It’s hard to believe that the first records of cats and dogs living with humans dates back further than 12,000 years ago. Nevertheless, while the idea of ”pets” may be as old as time, the way that we treat our animal companions has certainly evolved. Whereas the pets of the past were forced to scavenge for their own food and couldn’t expect much more than the odd table scrap, today’s animal owners spend hundreds and even thousands of dollars on their furry creature’s meals.
Indeed, today’s Global Pet Food Market is valued at close to $ US 70 billion and it’s expected to continue rising at a CAGR of 6.35 percent in the next four years thanks to the following factors:
1) Growing Urbanization
The rapid growth in urbanization has led to a change in lifestyle of people in both developed and developing countries such as China and India. The increasing disposable income and consumer purchasing power has prompted a lot of pet owners to shift from traditional home-made food to packaged pet food.
2) Rise in Nuclear Families
Nuclear families generally consist of parents and single child. The culture of nuclear families has spread across the globe; either because people are engaged in jobs outside their home towns or because of their choice to stay independent. For working parents with a single kid, it is difficult to engage with their child all the time; hence they prefer a pet that can be a companion to their kids with whom they can play and spend their time.
3) Increase in Pet Humanization
More and more pet owners are beginning to see dogs and cats as a human and part of the family and are therefore willing to spend big on good food for their pets. The more affection humans have toward their pets, the more are the levels of spending on their food and care. This drives the demand for value-added products such as nutraceuticals for pets.
4) Increase in Health Concerns in Pet Owners
These days, pet owners often look for pet foods that are organic, natural, and high in vitamins, proteins, minerals, and contain fewer preservatives. In mature markets such as the US and European countries, customers pay special attention on the package, label, and other claims by the pet food companies to ensure their furry sidekicks live a long and healthy life.
Truly, one only needs to take a stroll through the pet aisle of any major grocery store to see how much The Global Pet Food Market has exploded in the past few years-and with the popularity of furry sidekicks growing every day, sales of kitty kibble, dog chow, and pet pate are sure to keep rising throughout the foreseeable future.
For more information, view our 2012-2016 Global Pet Food Market Research Report.
