Pet Food Market Projected to Reach $43.9 Billion in 2010, According to New Report by Global Industry Analysts, Inc.
San Jose, CA (PRWEB) March 3, 2008 -- Pet food, one of the fastest growing sectors in the food industry, is expanding at a robust rate worldwide according to a new report by Global Industry Analysts, Inc. Market size and growth are dependent on factors such as regional economic conditions, pet population, and more importantly, consumer attitude. Due to changing lifestyles and increase in 'alone or single-person family' and declining birthrate, pets are being considered as family members rather than just animals. Growth in the relatively mature markets of US and Europe would be driven by the advent of innovative, value-added premium products. Growing safety concerns, preference for dry pet food, rising demand for healthy and nutritional food products, and enhanced availability of pet foods in developing nations are some of the factors fueling market growth.
The U.S. is the largest market for pet food worldwide. The market is estimated at U.S. $16.05 billion in 2007 as stated by Global Industry Analysts, Inc. Europe follows closely as the second largest market with Japan trailing at third position. Together, the US and Europe account for about 79 percent of the global pet food (http://www.strategyr.com/Pet_Foods_Market_Report.asp) market. The global and regional markets are expected to register CAGRs ranging between 2% and 6%. The market for cat food (http://www.strategyr.com/Pet_Foods_Market_Report.asp) is estimated at US$14.4 billion in 2007. The market for dog food (http://www.strategyr.com/Pet_Foods_Market_Report.asp) is expected to reach close to U.S. $24 billion by 2010. The market for other pet foods is projected to register a compounded annual growth rate of 4.1% through 2010.
The pet food market is characterized by the presence of a strong private label segment. Market participants include Del Monte Foods, Hill's Pet Nutrition, Doane Pet Care Company, Hartz Mountain Corp, Mars Inc, Nestle Purina PetCare Company, Nutro Products, and P&G/Iams.
"Pet Foods: A Global Strategic Business Report" published by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, product profile, players, competition, new product introductions, recent developments, mergers, acquisitions, alliances and other strategic industry activities. Analysis is presented for major geographic markets such as U.S., Japan, France, Germany, the UK, Italy, Spain, Asia, Latin America and rest of world. Analytics are provided in terms of product segments including Cat Foods, Dog Foods, and Other Pet Food. The study also presents historic data for an insight into market evolution over the past fifteen years.
For more details about this research report, please visit http://www.strategyr.com/Pet_Foods_Market_Report.asp
About Global Industry Analysts, Inc.:
Global Industry Analysts, Inc., (GIA) (http://www.strategyr.com) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world's largest market research publishers. The company employs over 700 people worldwide and publishes more than 880 full-scale research reports each year. Additionally, the company also offers a range of over 60,000 smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Telephone 408-528-9966
Fax 408-528-9977
Email press @ StrategyR.com
Web Site www.StrategyR.com
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