The global pet food processing market is projected to reach USD 6.79 billion by 2028, with a CAGR of 4.67% from 2021 to 2028.
NEWARK, USA, NEW JERSEY, November 16, 2021 /EINPresswire.com/ – According to the report published by The Brainy Insights, the global pet food processing market is expected to grow by USD 4.71 billion in 2020 to $ 6.79 billion by 2028, at a CAGR of 4.67% over the forecast period 2021-2028. The global pet food processing market is expected to experience the highest growth in the Asia-Pacific region. This region is experiencing an increasing demand for pet products as pets are gradually accepted. Growing adoption of pets and awareness of pet health are also factors that generate opportunities in countries such as China, India, Japan and Thailand.
The main players in the global pet food processing market are Andritz Group, Buhler Holding AG, Coperion GmbH, Clextral SAS, FN Smith Corporation, Mepaco Group, Precision Food Innovations, Reading Bakery Systems, Selo and The Middleby Corporation, among others. Growing consumer trends in pet food, such as the growing demand for high quality commercial pet food, should encourage manufacturers of processing equipment to switch to feed manufacturing machinery. specialized and innovative companies. These factors are expected to fuel the growth of the pet food processing market.
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The types segment is divided into forming equipment, baking and drying equipment, mixing and mixing equipment, coating equipment, cooling equipment and other types. Forming equipment segment held the largest market share of around 27.4% in 2020. Forming equipment is the basis from which pet food is made. Extrusion technology is essential for advanced pet food processing. Companies are rapidly investing in innovative new extrusion technology. Due to the constantly changing consumer demand for different pet food products, the need for extrusion equipment is expected to remain high. The shapes segment includes both dry and wet products. The dry food segment is expected to grow at the highest CAGR of around 5.2% during the forecast period. Production of dry pet food is on the rise and sales are expected to remain strong in developing countries such as China, Russia and Poland. The demand for dry pet food is increasing due to the profitability of the dry form, its ease of handling and the efficiency of bulk purchasing. In addition, the production of dry pet food remains strong, with the increased use of extrusion technology.
The application segment includes cat food, dog food, fish food and other applications. The dog food segment held the largest market share of around 37.5% in 2020. Dog food has seen strong demand due to growing dog populations in all regions. The distribution channels segment includes specialty pet stores, supermarkets / hypermarkets, online channels and other channels. Offline stores comprising of supermarkets / hypermarkets, specialty pet stores and convenience stores accounted for a significant share of the global pet food processing market. However, with the increasing digitization and use of smartphones, online store revenues are expected to overtake the current position of offline networks in the coming years.
The major factors leading to the growth of the market are the increasing production of more advanced pet food, the increased demand for automation, and the increased use of processed and packaged pet food. Factors such as pet obesity due to fats in pet products and recalls of such pet foods that discourage adoption of pet foods by their manufacturers may hamper the pet food processing industry.
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