The pet food market is forecast to see growth of around 6.4% between 2012 and 2016, and will be driven by a number of key factors over the forecast period. These include the growth of urbanization throughout the world, which has increased the purchasing power of consumers, and the growth in the number of 'nuclear' families.
Another key trend which is aiding the growth of the pet food market is the general rise in pet ownership worldwide. As populations become increasingly urbanised, they are able to spend more on pet food products.
A new report titled 'Global Pet Food Market 2012-2016' on companiesandmarkets.com, suggests that the retail industry is currently witnessing the growth of organized retailers. These retail outlets enable pet owners to save time by providing a large number of products under the same roof. The growth of organized retailers, especially in emerging economies such as China and India, has helped increase visibility of pet food products and brands. Globally, pet food stores and supermarket outlets have are growing at a rate of between 10 and 13%, which is aiding overall growth in the pet food market.
Also he pet food industry as a whole is witnessing a number of positive trends, there are also a number of challenges that the market must overcome if it is to produce the growth that is expected throughout the forecast period. One of these challenges is the health-related issue which is faced by pets and pet-owners. Also, the increase spreading of pet allergies among humans, and an increased number of product recalls will hinder the market over the forecast period.
The key players in the pet food industry are Colgate-Palmolive Co, Del Monte Corp, Mars, Inc and Nestle S.A.
For more information on the pet food market, see the latest research: Pet Food Market Research
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