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Pet Food: Innovations Flourish Amid Rising Humanization Trends

05-02-2024 02:19 PM CET | Consumer Goods & Retail

Press release from: Triton Market Research

PET FOOD MARKET

PET FOOD MARKET

The global pet care community has witnessed vigorous activity within pet food as evolving trends meet rising companion animal adoption worldwide. With higher expectations around quality, nutrition and sustainability, significant changes are underway.

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Bioremediation has evolved into a powerful tool for addressing environmental pollution since its inception in the 1960s. George M. Robinson's pioneering work in 1968 marked the beginning of using bioremediation to tackle large-scale oil spills. Today, this technology offers sustainable and eco-friendly solutions by leveraging the capabilities of microorganisms like bacteria, fungi, and plants to degrade contaminants.

One major shift is the growing demand for specialized diets to meet pets' specific needs, from digestive or skin sensitivities to dental issues. Top players like Hill's Science Diet Puppy Sa, Purina Pro Plan Veterinary Diets, and Royal Canin dominate with prescription formulas and condition-focused solutions backed by research.

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According to Mars Petcare data, illness prevalence in aging cats and dogs exceeds 50%, positioning specialized nutrition as the new imperative.

Pet food sustainability also gained significance as niche start-ups and massive corporations like Nestlé and Mars embed eco-initiatives into their strategy and operations. Mars Petcare recently pledged to reduce its carbon footprint by 67% by 2050 through recyclable, compostable or reusable packaging alongside renewable energy, among other efforts.

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Smaller US-based players such as Nom Nom, PetPlate, and JustFoodForDogs also cater to the fresh and raw pet food segment, in line with nutrition, sustainability, and humanization trends. These companies garner favor through customized meal plans and subscriptions, emphasizing whole, minimally processed ingredients.

For instance, JustFoodForDogs boosted funding, fuelling the expansion of its kitchens providing veterinarian-developed freshly cooked pet meals.

As cats and dogs gain family member status in the majority of households across developed countries, pet food continues shifting from generic to personalize. This is set to drive further innovation in this market.

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Question & Answer: PET FOOD MARKET

Question 1:What is the projected growth of the global pet food market?
Answer:The global pet food market is expected to see substantial growth. Estimates suggest it could grow from USD 120.87 billion in 2023 to USD 193.65 billion by 2032, at a compound annual growth rate (CAGR) of approximately 5.45% during the forecast period​ (Fortune Business Insights)​.

Question 2:What are the key drivers of growth in the pet food market?
Answer:Several factors are driving the pet food market, including the rising trend of pet humanization, where pets are treated more like family members, increasing pet adoption rates, and a growing emphasis on pet health and nutrition. Moreover, there is a rising demand for natural and organic pet food products as consumers become more aware of the health needs of their pets​.

Question 3:What are the key market trends in pet food?
Answer:There is a noticeable trend towards natural and organic pet foods, which are perceived as healthier and safer. Additionally, there's a growing market segment focused on specialized diets for pets, such as grain-free, gluten-free, and breed-specific formulas. The market is also seeing innovation in snacks and treats, often used for training or as indulgences for pets.

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