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Changing Consumer Attitudes & Health Products Boost Pet Food Market

2008-09-10

Growth in the world pet foods market is largely influenced by factors such as general economic health, consumer income levels, changing lifestyles & attitudes, and pet population. Rising concerns related to pet health and nutrition are expected to drive the demand for natural, organic and premium pet food products across the world.



Driven by the increase in the number of single-member/nuclear families, and lower birthrates, and the consequential treatment of animals as part of the family, pet food is today one of the fastest growing sectors of the food industry. Growing urbanization, and increase in disposable incomes have contributed significantly to the increase in number of households owning pets. Market size, activity and dominance of product markets, such as, dog food, and cat food tend to vary across regional markets.



Product innovation is expected to emerge into a major driver sprucing up sales in the world pet foods market, and driving consumers to purchase value added premium products. Rising consumer interest in organic pet foods, and pet nutrition and health is expected to push the demand for products that are promoted as preservative-free, natural and organic. Breed specific, health oriented, and gourmet-flavored products are anticipated to witness higher demand among pet owners. In the coming years, the sheer range of organic pet foods and pet treats would ensure greater influence of organic pet products in the market. Demand for premium pet food products will continue to rise, as pet owners seek products with enhanced nutritional benefits. The trend towards premium and super premium dry pet foods is especially pronounced in developed markets of Western Europe, North America and Japan. In the developing markets, increased product availability across all price segments is anticipated to drive demand, while in developed and mature markets, growth will stem from value-added products such as functional pet foods and nutraceuticals.



Source: Global Industry Analysts Inc

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