Over the forecast period, the pet food market is expected to be driven by rising dog food demand and stronger momentum in the premium pet food segment. Due to its versatility in terms of packaging and feeding dogs without creating a spectacle, dry food is seeing rapid growth in demand in comparison to other commodity equivalents. This is encouraging city dwellers to choose dry dog food in greater numbers.
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According to NIIR PROJECT CONSULTANCY SERVICES (NPCS) today, the Indian feed industry is worth approximately Rs 45 billion, that is about US$1 billion.
Benefits of dry dog food: -
Dry food helps dogs maintain good oral hygiene by eliminating plaque and reducing tartar accumulation on their teeth. Furthermore, this product type provides the crunch and chewing that animals need to preserve their overall health. Dry food does not need the same amount of freezing as canned food. The high moisture content of this product category helps to keep pets hydrated while also being helpful to the urinary tract. Pet snacks are typically chosen for increased intake nutrition and higher-quality ingredients, while treats are often used as the primary product to encourage healthy behavior in dogs. Baked goods like roasted grains and biscuits, as well as dried fruits and vegetables, are popular snacks.
Rising Dog Ownership: -
The rising popularity of dog adoption as a family companion is expected to drive product demand. In terms of the principle of humanization of pets, dogs, in particular, are seeing an upward trend. As a result, there has been a rise in the number of people who own dogs and feed them high-quality food. Furthermore, one of the main factors driving the demand is rapid urbanization.
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Cumulative Demand for Premium and Organic Pet Food
The demand for premium and organic pet foods is being driven by pet owners' concerns about their pets' health, which is boosting the market for pet food production during this time span. Pet owners also regard their animals as family members and are able to spend money on the best pet products and facilities, so they purchase organic and quality foods to feed their "fur babies." Premium pet foods contain higher quality ingredients than economy or generic pet foods and are free of artificial colors, textures, antibiotics, synthetic hormones, poisonous pesticides, and preservatives. Premium pet food manufacturers create diets that are tailored to an animal's dietary requirements. Premium brand companies, for example, provide foods designed specifically for growing puppies, large and small breed dogs, lactating and gestating animals, and geriatric animals.
Distribution Strategy: -
Supermarkets/hypermarkets and other mass merchandisers are expected to account for the majority of global sales. The strong customer preference for purchasing goods from large retail outlets, where they are given an abundance of options in terms of brands and costs, can be due to this dominance. Attractive shelf-arrangements in specialty food retail pet stores, as well as increased selection of exotic, custom-designed, and luxury food items for dogs in these stores, are expected to propel the segment forward.
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Global market analysis: -
The dry dog food market, which accounted for 70.6 percent of the total in 2019, was the largest segment of the dog food market segmented by kind. Since 2015, the global pet food industry has grown at a compound annual growth rate (CAGR) of 2.7 percent, reaching approximately $74,554.1 million in 2019.
Asia Pacific, led by South America, is projected to be the fastest-growing area in the global economy. Japan, Australia, and India are the most important revenue generators in the country. Japan is one of the world's top importers of ready-to-eat dog and cat food. Due to the consumer spending on pet food products in these countries, as well as increased investment by global market players within these economies, the market India is expected to grow at a significant rate during the forecast period.
Conclusion: -
Our Market Survey cum Detailed Techno Economic Feasibility Report provides an insight of market in India. The report assesses the market sizing and growth of the Industry. For the further requirement of business investment in projects, kindly contact Niir Project Consultancy Services (NPCS).
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