The Business Research Company’s Pet Food Market Report – Opportunities And Strategies – Global Forecast To 2030
LONDON, GREATER LONDON, UK, February 12, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Pet food market trends include manufacturers increasingly investing in cannabidiol (CBD) infused pet food to cater to the increasing demand fueled by the COVID-19 pandemic. Pet food sales are increasing as consumers were increasingly panic buying to have enough food for their pets amidst government lockdowns due to the pandemic. CBD food products are expected to last for a longer duration when compared to traditional pet foods. For example, currently, both human and pet CBD infused food accounted for more than 30% of online sales and over 3,500 CBD brands are available in the US market. In 2019, Purina, a Nestle owned pet food company, announced its decision to invest in CBD infused dog food production.
Pet foods are specialty foods prepared according to the nutritional requirements of domesticated animals that can be either made from plant or animal-based food materials. They are made with innovative shapes and attractive colors to entice the owners and are added with special flavorings to enhance the taste so that animals easily eat the food.
The global pet food market size is expected to grow from $72.07 billion in 2020 to $75.29 billion in 2021 at a compound annual growth rate (CAGR) of 4.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $90.32 billion in 2025 at a CAGR of 5%. North America accounts for the largest pet food market share.
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