North America to Dominate Pet Food Market through 2024
Increasing
disposable income and rising pet population to drive global pet food market
through 2024
According to TechSci Research
report, “Global Pet Food Market By Pet Type, By Point
of Sale, By Region, Competition, Forecast & Opportunities, 2024”, global pet food market is
projected to reach $ 98 billion by 2024, on the back of increasing disposable income. Moreover, concerns
about the quality, safety and provenance of traditional pet food along with demand
for natural and organic pet products for rapidly increasing pet population
would further steer growth in the market. Additionally, rising pet care concern
globally, surging demand for pet food, and increasing trend for online shopping
on the back of rising number of internet users, convenience offered by the
shopping websites in terms of less delivery time, attractive discounts and
schemes, and various other benefits is further expected to propel global pet
food market during forecast period.
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Growing internet connectivity, new business
models and rising digital media have provided many companies an opportunity to
promote their brands. The companies are also focusing on creating effective
supply chain and engaging with online retail platforms and institutions. With
increasing sophistication and awareness among consumers regarding pet food, the
demand for pet food is likely to rise in the country over the coming years. In
addition, exclusive retail pet stores are expanding in the global market. Such
stores are becoming increasingly popular among pet owners due to their one stop
solution offerings for all pet requirements, including food, accessories,
services, etc. Some of these pet superstores also offer high-end pets products
for the consumers belonging to premium segment.
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“Regionally, North America pet
food market accounted for majority share in global pet food market in 2018. On
the back of increasing online marketing, augmenting focus towards vegetarian
pet food products, surging product innovations, rising demand for organic pet
food and prepared pet food are few of the factors driving pet food market in
the region. The diversification of the consumer base and the growing importance
of younger consumers is propelling the development of ethical consumerism in
pet care.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Global Pet Food Market By
Pet Type, By Point of Sale, By Region, Competition, Forecast &
Opportunities, 2024”, has evaluated the future
growth potential of global pet food market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges and
opportunities in global pet food market.
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