The Business Research Company’s Global Pet Food Market Report 2020-30: Covid 19 Impact And Recovery
LONDON, GREATER LONDON, UK, October 28, 2020 /EINPresswire.com/ — Many pet food manufacturers are using online platforms to sell pet food products. Ecommerce platforms allow pet food manufacturing companies to access new markets without heavy investment in distribution channels. For example, Chewy is a US-based online retailer of pet food products. Big box retailers such as Lowe’s, Home Depot, Harris Teeter, Petco, and PetSmart offer online ordering services for local delivery, which pet food companies can leverage to increase sales. In North America, Amazon has a website dedicated to pet food called Wag.com. In 2016, ecommerce sales accounted for 7% of pet food sales in the USA, and in Asian markets such as China and Korea, about one-third of cat and dog food was purchased online.
The global pet food market size is expected to grow from $74.6 billion in 2019 to $75.5 billion in 2020 at a compound annual growth rate (CAGR) of 1.3%. The low growth is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The global pet food market size is then expected to recover and grow at a CAGR of 6% from 2021 and reach $88.5 billion in 2023.
Increasing social media penetration is expected to contribute to the pet foods market growth in the forecast period. Social media and digital media marketing are driving the market for different types of pet foods such as generic, natural, organic, premium, super-premium, grain-free and others. There are many blogs and social media sites which publish articles on animal care. These articles help educate people on how to take care of their pets, what to feed, how much to feed, and how many times to feed. It also helps in identifying best foods for the pets available in the market depending on nutritional value. For example, “truth about pet food” and “dog food advisor” are some blogs that help in identifying the best dog foods available in the market. Increased awareness on pet care through social media is expected to lead to the pet foods market growth.
The pet food market consists sales of goods and services by entities (organizations, sole traders and partnerships) associated with manufacturing cat and dog food, and other animal food from ingredients such as grains, oilseed mill products, and meat products. The industry includes the establishments that produce dog food, cat food, and other animal food. Other animal includes birds, mammals, and aquatic animals.
The pet food market segmentation by type includes dog food (dry food, wet/canned food, snacks/treats), cat food (dry food, wet/canned food, snacks/treats), and other animal food. By distribution channel, the market is segmented into internet sales, hypermarkets, specialized pet shops, others. By ingredient source, the market is segmented into animal derivatives, plant derivatives, and synthetic.
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Source: EIN Presswire