Pet Food Market Likely to Grow at a Healthy CAGR
No one knows for sure when the first animals were domesticated. Domestication means taming an animal to live alongside a human being as a pet. So is Pet food Market is driven by growing awareness of pet owner’s regarding pet fitness, thus increasing the demand for wrapped and branded food .Another reason apart from this is demand for pets for companionship and for security reason is rising due to the growing trend towards nuclear family.
Pet Food Market : Scope in Middle East and Latin America
The pet food market of Middle East and Latin America is expected to experience a balanced growth till 2025 End. The pet food market report is divided on the basis of pet type, food type and by geography. The various category of food type includes dry food, wet/ canned food, snacks/ treats, nutritious and others including semi dry food and frozen food. By country, the pet food market of Middle East is segmented by country into Israel, UAE and others. The Latin America pet food market is further segmented by country into Brazil, Argentina, and others consisting of Chile and Venezuela.
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However, the growing incident of pets being susceptible and strict government regulations acts as the constraining factors for the growth of pet food market. In addition, the increasing expense of feeding pets and cultural/Islamic regulations also burdens the growth of pet food market. Our analysts have teamed up for research and have finalized amazing conclusions so far.The researchenhances current market trends and provides the foreknowledge from 2018 – 2025.Our research also features current market aspects along with future demands in coming decade of forecast. The micro economic factor affecting the demand and growth of the market has also been provided in the report.
The pet food market in the Middle East especially is predicted to experience stable growth during the forecast period. This, in turn, has significantly boosted demand for pet food in the region. Furthermore, rising awareness among people regarding the health of pets is anticipated to generate demand for pet food in Middle East and Latin America. In Latin America, the major factor fuelling the demand of pet food is rapid urbanization.
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In both Middle East and Latin America, dry pet food held the maximum share in the pet food market among the different food types because of its ease of handling and less cost. Moreover, it is easier to feed pets with dry pet food. Among the pet types, the dog food held the major share. The trend shows that dogs are much more preferred than other pets as it can be used to release stress and for security purposes also. This factor is fuelling the demand for dog food in this region. However, in both Middle East and Latin America the nutritious pet food is the fastest growing segment. As people are getting more attached towards pet they are becoming very much cautious about their pet’s nutrition. Owners endeavor to provide nutritious food to pets is the factor responsible for the growth of the nutritious pet food market.
Overall, the report takes into account a complete analysis of Middle East and Latin America pet food market and provides a predicted growth for the period 2018 – 2025, taking into account the various macro and micro economic factors affecting the market.
The pet food market is segmented into:
Pet Food Market, by Pet Type- Dog Food, Cat Food, Others; Pet Food Market, by Pet Food Type – Dry Food, Wet/Canned Food, Nutritious, Snacks/ Treats, Others; Pet Food Market, by Geography – Middle East, Israel, UAE, Others, Latin America, Brazil, Argentina, Others
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