Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Pet Food Processing market.
Trusted Business Insights presents an updated and Latest Study on Pet Food Processing Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Pet Food Processing market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Pet Food Processing Market
The global pet food processing market size was estimated at USD 3.51 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2027. Increasing demand for specialized and premium food products, owing to their superior health benefits, is projected to augment the market growth over the forecast period 2021-2027. Asia Pacific is anticipated to exhibit the highest growth in the global market over the forecast period. Increasing urbanization across various economies, such as China, India, and Thailand, is projected to be one of the major factors responsible for the regions growth. The U.S. led the market in North America, in terms of revenue, in 2019. The dominance is attributed to high disposable income coupled with increased adoption of various domestic animals, such as dogs, cats, and birds. Furthermore, the introduction of advanced technologies in the pet food processing industry is likely to bolster the market growth in the country.
Europe accounted for the second-largest revenue share of the global market in 2019. The increasing consciousness amongst pet owners regarding the provision of unique nutritious requirements to different pets is projected as one of the major factors driving the market dynamics in European economies, such as U.K., Germany, and France.
Rapid development in terms of improvement of various pet food products coupled with the increasing trend of pet adoption across the globe is expected to drive the market growth. Economies, such as Argentina, Brazil, China, and India, are projected to exhibit higher growth potential due to rapid urbanization, resulting in novel development opportunities for product manufacturers.
Growing consumer preference for superior-quality commercial products is anticipated to bolster the demand for processing equipment. Furthermore, it is likely to encourage the equipment manufacturers to focus and invest in the manufacturing of a wide array of innovative and specialized machinery.
Equipment Type Insights: Pet Food Processing Market
The forming equipment segment led the global market in 2019 and held over 30% of the global share. This type of equipment is used to form the base for manufacturing pet food products. The rapidly advancing extrusion technology is a part of forming equipment and is essential for pet food processing. The demand for extrusion-based equipment is likely to propel owing to the ever-changing demand for different pet food products. The mixing & blending equipment segment is anticipated to expand at a CAGR of 4% over the forecast period.
This is attributed to the automation in the processing equipment. Furthermore, the segment growth is likely to be driven owing to the introduction of integrated and multifunctional effective processing systems. Rising concerns regarding pet health have resulted in increasing demand for superior-quality products, thereby augmenting the demand for specialized pet food processing machines. Thus, major manufacturers are anticipated to invest more in the development of innovative extrusion solutions.
Form Insights: Pet Food Processing Market
Dry pet food segment accounted for the largest share of over 71% in 2019 and is estimated to retain its leading position throughout the forecast years. Dry foods offer good oral care with minimal tartar buildup on the pets teeth. Furthermore, these foods eliminate the need for refrigeration as well as provide the required crunch and chewing for maintaining the overall health of the pet teeth.
The wet form of pet food is expected to register the highest CAGR of 4.9% from 2020 to 2027 due to the high amount of moisture content and essential proteins offered by these products. Various types of wet pet food include semi-moist, canned food, and gravy treat. High moisture content in these products helps in keeping the pets hydrated and is beneficial for the better functioning of the pets urinary tract. However, high costs are expected to restrict product demand, thereby limiting the segment growth over the forecast period.
Regional Insights: Pet Food Processing Market
North America emerged as the largest regional market in 2019 by accounting for a share of 35.7% and is anticipated to continue its dominance on account of the strong presence of major industry participants. Moreover, the rising demand for premium pet food products will drive the regional market growth.
Europe is estimated to be the second-largest region on account of increasing demand for dry pet food owing to factors, such as ease of handling and cost-effectiveness of these foods. Asia Pacific is projected to witness significant growth over the forecast period on account of increasing pet food sectors and rising investments in the pet food industry in various economies including India, China, Thailand, and Japan.
MEA is projected to register the highest CAGR from 2020 to 2027. The popular trend of owning a pet as a status symbol in economies, such as UAE and Saudi Arabia, is likely to be the key factor driving the demand for pet food products. Furthermore, growing awareness regarding pet health, in terms of allergies and dietary tolerance, has resulted in increased demand for a wide array of premium products. This, in turn, is likely to drive the pet food processing equipment demand in the region.
Key Companies & Market Share Insights: Pet Food Processing Market
The market is characterized by the presence of a large number of manufacturers. Key companies are engaged in extensive R&D activities to develop innovative and well-equipped systems that offer reductions in errors and downtime in the manufacturing process. In addition, such equipment provides detailed tracking of the inventory as well as the product. Many companies have adopted expansion strategies, such as mergers and acquisitions with the major market players, to strengthen their market position. Some of the prominent players in the pet food processing market include:
Key companies Profiled: Pet Food Processing Market Report
- GEA Group
- Buhler Holding AG
- The Middleby Corporation
- Baker Perkins LTD.
- Precision Food Innovations
- Clextral SAS
- Reading Bakery Systems
- Mepaco Group
- Precision Food Innovations
- F.N. Smith Corporation; Selo
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. Trusted Business Insights has segmented the global pet food processing market report on the basis of equipment type, form, and region:
Equipment Type Outlook (Revenue, USD Million, 2016 – 2027)
- Mixing & Blending
- Baking & Drying
Form Outlook (Revenue, USD Million, 2016 – 2027)
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