The world pet food market will continue to grow year on year over the next five years, a new report into the industry has suggested. Presently reporting a sales value of £58.6m, a predicted 4.2 per cent growth each year will see global sales hit £74.8m by 2017.
The report comes courtesy of market intelligence company Transparency Market Research.
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The North American market is predicted to stay in its position as the largest revenue generator, maintaining its 40 per cent share. Europe is presently the second largest consumer, and is also expected to accelerate. By 2017, the market is expected to increase by 4.4 per cent, 0.2 per cent above the global average.
However, Transparency predicts that the largest growing regional area will be Asia Pacific.
There are increasing numbers of household pets kept in the region, due to their rising popularity as status symbols.
As well as meeting an ever growing demand, the food market has developed significantly over recent years, diversifying into two four segments.
These are dry food, wet and canned food, snacks, and nutritious/others. The report shows that dry food is presently the leading segment, taking a 39 per cent share. Many shoppers supplement wet food with dry for cost and preferential choices, with it taking a seven per cent share.
The snacks segment takes a large 21 per cent share of the market. With rising obesity rates in pets across Europe, it is likely that many other, less nutritious treats are being given too. A rising problems for owners and vets, obesity and fitness is seen as a key problem to tackle over coming years.
Consumers unsure of what is the best food for their pets are urged to talk with their veterinary practice or a reputable pet shop for advice.