New York, April 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Food Global Market Report 2023" - https://www.reportlinker.com/p06284483/?utm_source=GNW
The global pet food market grew from $66.45 billion in 2022 to $72.02 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The pet food market is expected to grow to $94.97 billion in 2027 at a CAGR of 7.2%.
The pet food market consists of sales of dry dog food, dog treats, wet dog food, wet cat food, dry cat food, cat treats, and other pet food.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Pet food is a type of feed prepared from ingredients such as grains, oilseed mill products, and meat products that are specifically formulated and intended for consumption by dogs or cats.
North America was the largest region in the pet food market in 2022.Western Europe was the second-largest region in the pet food market.
The regions covered in the pet food market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The main types of pet food are dog and cat food and other pet food.Dog and cat food is food specifically formulated and intended for consumption by dogs, cats, and other related canines.
Pet foods contain several ingredients, which include animal derivatives, plant derivatives, and synthetics. These products are made available through specialised pet shops, internet sales, hypermarkets, and other distribution channels.
The pet food manufacturing market’s growth is aided by stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021, both according to the IMF. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the pet food manufacturing market in 2020 as supply chains were disrupted due to trade restrictions and consumption declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China, and has spread globally, including Western Europe, North America, and Asia.Food and beverage manufacturers depend on the supply of raw materials from domestic and international suppliers.
As many governments restricted the movement of goods across countries and locally, manufacturers had to halt production due to a lack of raw materials.Also, restrictions on the trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline.
The outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the pet food manufacturing market will recover from the shock over the forecast period as it is a "black swan" event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Pet food manufacturing companies are using automation technologies such as advanced production lines and software solutions to improve safety and operational efficiency.These technologies automate formulation, batching, drying, coating, and liquid delivery processes.
This results in cost-effective processing and consistent product quality.For example, Champion Petfoods, a Canadian producer of pet food, has video-monitored production lines, with cooking processes connected through Rockwell hardware and software systems.
It also uses bulk bins and conveying systems, votator heat exchangers, and advanced extrusion and drying systems.United Pet Group’s pet food manufacturing plant in St.
Louis used FactoryTalk software from Rockwell Automation to reduce overtime by 10% and increase labor efficiency by 15%.
The countries covered in the pet food market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The pet food research report is one of a series of new reports that provides pet food statistics, including pet food industry global market size, regional shares, competitors with pet food share, detailed pet food segments, market trends and opportunities, and any further data you may need to thrive in the pet food industry. This pet food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06284483/?utm_source=GNW
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