LONDON, April 1, 2020 /PRNewswire/ — TheBusinessResearchCompany.com announces “Pet Food Market Analysis – By Types (Dog, Cat And Other Pet Food), By Ingredient (Animal Derivatives, Plant Derivatives And Synthetic), By Distribution Channels (Internet Sales, Hypermarkets, Specialized Pet Shops And Others), And Regions | Global Forecast To 2023” added to its research database. The complete report is spread across 328 pages and readily available for purchase with entire TOC. Read More On The Business Research Company’s Pet Food Market Report @ https://www.thebusinessresearchcompany.com/report/pet-food-market .
Influence Of Digital Media Marketing And Social Media In The $74.6 Billion Pet Food Market
The global pet food market is expected to grow from $74.6 billion in 2019 to $88.5 billion in 2023 at a compound annual growth rate (CAGR) of 4.4%. Increasing social media penetration is expected to contribute to the growth of the pet foods manufacturing market in the forecast period. Social media and digital media marketing are driving the market for different types of pet foods such as generic, natural, organic, premium, super-premium, grain-free and others. There are many blogs and social media sites which publish articles on animal care. These articles help educate people on how to take care of their pets, what to feed, how much to feed, and how many times to feed. It also helps in identifying best foods for the pets available in the market depending on nutritional value. For example, “truth about pet food” and “dog food advisor” are some blogs that help in identifying the best dog foods available in the market. Increased awareness on pet care through social media is expected to lead to the growth of the pet foods manufacturing market.
Pet Food Ecommerce Is Gaining Popularity
Many pet food manufacturers are using online platforms to sell pet food products. Ecommerce platforms allow pet food manufacturing companies to access new markets without heavy investment in distribution channels. For example, Chewy is a US-based online retailer of pet food products. Big box retailers such as Lowe’s, Home Depot, Harris Teeter, Petco, and PetSmart offer online ordering services for local delivery, which pet food companies can leverage to increase sales. In North America, Amazon has a website dedicated to pet food called Wag.com. In 2016, ecommerce sales accounted for 7% of pet food sales in the USA, and in Asian markets such as China and Korea, about one-third of cat and dog food was purchased online.
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E-Commerce Is The Preferred Retail Channel For Pet Food Purchases
According to the American Pet Products Association (APPA) 2017-18 National Pet Owners Survey Debut, the majority of pet owners are purchasing food, treats, and medicines for their pets from online stores. Out of 8,701 dog owners, 50% of owners buy food and treats online, and out of 6,773 cat owners, 48% and 44% buy food and treats online respectively.
Increasing Pet Food Delivery Services
The number of pet food delivery service providers’ is rising. The millennial demographic class is making use of the advantages of pet food delivery services such as convenience and customizability, which is driving pet food delivery service subscriptions. At the same time, there are added advantages for the number of pet food delivery service providers such as guaranteed monthly income from their subscribers. As a result, the high market potential is attracting a number of startups into the market. The Farmer’s dog food, Bark Chef, and Just Right by Purina are a few players in the pet food delivery services market. Also, in January 2019, the Farmer’s dog food raised an amount of $39 million from its series B financing to scale up its business.
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Global Pet Food Market Characteristics And Segments
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.
The pet food market covered is segmented by type into dog food (dry food, wet/canned food, snacks/treats), cat food (dry food, wet/canned food, snacks/treats), and other animal food. By distribution channel, the market is segmented into internet sales, hypermarkets, specialized pet shops, others. By ingredient source, the market is segmented into animal derivatives, plant derivatives, and synthetic.
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