Annual growth rate is valid for 2016 – 2020
The global pet care market is forecast to grow at a moderate compound annual growth rate of nearly 5% between 2016 and 2020, according to Global Pet Care Market 2016-2020, in a report by TechNavio.
North America will be the highest revenue-generating region in the pet care market and is forecast to take up more than 40% of the total market share, according to the report. Much of the market growth can be attributed to the rise in pet ownership and increased spending on premium pet foods and accessories. Furthermore, consumers in this region treat their pets as family members and are willing to spend for them liberally. Factors such as premium pet food will drive market growth in this region over the next four years.
Competitive landscape and main suppliers
The global pet food market is extremely competitive, according to the report, where several suppliers compete on product differentiation, portfolio, quality and price. Many suppliers are extending their business to emerging markets such as Central and South America and Asia-Pacific. The intense competition prevailing in the pet food market will lead to consolidation among market suppliers in the coming years. The growing demand for organic, natural, low-glycemic and grain-free pet foods is gaining popularity among pet owners, which has led manufacturers to formulate new products to meet consumer demands.
Source: technavio.com
