MARKET REPORT FEED & ADDITIVE MAGAZINE October 2023 79 stage. Pet owners now prioritize their pets' well-being even amidst cost-of-living concerns, which demonstrates the resilience of the pet food market. Pet parents are increasingly seeking pet food options rich in fibre, protein, vitamins, and minerals. There is a growing preference for all-natural pet foods, pushing pet food producers to reduce artificial additives in their recipes to meet consumer expectations. Sustainability is another driver impacting the global pet food market. While sustainability might not be the primary purchase driver among pet owners, it's a growing concern. Brands are introducing planet-friendly claims to address this trend, highlighting their commitment to environmentally responsible practices. These evolving consumer preferences and trends are reshaping the pet food market, highlighting the need for brands to adapt, innovate, and communicate the benefits of their products to meet the demands of pet owners who increasingly view their pets as cherished members of their families. However, the pet food market faces several challenges that impact its growth and operations. According to the report of Maximize Market Research, the availability of quality raw materials for pet food production is a significant challenge. For example, fluctuations in the supply of meat and fish due to factors like overfishing or disease outbreaks lead to price increases and supply shortages of pet food ingredients. Stringent regulations and compliance requirements in the pet food industry are a challenge for manufacturers. Ensuring that pet food meets safety and quality standards set by regulatory authorities is costly and time-consuming, especially for small producers. Economic challenges in emerging countries restrain the pet food market. Economic downturns or currency fluctuations affect consumers' purchasing power, which leads to reduced spending on pet food products. The evolving preferences of pet owners are another source of challenges. For example, the demand for natural and organic pet foods poses challenges for traditional pet food manufacturers that need to reformulate their products and adapt to this trend. Disruptions in the supply chain, such as transportation delays or labour shortages, impact the timely production and distribution of pet food products. For instance, during the COVID-19 pandemic, supply chain disruptions affected the availability of some pet food products in the market, leading to challenges in meeting consumer demand. These challenges highlight the complexity of the pet food industry and the need for companies to adapt to changing market conditions, comply with regulations, and ensure a consistent supply of quality ingredients to meet consumer expectations. Pet ownership is significantly rising in emerging countries, notably in areas like Asia-Pacific and South America, according to the report of the Brainy Insights. More individuals are adopting pets as disposable incomes rise and urbanization keeps going, which is fuelling an increase in the demand for pet food items in these markets. The emphasis on pet wellness and health gives an opportunity for businesses to create and market pet food items that meet certain dietary requirements, improve joint health, encourage weight control, or accommodate animals with allergies or sensitivities. Among health-conscious pet owners, formulations that combine functional substances and organic, high-quality ingredients are becoming more and more popular. MARKET STATUS BASED BY SEGMENTS The pet food market is divided into different segments depending on the animal species and pet food form. On the basis of species, dogs stand out as the most preferred pet. According to the report of The Brainy Insights, the dog pet segment dominated the global market in 2022 with a market share of 41.6%. Due to a rise in dog owners' worries about their dogs' health, more people are choosing to keep dogs as pets at home, which has resulted in higher household spending on nutritious dog food. Dogs are carnivorous animals; hence the majority of their diet consists of meat. Dogs have relatively
RkJQdWJsaXNoZXIy MTUxNjkxNQ==