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The Pet Food Processing Market is projected to grow from USD 4.4 billion in 2019 to USD 6.2 billion by 2026, recording a CAGR of 5.0% during the forecast period. The major factors driving the growth of the pet food processing market include the increasing trend of pet food product premiumization, rising pet adoption, and acceptance of pets across regions.
Market Dynamics
Drivers
- Growth of Premiumization Across the Pet Food Category
- Rising Acceptance of Pets
- Rising Awareness Among Pet Owners to Use Healthy Food With Proactive Ingredients
- Growing Investments By Pet Food Processing Equipment Companies
- Growing Demand for Extruded Products
Restraints
- Depreciating Processing Capability of Equipment Used for Pet Food Processing
Opportunities
- New Technologies Being Used in the Pet Food Processing Industry
- Reintroducing the Concept of Convenience Food Through Supermarkets and Hypermarkets Will Help Boost the Pet Food
The wet segment is projected to be the fastest-growing segment in the pet food processing market during the forecast period.
The increasing demand for wet pet food products is mainly due to its high nutritional content and the presence of animal-based proteins, which is essential for the development of pets. Though it is less economical, the increasing trend of pet humanization and product premiumization has encouraged increasing demand for premium and high-quality pet food products among pet owners. These factors are projected to drive the growth of the wet segment in the pet food processing market.
The dog food segment is projected to account for a major share in the pet food processing market during the forecast period.
The dog food segment is projected to account for the largest share in the global pet food market. The increasing population of dogs and the rising trend of pet humanization have encouraged dog owners to accept them as companions, which is projected to drive the demand for premium dog food. These factors are projected to drive the growth of the overall pet food processing equipment market. Dogs have the largest population among other pets globally. Pet owners are witnessing an increasing trend of purchasing premium-priced and nutrition-rich pet food products and prefer opting for high-quality food for their pets. Due to these factors, the dog food segment is projected to account for the largest market share.
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The Asia Pacific region is projected to be the fastest-growing market for pet food processing during the forecast period.
The Asia Pacific region is projected to be the fastest-growing market for pet food processing during the forecast period. The region witnesses a high demand for pet food products due to the increasing acceptance of pets. The rising concerns among pet owners regarding the health of pets have led to an increase in demand for high-quality pet food products that require specialized machinery. These factors are projected to create growth opportunities for equipment manufacturers in countries such as India, China, Japan, and Thailand.