Major companies in the pet food market include Mars; Nestle S. A. ; The J. M. Smucker Company; Colgate-Palmolive Company and Diamond Pet Foods Inc. The global pet food market is expected to grow from $72.
New York, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Food Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018923/?utm_source=GNW
07 billion in 2020 to $75.29 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $90.32 billion in 2025 at a CAGR of 5%.
The pet food market consists sales of goods and services by entities (organizations, sole traders and partnerships) associated with manufacturing cat and dog food and other animal food from ingredients such as grains, oilseed mill products and meat products. The industry includes the establishments that produce dog food, cat food, and other animal food. Other animal includes birds, mammals and aquatic animals. This market does not include agricultural animal food. The pet food market is segmented into dog and cat food and other pet food.
North America was the largest region in the global pet food market, accounting for 38% of the market in 2020. Western Europe was the second largest region accounting for 22% of the global pet food market. Middle East was the smallest region in the global pet food market.
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 outbreak of Coronavirus 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 in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Food and beverage manufacturers depend on 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 lack of raw materials. Also, restrictions on trade of non-essential goods and fear of contamination through manufacturing facilities contributed to the decline. The outbreak is expected to continue to have 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 across 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.
The pet food manufacturing market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market 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 the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the market during forecast period.
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