The increasing trend of product premiumization among pet food manufacturers and the rising acceptance of pets across regions are factors that are projected to contribute to the growth of the market during the forecast period.
The pet food processing market size is projected to grow from USD 4.4 billion in 2019 to USD 6.2 billion by 2026, recording a compound annual growth rate (CAGR) of 5.0% during the forecast period. The increasing trend of pet food product premiumization and the rising acceptance of pets across regions are factors that are projected to drive the growth of the pet food processing market. Furthermore, acceptance of pets as family members among pet owners, increasing disposable income, and rising urbanization are factors that are also projected to drive the market growth.
Key Players in the Market:
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The dog food segment is estimated to account for the largest share in the market.
The dog food segment is estimated to dominate the pet food processing market, on the basis of application, in terms of value, in 2019. Dog food is witnessing increased demand due to the increasing dog population across regions. The increasing trend of pet humanization has also encouraged dog owners to accept them as companions due to their friendliness, which is projected to drive the demand for premium dog food products, thus contributing to the growth of the overall market.
The dry segment is projected to account for the largest share during the forecast period.
Dry pet food production is increasing, and its sales are projected to remain high in developing countries, such as China, Russia, and Poland. The demand for dry pet food products is increasing due to the cost-effectiveness of dry form, convenience in handling, and ease of purchasing in bulk. In addition, with the increase use of extrusion technologies, dry pet food production remains high. These factors are projected to drive the demand for pet food processing solutions.
The forming equipment segment in the market is projected to dominate the market.
The forming equipment segment is estimated to dominate the market in 2019. Pet food processors are shifting their focus toward extrusion-based manufacturing. The introduction of new extrusion technologies and its use in the pet food sector are factors that are projected to drive the demand for forming equipment in the market.
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The Asia Pacific region is projected to be the fastest-growing market for pet food processing during the forecast period.
The Asia Pacific region is projected to be the fastest-growing market for pet food processing during the forecast period. The region witnesses a high demand for pet food products due to the increasing acceptance of pets. The rising concerns among pet owners regarding the health of pets have led to an increase in demand for high-quality pet food products that require specialized machinery. These factors are projected to create growth opportunities for equipment manufacturers in countries such as India, China, Japan, and Thailand.
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