Pet Food Market Value 2012 – Set to Reach $74.8bn
According to a new market report published by Transparency Market Research (www.transparencymarketresearch.com) "Pet Food Market – Global Industry Size, Market Share, Trends, Analysis and Forecast, 2011 – 2017 [www.transparencymarketresearch.com/pet-food-market.html ]," the global pet food market was worth USD 58.6 billion in 2011 and is expected to reach the value of USD 74.8 billion in 2017, growing at a CAGR of 4.2% from 2011 to 2017. North America is expected to remain the largest regional segment for the pet food industry in terms of revenue generation, accounting for around 40% of the total revenue. Asia Pacific will be the fastest growing segment due to growing trend and increasing importance of pets in homes.
North America market for pet foods was valued at USD 21.7 billion in 2011 and expected to witness growth in 2012 and reach the value of USD 22.4 billion. With number of market drivers and product innovations in pet foods, the North America pet foods market [www.transparencymarketresearch.com/pet-food-market.html ] is forecasted to reach USD 26.6 billion in 2017 at the CAGR of 3.5% from 2011 to 2017. Europe market being the second largest consumer of pet foods is expected to grow at a CAGR of 4.4% from 2011 to 2017.
Worldwide market for pet foods is segmented as dry food, wet/ canned food, nutritious food, snacks, and others. Dry food is the largest segment of pet foods market accounting for around 39% of the total market share. Snacks/treats are the second largest consumed pet food accounting for about 21% of the global market share. Wet/ canned food and nutritious food are the smaller pet food segment accounting for 7% and 3% market shares respectively.
The global market for pet foods is expected to be driven by number of factors like increase in disposable incomes of families, changing lifestyle, growing trend of having pets in homes, growing trend of nuclear families, among others.
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