Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The "Pet Veterinary Diet Market Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
Explore the thriving pet veterinary diet market, projected to grow at a CAGR of 5.6% during the forecast period. This article highlights key trends and opportunities. Discover the impact of pet humanization, the rise of premium products, and the dominance of North America. Uncover the strategies adopted by major players and the potential benefits they can bring to your business.
Pet Humanization Drives Market Growth
As pets become an integral part of the family, the trend of pet humanization gains momentum. The American Pet Products Association reports that the increasing number of pet owners treating their pets like family members is expected to drive the pet food industry. Pet owners, particularly the younger population, are willing to spend more on healthy and natural pet food, boosting the market for veterinary diets. This growing demand for premium products presents an excellent opportunity for manufacturers to cater to the consumer interest in high-quality pet food and drive significant market growth.
North America: Dominant Market
North America, with 70% of households owning pets, leads the pet veterinary diet market. This region accounts for 31% of global pet food production and witnesses substantial demand for pet care. The American Pet Product Association reveals that Americans spend an average of USD 300 annually on pet food and treats. With a strong presence of distribution channels like mass retail stores, online sales, and niche specialists, the region offers a vast market potential. The rising popularity of e-commerce platforms further fuels the market, with pet owners preferring online retailers. Explore how digital marketing and online retail strategies are driving pet food sales in North America.
Market Overview and Key Players
The pet veterinary diet market is moderately consolidated, with major players such as Mars Inc. and Nestle SA leading the industry through their renowned brands, Royal Canin and Purina Petcare. These companies, along with Hill's Pet Nutrition and Nisshin Pet Food, dominate specific regions and develop problem-specific products. Keep an eye on new product launches, partnerships, and acquisitions as key strategies employed by these industry leaders. Moreover, investments in research and development (R&D) and innovative product portfolios will play a crucial role in shaping the market in the coming years. Stay informed about the latest developments to make informed market research decisions.
Conclusion
With the pet veterinary diet market projected to grow at a significant rate, it is essential for market research buyers to stay abreast of the latest trends and opportunities. The humanization of pets, premium product demand, and dominance of North America are key factors driving market growth. By understanding the strategies of major players and analyzing market trends, businesses can gain valuable insights to guide their market research endeavors and capitalize on the expanding pet veterinary diet market.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Specialty Type
5.1.1 Urinary tract disease
5.1.2 Diabetes
5.1.3 Renal
5.1.4 Digestive Sensitivity
5.1.5 Oral Care
5.1.6 Other Specialty Types
5.2 Pet Type
5.2.1 Dog
5.2.2 Cat
5.2.3 Birds
5.2.4 Other Pet Types
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle East and Africa
6 Competitive Landscape
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Inc.
6.3.2 Hill's Pet Nutrition Inc.
6.3.3 Nestle SA
6.3.4 Nisshin Pet Food
6.3.5 WellPet LLC
6.3.6 Blue Buffalo Pet Products Inc.
6.3.7 iVet Professional Formulas
6.3.8 Farmina Pet Foods
6.3.9 Forza10 USA
6.3.10 The Higgins Group Corp.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/27ymek
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