes for the packaging of their pet food processing offering. This is intended to make their pet food processing products more attractive to consumers, thereby increasing sales of the same.
Who is Winning
Some of the market players profiled in the report are Precision Food Innovations, Mepaco Group, F.N. Smith Corporation, Reading Bakery Systems, Andritz Group,Buhler Holding AG, The Middleby Corporation, GEA Group,Gold Peg International, Fusion Tech Integrated, Inc. and others leading market players are acquiring smaller businesses to expand their footprint and product portfolio. Besides this, acquisition often allows them to gain competitive advantage.
- In 2018, Mepaco Group offers sanitary design food processing equipment to the meat and poultry industry with a focus on regulatory compliance, safety and profitable yields.
- F.N. Smith Corporation has been launched new mixers, conveyors, extrusion dies, and cutting assemblies to meet the most demanding requirements. This equipment has gone on to manufacture canned food, dry mix, semi-moist, and treat products.
Impact of COVID-19 on pet food processing market
Pet food processing market has been affected by the outbreak of coronavirus. According to FMI, the market will recover in 4th quarter of 2020. Border closures, quarantines, and supply chain and trade disruptions could restrict people’s access to sufficient/diverse and nutritious sources of food, especially in countries such as 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 behaviour by workers, the market may suffer.
Key Research Findings:
Get Valuable Insights into Pet Food Processing Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global Pet food processing market, presenting historical demand data (2014-2018) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the Pet food processing market based on the product type (Fruits, Vegetables and others), form (Minced & chopped, powder & granules, Flakes, Slices & Cubes and Others),pet type ( cat, dog, birds and others),drying method (air drying, spray drying, freeze drying, drum drying, vacuum drying), pricing ( Economic, mid-range, premium) packaging (cans, cartons, pouches) and distributional channel ( Direct sales and indirect sales) across seven region.
About Food Market Division at FMI
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analysed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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