Game on, an in-depth analysis of the global sports equipment market suggest that the market is anticipated to cross USD 540 Billion by 2029, increasing from USD 372.15 Billion in 2023.
Consumer Goods & Services
Compassionate feeling towards pet as a family is engaging the pet owners to provide nutritious food for pets with a personalized approach- Bonafide Research
To provide sufficient nutrition to the pets and to enhance their well-being and health, pet owners are ready to spend more money on their pets. Pet food is one of the largest segments in the pet care market. Change in lifestyle, which has changed people’s attraction for pets to become a pet owner. The pet owners consider pets as family members and are ready to pay for high priced pet food. Due to people having a lack of time they provide their pets with packaged food, ready to eat food, dry food, canned food that are made to provide all the nutrition the pet needs. There has been increasing demand for organic, healthy, and nutritious food for the pet as compared to the ordinary pet foods to make the pets healthy and to get them free from diet insufficiency, various allergies, diseases, obesity, etc.
According to the report, “Global Pet Food Market Outlook, 2027” published by Bonafide Research, the market was valued around USD 142 Billion in 2021 which is anticipated to reach USD 195 Billion by 2027. Further, the CAGR is projected to be more than 5% for 2022-2027. The increasing trend of humanization and premiumization has increased the share of pet food. Innovative products from the companies have let the pet owners opt for better and healthier food products for pets. The pet food market has been dominated by the top three regions such as North America, Europe & Asia-Pacific due to increasing pet adaption in these regions.
Nowadays the pet owners have more awareness about pet food products, which have let them, ensure about the ingredients used in the products. The ingredients used for pet foods are usually the protein source that is required for the pet’s health. These ingredients are in the form of animal derivative, plant derivatives, cereals derivative, etc. out of these forms of foods, the most widely used derivative is the animal-based derivative which includes protein enriched food forms such as chicken, lamb, fish meal, etc. However, the interest in plant-based pet foods has increased as the pet owners are being intended to provide their pets with non-meat food products. Over the years, we can expect plant-based foods to hold a huge market share.
People are now more aware of the ingredients in their pet food than ever before due to major concerns over various diseases that can happen due to unhygienic food or transmission through animal-derived foods. With organic and natural becoming the popular choice in human food, pet owners want the same for their beloved pets. Consumers expect the food for their pets to be made without artificial colors, flavors or preservatives, antibiotics, synthetic hormones, or toxic pesticides. To capitalize on the trend and to get into this growing market, various companies and brands are conducting constant research and launching a range of natural and organic products for pets.
According to the report, “Global Pet Food Market Outlook, 2027” published by Bonafide Research, the market was valued around USD 142 Billion in 2021 which is anticipated to reach USD 195 Billion by 2027. Further, the CAGR is projected to be more than 5% for 2022-2027. The increasing trend of humanization and premiumization has increased the share of pet food. Innovative products from the companies have let the pet owners opt for better and healthier food products for pets. The pet food market has been dominated by the top three regions such as North America, Europe & Asia-Pacific due to increasing pet adaption in these regions.
Nowadays the pet owners have more awareness about pet food products, which have let them, ensure about the ingredients used in the products. The ingredients used for pet foods are usually the protein source that is required for the pet’s health. These ingredients are in the form of animal derivative, plant derivatives, cereals derivative, etc. out of these forms of foods, the most widely used derivative is the animal-based derivative which includes protein enriched food forms such as chicken, lamb, fish meal, etc. However, the interest in plant-based pet foods has increased as the pet owners are being intended to provide their pets with non-meat food products. Over the years, we can expect plant-based foods to hold a huge market share.
People are now more aware of the ingredients in their pet food than ever before due to major concerns over various diseases that can happen due to unhygienic food or transmission through animal-derived foods. With organic and natural becoming the popular choice in human food, pet owners want the same for their beloved pets. Consumers expect the food for their pets to be made without artificial colors, flavors or preservatives, antibiotics, synthetic hormones, or toxic pesticides. To capitalize on the trend and to get into this growing market, various companies and brands are conducting constant research and launching a range of natural and organic products for pets.
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