Pet Food Industry Projected to Be Worth $73 Billion Dollars by 2022
It’s no secret that pet owners are more and more treating their pets as members of their families–from where they sleep to what they eat. The global pet food industry has been growing in large numbers as more pet owners get specific (and are willing to shell out big bucks) about the types of food they give their pets.
Pet owners are looking for premium food products with high nutritional content, and as such, the pet food extrusion industry is projected to grow at a CAGR (compound annual growth rate) of 5.6% in the next four years. This means that the pet food product market could be a $72 billion dollar industry by the year 2022.
Pet food extrusion is the process by which dry kibble for many pet foods are made. Pet owners are demanding more healthy options for their pets, complete with nutritional content and few chemicals or added ingredients. The extrusion process is said to increase the digestibility of pet food, and also destroys many toxic aspects and microorganisms in the pet food production process.
This trend is inspiring pet food manufacturers to look for pet food extrusion equipment that will allow them to make better quality food products that offer better health benefits to their consumers, and as such, the pet food extrusion equipment market is also projected to grow tremendously in the next several years.
Specifically, dog food is projected to be the fastest-growing type of food in the extruded pet food products sector, as global urbanization and lifestyle changes are driving people to adopt dogs at ever-increasing rates. Such adopters are also more willing than ever to demand dog foods that are made from organic, natural and/or sustainable ingredients, and this goes for dog treats as well. It is projected the demand for dog products in the extruded pet food products market to experiences significant growth in the next four years.
According to the report, North America is the leader in the extruded pet food product market, and will continue to be so. Canada and the United States currently occupy a large market share of such companies, and it is projected that this trend will be maintained and even expanded in the years to come.
In the pet food extrusion equipment market as well, North America is expected to be the largest region, in terms of value and volume, between 2017 and 2022. Major pet food equipment manufacturers are concentrated in this region, due to the number of key pet food players and high-volume demand for extruded pet food in countries such as the US and Canada.
Key players in the United States pet food extrusion market are Mars, J.M. Smucker, Lindquist and Bonnot.
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