The global pet milk market size was valued at $116.3 million in 2019, and is estimated to reach $173.1 million by 2027, registering a CAGR of 6.9% from 2021 to 2027.
Growth in trend of owning a companion animal such as dogs and cats is gaining much more popularity than before due to factors such as physical and mental health related benefits and improved social status. Owning a pet can reduce stress, boost confidence, keeps heart healthy, and help control blood pressure and cholesterol levels, which are scientifically proven facts that encourage people to own pets. Hence, increase in adoption of pets is a vital factor that propels growth of the pet milk market.
Moreover, sometimes mother dog/cat cannot produce adequate amount of milk, owing to their poor health conditions. In such cases et milk or pet milk replacers are used to feed the neonate pups and kittens to provide them with essential nutrients and proteins necessary for their survival and growth. Use of pet milk has become more important as pets such as dogs and cats can not be fed with cow milk as these pets are lactose intolerant. This is another crucial factor that propels the demand for pet milk across the globe.
Further, rise in trend of pet humanization, rapid urbanization, shift toward nuclear families, high disposable income, and awareness related to health benefits of owning pets are several important factors that result in rise in amount of pet adoption and ultimately propel growth of the pet milk market during the forecast period. However, manufacturers of pet milk have to follow strict governments norms related to manufacturing, packaging, labeling, and nutritional contents of pet milk. Moreover, the pet milk market is highly dependent on mortality rate of puppies and kittens as pet milk is majorly consumed by neonates. High mortality rate and stringent government regulations can act as constraint for the global pet milk market.
According to the market analysis, the pet milk market is segmented into pet type, product form, distribution channel, and region. On the basis of pet type, the market is categorized into dog and cat. By product form, it is segregated into powder and liquid. By distribution channel, it is segmented into specialty store, mass retail store, direct-to-consumer, e-commerce, and others. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Russia, Germany, Poland, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, and rest of LAMEA).
North America dominated the pet milk market in 2019, and is expected to sustain its dominance throughout the forecast period. North America is followed by Europe in terms of market share. The fastest growing region is projected to be Asia-Pacific followed by LAMEA.
The key players operating in the global pet milk market have adopted various developmental strategies to expand their market share and increase profitability in the market. The key players profiled in this report include Pet Ag, Inc., Beaphar, B.V., Grober Nutrition, Inc., Fetch For Pets, LLC, Milk Products, Inc., Manna Pro Products, LLC, Petlife International Ltd., Royal Canin U.S.A., Inc., Toplife Formula Pvt. Ltd., and Versele-Laga, N.V.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
- In-depth analysis and the market size and segmentation assist to determine the prevailing pet milk market opportunities.
- The major countries in each region are mapped according to their revenue contribution to the market.
- The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the pet milk industry.
KEY MARKET SEGMENTS
- By Pet Type
- By Product Form
- By Distribution channel
- ·Specialty Store
- ·Mass Retail Store
- By Region
- ·North America
? Rest of Europe
? South Korea
? Rest of Asia-Pacific
? Latin America
? Middle East