Increasing pet adoption and pet acceptance are factors projected to drive the market growth. The global pet food processing market size is projected to grow from USD 4. 4 billion in 2019 to USD 6.
New York, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Pet Food Processing Market by Type, Form, Application And Region - Global Forecast to 2026" - https://www.reportlinker.com/p04828898/?utm_source=GNW
2 billion by 2026, recording a CAGR of 5.0% during the forecast period. The increasing trend of pet adoption and rising acceptance of pets across regions due to the increasing disposable income are the key factors that are projected to drive the growth of the pet food processing market. In addition, the introduction of new technologies in the pet food sector also provides growth opportunities for the growth of the pet food sector. Due to the increasing demand for nutrition-rich pet food, manufacturers are focusing on investing in new ingredients. This has further increased the demand for specialized equipment and is projected to drive the growth of the pet food processing market globally. However, the depreciation of processing equipment for pet food production over the years is a key factor that is projected to inhibit the growth of the market.
The forming equipment segment is projected to dominate the market during the forecast period.
Forming equipment form the base for pet food production.The extrusion technology is a part of forming equipment and crucial for advanced pet food processing.
Companies are increasingly investing in new and innovative extrusion solutions.With the ever-changing consumer demand for different pet food products, the demand for extrusion equipment is projected to remain high.
This trend of extrusion-based manufacturing in the pet food sector is projected to drive the demand for forming equipment. Thus, this segment is projected to dominate the market during the forecast period.
The wet form of pet food is projected to grow at a higher growth rate during the forecast period.
Wet pet food comprises high moisture content and has a high amount of essential proteins.It includes canned food, semi-moist, and gravy treats for pets.
Although wet pet food is comparatively less economical, increasing awareness among pet owners about high-quality nutrient-rich pet food products and the increasing trend of pet food product premiumization are factors that are projected to drive the growth of the wet segment during the forecast period.
The Asia Pacific region is projected to be the fastest-growing market during the forecast period.
The Asia Pacific region projected to grow at the highest CAGR between 2019 and 2026.The rising urbanization across the developing countries in this region is a key factor that is projected to drive the demand for pet food products.
The increasing demand for pet food in the Asia Pacific region is also projected to create growth opportunities for pet food processing manufacturers in this region. The growth is attributed to the increasing investments in the pet food industry and the growing pet food sector in countries such as China, India, Japan, and Thailand.
In-depth interviews were conducted with CXOs, managers, and key executives from various key organizations operating in the pet food processing market.
• By Company Type: Tier 1: 30%, Tier 2: 45%, and Tier 3: 25%
• By Designation: Managers: 55%, CXOs: 30%, and Executives: 15%
• By Region: Asia Pacific: 42%, Europe: 25%, North America: 17%, South America: 8%, and RoW: 8%
The pet food processing market comprises major players, such as Andritz Group (Austria), Buhler Holding AG (Switzerland), The Middleby Corporation (US), GEA Group (Germany), Baker Perkins Ltd. (UK), Clextral SAS (France), Precision Food Innovations (US), Mepaco Group (US), Coperion GMBH (Germany), F.N. Smith Corporation (US), Reading Bakery Systems (US), and Selo (Netherlands). The study includes an in-depth competitive analysis of these players in the pet food processing market, with their company profiles, recent developments, and the key market strategies.
The study covers the pet food processing market and aims at estimating the market size and its growth potential across different segments, such as application, form, type, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall pet food processing market and subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies.
The report will also help the stakeholders to understand the pulse of the market and will provide them with information on key market drivers, restraints, challenges, and opportunities.
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