Pet Food Processing Market Trends

Growth Drivers

• Rising Trend of Pet Adoption
  Leading a fast-paced life is taking a toll on everyone’s mental wellbeing. People are resorting to pet adoption as a means to avoid loneliness and to improve their psychological wellbeing. Most people try to get the best for their pets which often includes food. As a result, people are inclined to purchase pet food in bulk which often requires high end packaging in order to keep the food fresh. This acts as a significant factor that is expected to drive the growth of the pet food processing market during the forecast period. In other statistics by the PFMA, the top ten pets with the highest population count, recognized in the year 2019, were dogs, followed by cats, rabbits, indoor birds, guinea pigs, domestic fowl, tortoises & turtles, hamsters, snakes and lizards.
• Rising Demand for Different Type of Pet Foods
  There is a rising demand for diverse types of pet food in the market today. It is not difficult to find pet food of different shapes and sizes. People have the option to decide exactly what their pet requires and purchase that food. This increase in choice has led to a competitive market. As a result, pet food companies are spending a lot on attractive and convenient packaging. This is expected to drive the growth of the pet food processing market during the forecast period.
• Increasing Investments in R&D for Food Processing
  The rising demand for different types of pet food has further increased the demand for specialized equipment for pet food manufacturing. Owing to such a factor, manufacturers in the pet food processing industry are increasingly investing in the research and development of food processing technology to produce specialized products. Additionally, government of several nations are also focusing on providing grants to organizations for developing viable products that can meet a market need. For instance, the Office of Economic Development & International Trade of Colorado (OEDIT), in the month of November 2020, granted 37 start-ups in the state a total of USD 7.7 million under its Advanced Industries Accelerator Grant Program. Amongst the 37 start-ups, one of the companies named Bond Pet Foods, Inc., which is focused on re-imagining pet nutrition by developing foods made from animal-free ingredients, received USD 250 thousand as part of the program. Such factors are anticipated to drive the growth of the global pet food processing market during the forecast period.
• Rising Awareness about Pet Health
  Owing to the widespread availability of the internet, individuals can now easily access to a bundle of information. Aided up with such a factor, pet owners can research easily on pet health and nutrition and can gather knowledge on the wellbeing of their pets. With the growing awareness for pet nutrition amongst the pet owners, there is an increase in demand for nutritionally adequate and visually appealing pet foods. Key players therefore rely on high end pet food processing machines and technologies to serve the best products to their consumers who are often concerned about the health of their pet. This rising awareness on pet health is anticipated to drive the growth of the global pet food processing market during the forecast period.

Challenges

• High Initial Investment for Pet Food Processing
  The pet food processing industry requires a high initial investment in order to develop products that are of good quality. This requirement of initial capital can act as a major restraint in the growth of the market.