Headlines Pet Food Market Will Soon Approach $99B Published 2 years ago on May 27, 2018 By PETS+ Staff Share Tweet Grand View Research released a new report. SAN FRANCISCO — The global pet food market size is projected to reach $98.81 billion by 2022, according to a new report by Grand View Research Inc. That would represent a 4.3 percent compound annual growth rate during the forecast period. An increasing number of nuclear families in the emerging economies of Asia Pacific, particularly India, China, Vietnam and Indonesia, has resulted in a growing trend of pet adoption, and this is expected to drive market growth, according to Grand View. Increasing awareness regarding animal health is expected to result in a rising need for healthy pet food. Innovation in specialty, premium and gourmet pet food products and packaging techniques is expected to propel growth in the larger markets of the U.S., Europe and Japan, the report states. Advertisement Additional findings: Demand for dry products is anticipated to exhibit a CAGR of 2.5 percent in terms of volume from 2015 to 2022 owing to handling convenience. The wet/canned segment is projected to expand at a CAGR of 4.9 percent in terms of revenue over the forecast period. Demand for dog products is predicted to rise at a CAGR of 2.7 percent in terms of volume from 2015 to 2022 due to the rising trend of dog ownership across the globe. Related Topics:pet food click to Comment(Comment) Advertisement You may like Fromm Gold Recipes for Cats Receives Packaging and Recipe Refresh ‘Clean-Meat’ Pet Food Company Raises $1.2M Pet Food Company to Launch with $5.6M in Funding Promoted Headlines Category Spotlight: Terry Naturally Animal Health Category Spotlight: eTailPet Are You Ready For Adventures Beyond The Backyard? Tall Tails Advertisement Latest Trending Videos Columns1 day ago 4 Tips for Negotiating the Best Lease for Your Pet Business Photo Gallery1 day ago New Edibles for Cats, Vegan Bars for Dogs and Toys for the Holidays [GALLERY] True Tales2 days ago Employees: Leave Your Pot at Home to Keep Your Job True Tales2 days ago Employees: Leave Your Pot at Home to Keep Your Job Columns6 days ago How Beer Helped Me Promote My Pet Business Columns6 days ago 3 Things Customers Want and Need from Pet Businesses America's Coolest2 weeks ago Video: Take a Tour of Bark Life in Seminole, FL Trace's Store School2 weeks ago Video: Learn How to Do Holiday on a Budget at Trace’s Store School America's Coolest3 weeks ago Video: Take a Tour of Four Muddy Paws in St. Louis Advertisement SubscribeBULLETINS Get the most important newsand business ideas from PETS+. Advertisement Most Popular True Tales2 days ago Employees: Leave Your Pot at Home to Keep Your Job Columns6 days ago How Beer Helped Me Promote My Pet Business Columns6 days ago 3 Things Customers Want and Need from Pet Businesses Columns1 week ago 5 Consumer Behavior Trends Reshaping Holiday Shopping Candace D'Agnolo1 week ago Complete These 7 Important Tasks at Your Pet Business Before the End of 2020 Headlines6 days ago Yelp to Flag Businesses Accused of Racism With ‘Consumer Alerts’ Photo Gallery2 days ago 19 Photos That Show Why Dexter’s Deli Is One of America’s Coolest Stores Behind the Pages1 week ago Podcast: Should You Carry Poop Bags Featuring the Faces of Donald Trump and Joe Biden?