Westford, USA, Nov. 11, 2022 (GLOBE NEWSWIRE) — Market Overview and Dynamics
Pet ownership is on the rise globally, and pet owners are increasingly spending more on their furry friends in the global pet food market. As of 2021, there are more than 950 million pet cats and dogs across the globe. Wherein, the population of dog account for more than 65%. In developed markets such as the United States, Western Europe and Japan, growth will be driven by premiumization, with pet owners willing to spend more on premium products that offer health benefits or meet their pets’ specific needs. In contrast, developing markets such as Brazil and China will see strong growth due to the increasing number of pet ownership households.
The Asia-Pacific region is expected to be the fastest-growing pet food market, due to factors such as a growing middle class and urbanization. As ownership rates increase and incomes rise, more people are looking for affordable ways to feed their pets nutritious meals. In addition, the region is home to a large number of small-scale manufacturers, which are expected to benefit from the region’s growing demand for pet food.
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According to the American Pet Products Association (APPA), Americans spent over $20 billion on their pets in 2018, with $14.04 billion of that going towards pet food. While traditional wet and dry dog and cat food still make up the…
