Selbyville, Delaware, July 21, 2021 (GLOBE NEWSWIRE) —
The dog food and snacks market share is likely to exceed USD 90 billion by 2027, according to a new research report by Global Market Insights Inc. Rapid urbanization and the rising trend of nuclear families in several countries are expected to spur industry growth. Growing elderly population and adoption of pets as support have further enhanced the market share.
A rapid rise in the aged population across the globe is a major factor boosting the adoption of dogs. Older adults are at an increased risk of loneliness and social isolation due to which they adopt dogs as their companions in everyday activities.
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Rapid urbanization is also expected to increase the number of nuclear families living globally due to which they wish to adopt dogs as companions. Dogs also add a sense of security to the family by safeguarding them from burglars, which is one of the main reasons for the increasing humanization of dogs in families.
Some of the key findings in the Dog Food and Snacks market report include:
- The animal-based raw material segment dominated the dog food and snacks industry in 2020.
- The food segment accounted for a major share in the global dog food and snacks industry and is projected to hold around 65% market share by 2027.
- The supermarkets/hypermarkets segment is anticipated to grow at a CAGR of around 4.5%…