The global pet food processing market size was US$ 5.1 billion in 2021. The global pet food processing market is forecast to grow to US$ 7.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 5.9% during the forecast period from 2022 to 2030.
Pet food is made for pets and is manufactured from either plant or animal sources. The demand for safe and organic pet food expands as the number of pet owners increases. As a result, the pet food manufacturers are always attempting to come up with new products to keep up with consumer demand. Pet food is available in several categories ranging from the type of animals, including dogs, cats, and others. Both dry and wet pet diets are in considerable demand on the market.
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The U.S. Bureau of Economic Analysis and the U.S. Census Bureau reports that the goods and services deficit rose from $68.7 billion in January 2023 to $70.5 billion in February, an increase of $1.9 billion. Due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion, the goods and services deficit increased in February. The goods and services deficit has decreased this year by $35.5 billion, or 20.3% when compared to the same period in 2022. $10.8% more, or $49.5 billion, was exported. Imports cost $2.2% more, or $14.0 billion, than exports.
Factors Influencing the Market
The expansion of product lines and availability of innovative pet food will fuel the growth of the global pet food processing market. In addition, the rising demand for sugar-free, grain-free, dye-free, and chemical-free pet food will offer ample growth opportunities for the global pet food processing market.
The contribution of e-commerce websites due to the high user base will also benefit the global pet food processing market during the study period. Apart from that, health benefits associated with specialized food for pets will escalate their demand during the study period. Moreover, trends like customized pet food according to pet’s needs will also unfold various growth opportunities for the market.
Rising adoption of pets, such as dogs, cats, rabbits, and other small animals, and growing awareness related to the benefits of cooling equipment, blending equipment, coating equipment, shaping equipment, drying equipment, and others, will also contribute to the growth of the market. On the contrary, fluctuating prices of raw materials may limit the growth of the market during the study period.
COVID-19 Impact Analysis
Userbase on e-commerce websites increased during the COVID-19 pandemic, which has been beneficial for the pet food processing market. However, the manufacturing units went through several obstacles associated with the supply of raw materials. As a result, it hampered the growth of the pet food processing market.
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Regional Analysis
The Asia-Pacific pet food processing market is forecast to record the highest growth rate, owing to the rising consumer demand for pet food. North America is forecast to hold the second-largest share in the pet food processing market due to growing consumer understanding related to the positive effect of pet food on pet wellbeing. Further, the trend of millennials adopting pets is growing in the region, which will significantly contribute to the growth of the pet food processing market during the analysis period.
Competitors in the Market
? Diamond Pet Foods
? The Hartz Mountain Corporation
? Total Alimentos SA
? Blue Buffalo Pet Products, Inc.
? Mars Incorporated
? Hill’s Pet Nutrition, Inc
? Nestle Purina
? Lupus Alimentos
? WellPet LLC
? Other Prominent Players
Market Segmentation
The global pet food processing market segmentation focuses on Product, Application, and Region.
By Product
? Dry Food
? Wet Food
? Nutritious Food
? Snacks
? Others
By Application
? Dog
? Cat
? Fish
? Other
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By Region
�?� North America
o The U.S.
o Canada
o Mexico
�?� Europe
Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
�?� Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
�?� Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
�?� South America
o Brazil
o Argentina
o Rest of South America
What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance
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