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.
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.