Europe pet food market to be worth $21.5 billion as of 2018 and is estimated to increase at a CAGR of 2.1% during the forecast period of 2019 to 2025.
— Europe Pet Food Market: Market Outlook
The pet food market is anticipated to have dynamic growth prospects due to increasing customer base throughout the world including Europe which is a major marketplace. Similar to human food, pet food is centered on health issues such as digestion. Natural and organic products are gaining popularity with various variations in the techniques of processing. There is an increasing demand for natural and organic pet food. This could be understood better with the new findings by IndustryARC, which has estimated the Europe pet food market to be worth $21.5 billion as of 2018. Moreover, the analyst of the report projects the demand in the Europe pet food market to increase at a compound annual growth rate (CAGR) of 2.1% during the forecast period of 2019 to 2025. Pet food has varieties such as fish food, bird food, and cat food.
The details are documented in the report titled “Europe Pet Food Market: By Pet (Dog, Cat, Bird, Fish); By Food Type (Dry Food, Wet Food, Snacks & Treats); By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Veterinarians, Online Retailers) - Forecast (2019 -2025)”. The global pet food market is navigated by the growth in the number of nuclear families, humanization of pets, and awareness about pet well-being. The report covers Europe Pet Food Market size by type and by pet, Europe Pet Food Market share by top 5 companies and also the market share by start-ups during the forecast period.
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Europe Pet Food Market: Leading Segments
The United Kingdom accords to the largest share of the pet food market owing to increasing concerns about pet health. The government has implemented various laws for ensuring the safety of pet food such as Ensuring the Safety of Pet Food Law no. 83 of 2008 for the manufacturers. It has been observed that the Europe pet food market is propelling the revenue due to the growing inclination of consumers towards home security. Additionally, the number of people turning vegan is on the rise nowadays, so is the popularity of vegan pet food which is also resonating in the UK pet food market. These products are expensive than the normal pet foods and are aiding to the revenue and profit made by the vendors. The UK's country-wide share accounted for 22% of the European pet food market as of 2018. Among all applications, the dogs segment is currently most lucrative with the demand projected to increment at a CAGR of 2.9% during the aforementioned forecast period.
Europe Pet Food Market: Disruptive Trends
· Humanization of Pet Food- Raw and Organic Food
Changing food habits of families is also reflecting on the kind of pet food they prefer. For instance, vegan or vegetarian families are opting for meatless products for their pets and breeding a new segment into the pet food industry. Akin to that, unprocessed and organic food products have gained demand in Europe. There has been a rise from basic pet food to sophisticated pet food that provides better nutrition, vitamins, and protein.
· Nuclear Families Influenced by Pets
In the era of changing lifestyle in Europe, a pet plays a very important role. These families consider their children growing up with pets as they learn a sense of responsibilities, empathy, and avoid loneliness. And a pet is a stress buster for everyone in the family. This has led to increased demand for pets, and consequently the demand for pet food.
· Vegan Pet Food in the United Kingdom
Pet owners are now putting their pets on a plant-based diet. Yarrah, in 1995, produced the first vegetarian kibble for dogs and later it made the transition to become vegan completely. In the European Union, people are themselves preferring veganism, and subsequently, they are providing vegan food to their pets. This has tremendously enabled some more growth prospects in the Europe pet food market.
· E-commerce Gaining Popularity with Pet Food
In the realm of digitalization, there has been significant growth in the sales of pet food via e-commerce and other online channels. Now, consumers are not only able to buy the products from the comfort of their homes but they can also compare different offerings and make calculated choices.
· Clean Labels and Full Transparency Pet Food Products
Every customer purchasing the pet food products expect to have clean labels and maintain full transparency, as they want to know the ways the companies produce these foods, ingredient list, and the amount of nutrition the foods are comprised of. This is bringing a shift in the Europe pet food market because a lot vendors are now trying to gain customer’s trust by shunning the secrecy of how they manufacture pet food.
· Pet Plate: A Recent Trend
In countries like Europe and America, pet plate is one of the recent trends that is boosting the pet food market. Pet plate is a subscription that sells premium, human-grade food or diet dog food. The urban millennial population provides them a huge potential market. It has already started getting venture capital backing.
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Europe Pet Food Market: Recent Developments
Some of the key companies identified in the report that are currently holding majority shares in the Europe pet food market are Monge & C., Versele-Laga NV, Vitakraft Pet Care GmbH & Co., Affinity Petcare SA, Neovia, C & D Foods, Agrolimen SA, Heristo AG, and Deuerer.
A. Pet Food Packaging Market
B. Pet Food Processing Market
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