PET FOOD MARKET TO BE WORTH €132 BILLION BY 2030, ACCORDING TO NEW REPORT
The global market for pet food is set to be worth nearly $140 billion (€132.65 billion) by the end of the decade, according to a report.
Released by Grand View Research, the study indicates that the sector will experience 4.4% compound annual growth rate until 2030.
Dog food accounted for more than 40% of the turnover for the sector last year, the newly released study indicated.
When dividing up the sector based on the type of food, rather than the pet for which it is produced, the report indicated that dry food accounted for 44.9% of sales last year.
The report – which predicts that the overall market will be worth $139.29 billion (€132.04 billion) in 2030 – suggests that packaged foods will drive growth.
Grand View Research’s report has been released after a 2021 study from Packaged Facts forecast that by 2025 online pet food sales in the US would be greater than in-store sales.
That earlier report predicted that online sales would account for 55% of the American pet food market in 2025, compared to 32% in 2020.
In other pet food developments, SIAL Paris Newsroom reported in April that Nestlé was spending AU$90 million (€59.52 million) to increase production at a dog and cat food factory in Blayney in New South Wales in south-east Australia.
Also, in September, the site reported that a New Zealand pet food producer, Ziwi, had been bought for a reported NZ$1.5 billion (€900 million) by FountainVest Partners, a private equity firm in China.