Pet Food Market Size | Share, Global Overview, Industry Demand, Related News, Key Players Strategy, Business Growth and Forecast to 2024

Market Highlights

Global Pet Food Market 2020 is expected to generate USD 2.41 billion by 2024, at 5.85% CAGR over the review period.

Owing to the rising pet community and the introduction of pets, the industry is expected to experience an increase in demand. Owners are lobbying for special quality diets that may increase pets’ well-being. Consumer demand is expected to rise due to the high expendable income levels of owners, coupled with the growing urbanization of cities. The practical advantages of field peas that can lead to the general well-being of animals would support the market.

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Innovation in pet foods containing raw or organically produced ingredients is expected to cause massive demand in the pet food industry for peas. Owing to the prevalence of harmful ingredients such as gluten, grain-free diets are in high demand among owners. Because of its high nutritional quality, leaning towards plant-sourced proteins is advocated to build opportunities for market players. Vegan owners’ rise and their increased demand for such foods will augur well for the pet food market for field peas.

Competitive Dynamics

The eminent players in the field peas market for Pet Food Market include Columbia Grain International, LLC (U.S.), Palouse Brand (U.S.), Great Northern AG (U.S.), Ceres Global Ag Corp (U.S.), Crites Seed Inc. (Europe), George F. BROCKE & Sons Inc. (U.S.), and AGT Food and Ingredients, Inc. (Canada).

Segment Analysis

Three main segments, including peas, chickpeas, and others, categorize types of pet foods. Peas are innocuous vegetables that can be introduced into the diet of a horse. They contain a significant proportion of vitamins, minerals, and antioxidants that can support the heart, eye, and skin. In the other hand, chickpeas would be the primary category since they are the ideal part of natural or organic pet foods.

Extensive use in the Pet Food Market for peas include cat food, dog food, and others. Nutrients which are organic, regular, and grain-free are required for cat food. The addition of field peas will enrich the food’s nutritional value. Dog diets, on the other hand, will command strong consumer demand due to the need for GMO-free products. Feeds intended for rats, goats, and other domesticated animals include others.

Regional Synopsis

The report comprises of the regional study of North America, Europe, Asia Pacific (APAC) and Rest-of-the-World (RoW) in the field pea market for pet food.

Owing to the abundance of cultivable soil, the region of North America is one of the significant producers of field peas. The growing use of field peas in foods to improve the nutritious value is expected to boost the food demand for field peas. The pattern of pet humanization and growing customer attitude towards animals would fuel industry demand until 2024. Due to the high risk of cardiovascular disease associated with potato-related foods, increased demand for grain-free goods will boost demand for field foods based on peas.

Due to stringent labelling laws, the European zone is anticipated to be the most profitable market in the field of peas for pet food. Also, it is expected that the desire for plant-based goods and the number of vegan pet owners would bode well for the market. The presence of domestic and foreign players makes the field highly competitive. The primary methodology taken by these to make a difference in the industry is new product releases.

Due to the involvement of pet owners and numerous pet food processing firms, the APAC field pea demand for pet food will gain momentum. Japan, China and Australia are regions that will offer market players tremendous growth opportunities.

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