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Pet Food Market 2021, Industry Analysis, Size, Share, Growth, Trends and Forecast to 2027
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10 Best Pet Stocks To Buy Now
The pet industry saw a huge growth in 2020 amid the coronavirus crisis. As people were forced to stay at home, they preferred to spend time with pets. In 2019, the pet care market reached $255 billion. The number is expected to increase to $358 billion by 2027 with a compound annual growth rate (CAGR) of 6%.
The pet industry consists of a broad variety of products such as food, clothing, grooming, and similar commodities. According to the US Bureau of Labor Statistics, the pet industry provides 189,384 jobs to the American economy.
Technology and the Pet Industry
Technology is rapidly changing the pet industry. In 2018, the global pet tech market was valued at $4.5 billion and is expected to grow over $20 billion by 2025. For instance, the online pet care company Rover helps coordinate dog sitters with pet owners. In 2018, the company raised a total of $91.5 million. The online pet care company is planning to go public through a merger with Nebula
Global Pet Food Market Growth, Trends and Forecasts 2020-2025 - Rising Trend of Pet Humanization - ResearchAndMarkets.com
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The global pet food market was valued at USD 87.08 billion in 2018 and it is expected to register a CAGR of 5.4% during the forecast period. In 2019, North America is the largest geographical segment of the market studied and accounted for a share of around 39.2% of the overall market.
The pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world s largest pet food markets are in the United States, France, Japan, and Germany, accounting for over half of the sales in pet food.