The global pet food processing market is expected to be worth USD 5.0 billion in 2022, rising to USD 8.4 billion by 2032, representing a CAGR of 5.3 percent for the forecast period of 2022–2032.
The pet food processing market is predicted to grow as demand for pet food rises due to the recent trend of pet parenting. Growing pet food processing research and development, as well as technical improvements, are predicted to produce amazing outcomes in terms of new products that will appeal to customers and propel the pet food processing market to new heights.
For the years 2019-2020, the pet dog and cat population has grown at a considerable rate of 3.5 percent. This indicates that more and more people are getting into pet ownership, and the demand for chemical-free, high-nutrition, high-quality food has grown. This is likely to help the burgeoning pet food processing industry.
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Key Takeaways from Market Study
- Companies are more likely to explore sustainable pet food processing methods. Companies can also fulfill their CSR obligations by moving to sustainability
- US pet food processing market is projected to grow at a CAGR of around 5.8% over the next ten years.
- An alternative source of protein could boost profits for businesses while also improving the quality of pet food. With technological advancements, companies are using algae, yeast and insects to make superior quality high protein pet food.
- India’s pet food industry is anticipated to be valued at 25 billion INR, with around 29 million pets. As a result, it is a valuable market location for businesses.
- Rising pet humanizing trend and growing demand in Europe, the pet food processing market is expected to flourish in this region.
“ The pet food processing market is expected to have significant growth due to the trends and factors like use of animal-free pet food, Natural preservative demand, variety of ingredients, increase in pet keeping and pet humanization trend,” says a lead analyst at Future Market Insights.
Competitive landscape:
Pet food processing companies are more inclined towards research and development to enhance the quality of their products. Manufacturers are using advanced technologies and methods to get superior pet food that is cost-effective and sustainable.
- Bond pet inc. use methods that can make their high-protein pet food products animal-free. Crickets are an excellent source of protein in pet food that is both cost-effective and beneficial to animals.
- Bergen and Biomega Group use fish by-products from salmon processing units to make pet food of supreme quality. These are used to increase the protein and fatty acid content of pet food, which is quite preferred among pet owners.
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Explore More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of pet food processing presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study shares valuable insights on the Pet Food Processing based on Equipment (Mixing & Blending, Forming Equipment, Baking & Drying, Cooling Equipment, and Others), By Form (Wet, Dry), by Application (Dog Food, Cat Food, Fish Food, and Others), across seven major regions of the world.