The global pet food market is worth billions and is expected to be worth US$74.8 billion by 2017. North America dominates the global pet food market due to its growing urbanization and increasing purchasing power of consumers. Globally, the European pet food market is the second largest regional market for pet food and is expected to demonstrate healthy growth in the coming few years. Let’s take a look at why the European pet food market will experience good growth in the coming years.
Millions of Households in Europe own a Pet, and the Number is rising
According to a 2012 report from FEDIAF, the European Pet Food Industry Federation, the estimated number of households in Europe that owned at least one pet animal was a massive 72 million. This figure is expected to grow at a great pace in the next decade.
A new report from Transparency Market Research (TMR), a market research firm based in the U.S., shows that the European pet food market is projected to reach 4,602.5 kg by 2021. The report from TMR states that the Europe pet food market is expected to be worth US$28,146.1 million by the end of 2021.
Browse Market Research Report of Europe Pet Food Market:
Market Determinants for the European Pet Food Market
- The increasing preference for pet companionship will drive the overall pet care industry. Pets provide companionship, protection, and affection. For many pet owners, pets are like their children and they associate a sense of responsibility and care with their pets. This association with pets, especially cats and dogs, makes the consumers willing to spend on pet’s needs such as food, medical care, etc.
- The demand for organic pet food products in the European pet food market is high, as there is high awareness about pet health among owners in this region. In addition to this, the increasing incidence of obesity in pets is further fueling the demand for health pet food products.
- According to the 2012 FEDIAF report, the total dog population in Europe was around 75 million while the cat population was around 90 million. On the other hand, the population of bird, aquatic, reptiles, and small mammal pets was low compared to that of cats and dogs. The increasing preference of consumers in the Europe to own cats and dogs is expected to drive the market at a significant rate.
- The cat food segment in the Europe pet food market held the largest market share and was valued at US$11,957.3 million in 2014. The increasing demand for cat food in the Europe pet food market will further boost the Europe pet food market.
Browse Market Research Press Release of Europe Pet Food Market:
These were the factors that are driving the European pet food market. With the increasing prominence of nuclear families and rising disposable incomes, the market for pet food in Europe will continue to witness healthy growth in the coming years. Some of the key players operating in the European pet food market are Nestle S.A., Mars Inc., Affinity Petcare, Colgate-Palmolive Co., and Big Heart Pet Brands.
No comments:
Post a Comment