Dog Food Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027) – Yahoo Finance

The Dog Food Market is projected to register a CAGR of 4. 6% during the forecast period (2022-2027). COVID-19 exerted a negative impact on the supply chains. Owing to the restrictions in the movement of raw materials, the dog food industry suffered initially in terms of supply and cash flow.
New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Dog Food Market – Growth, Trends, COVID-19 Impact, and Forecasts (2022 – 2027)” – https://www.reportlinker.com/p06316161/?utm_source=GNW
On the other hand, demand for the dog food segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown.

To address this demand, the players in the market have shifted their focus from retail stores to e-commerce platforms by increasing their investments in developing their own websites. There is an increase in the humanization of pets globally as pet owners are treating pets like their own family members. According to the American Pet Products Association, 67% of US households owned a pet in 2019-2020, which is equivalent to 84.9 million homes, and this number is anticipated to rise further during the forecast period. The total number of pet dogs owned in the US is 83.3 million. Dog foods account for 71% of the pet food sales in the US.

Premium pet foods are natural, organic, have higher quality, and are safer than regular pet foods. With the increasing demand for premium pet foods globally, several companies are planning to come up with high-quality dog food products to occupy major market shares in this segment. For instance, in 2020, Fwusow Industry Co. Ltd, a major pet food manufacturer in China, developed and launched a new line of dog food that will integrate OxC-beta, which helps in supporting immune function by providing a non-antibiotic means of promoting health, growth, and performance in animals. ?Pain relief was the major source of revenue over the last decade, and this is anticipated to continue, while factors such as weight management, skincare, and digestive health are gaining importance and are anticipated to increase at higher rates during the forecast period.? For instance, obesity in pets is observed to be a significant health issue due to irregularity in pet food consumption and patterns. Due to increasing pet parenting, coupled with rising awareness of feeding pets with premium and packed pet food, the dog food market is anticipated to grow over the forecast period.

Key Market Trends

Increasing Trend of Pet Humanization

Pet humanization received a lot of attention in mainstream media over recent years globally. A study conducted by the American Pet Products Association (APPA), under the National Pet Owners Survey (2020-21), revealed that more than 85 million households in the United States had one or more dogs, with 48% found in the homes. Thus, increasing pet humanization is anticipated to drive the market’s growth. As per the Pet Food Manufacturer’s Association (PFMA), in 2021, 3.2 million households in the United Kingdom acquired a pet since the COVID-19 pandemic. Largely driven by Gen Z and Millennials, two-thirds (59%) of new owners are aged 16-34, and 56% of new dog owners have children at home.

Most UK homes have a pandemic dog, with 38% admitting that it is just like having a new baby, which suggests the extent of pet humanization in the country. This is massively increasing the growth of the market studied. Woofwoofnow, a global pet consultation portal, was founded in 2018. Being the most pet-friendly institution and creating a location where dog parents can rely on are the goals of Woofwoofnow. It serves as a marketplace where people may browse for pet-related services.

According to ADM, the humanization of pets gained more prominence and will continue to influence trends. Many consumers apply their preferences and values for purchases to their dogs. According to a study by ADM Outside Voice, 30% of dog owners worldwide spent a substantial amount of time in the previous year looking into the finest feeding options.The increasing consumer trend toward dog adoption drove dog food premiumization, which is anticipated to expand the dog food and ingredients market over the forecast period.

North America Dominates the Market

North America Dominates the Petfood market. Being the largest pet food market in North America, the United States pet food market’s growth is attributed to the increase in pet ownership.

According to the 2019-2020 National Pet Owners Survey, conducted by the American Pet Products Association (APPA), 67% of US households (about 84.9 million families) own a pet, the maximum being dogs. The expenditure on dogs in the country has increased in recent years. The increasing health concerns of pet owners lead to the rising healthy and nutritious pet food innovations in the country. From 2019 to 2020, the average amount spent on dog treats per dog per year is USD 76. Dental treats are used in pets to maintain oral health. According to the American Veterinary Dental Society, more than 80% of dogs develop periodontal disease by three years of age. In 2019, RedbarnPet Products launched its new line of dental treats called ’Chew-A-Bulls’ in the country. Such developments are driving the growth of this segment in the country.

Rising acceptance of organic dog food in the country has driven the fastest growth of the market studied in the coming years. Various pet stores and major players are entering the organic dog food market to reap profits. For instance, the top five US pet food marketers, namely Nestle SA, Del Monte, Hill’s Pet Nutrition, Mars, and P&G, are heavily investing in the natural and organic segment by extending their product lines in the dog food category. Also, Tender and True Organic Dog Food, Gather Free Access, Castor and Pollux Organix, Primal Freeze, and Honest Kitchen are some of the prominent brands in organic meals for dogs in the country.

Competitive Landscape

The Dog Food Market is slightly consolidated in nature, with major players including Mars Incorporated, Nestle Purina Pet Food, Colgate Palmolive, and General Mills. The adoption of new strategies by existing players has resulted in the domination by a few players in the market. These major players are investing in new products and improvisation of products, expansions, and acquisitions for business expansions. Another major area of investment is the focus on R&D to launch new products at lower prices.

Additional Benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06316161/?utm_source=GNW

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