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Pet Humanization Trend at the Epicenter of Driving Dog Food Sales at 6.2% CAGR through 2031 - Future Market Insights
Shifting consumer preference towards organic and plant-based dog food options is anticipated to push sales in the market over the forecast period. Considering this, FMI has forecast the market size to total US$ 44.83 Bn in 2021. In addition to this, demand for made-to-order dog food is expected to grow in forthcoming years, with the total valuation reaching US$ 81.65 Bn in 2031.
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The outbreak of COVID-19 has resulted in increasing pet ownership across the globe. As per a study by Veterinary Humanities and Social Sciences, as compared to 2019, pet ownership has increased by 250% in the first half of 2020. This has resulted in high demand for dog food and accessories, and the trend is anticipated to continue over the forecast period.
Pet owners has become highly conscious about health concerns such as excessive weight gain and gastrointestinal diseases affecting their dogs. Thanks to better access to information, pet owners are more informed about various ingredients used in pet food. With demand for healthier supplements increasing, manufacturers are encouraged to launch organic, insect-derived, and plant-based dog food products.
Besides this, dog food producers are aiming at expansion of their distribution channels in countries such as India , Brazil , Thailand , and Mexico by entering into strategic collaborations with regional and local players. This is expected to pave way for the growth of the market in the coming years.
https://www.futuremarketinsights.com/reports/dog-food-market
Leading players operating in the global dog food market are emphasizing on research and development activities to launch healthier dog food products and sustainable packaging formats. In addition to this, mergers, acquisitions, and strategic collaborations are anticipated to assist market players in expanding their global footprint. For instance:
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The latest market study on the dog food market by Future Market Insights gives a detailed segmentation for the forecast period of 2021-2031. In order to gain a better perspective of the global dog food market potential, its growth, trends, and opportunities, the market is segmented on the basis of:
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The natural food colours market is anticipated to grow at an impressive CAGR during the forecast period. A significant rise in demand for natural food colours has been coming from industries to enhance the appeal of products.
: This can woo consumers, spoiling them with options in plant-based alternatives to replace most popular cheese types, including cheddar, parmesan, ricotta, cream cheese and others adorning shelves across retail chains.
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai , and has delivery centers in the UK, U.S., and India . FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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