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As per the recent research report by FMI, a market research and competitive intelligence provider, sales of Pet Food are estimated to reach a value of US$ 5.06 billion by 2033, recording a CAGR of 4.4% over the forecast period.
The rising focus on pet health has boosted the market for functional pet food. Pet owners are looking for food products that have higher nutritional value. The rising awareness about healthy pet food is fueling the demand in the functional pet food segment. These factors are creating lucrative growth opportunities for new and existing players. They are encouraging market players to launch a product enriched with all essential vitamins and minerals. Functional foods contain a number of the necessary nutrients for healthier pets.
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In order to grow their business, manufacturers should concentrate on the introduction of new functional food products. The manufacturers of pet food protein ingredients situated in Europe can benefit greatly from the increased consumer interest in new protein-based nutrition. However, it is anticipated that the expansion of this sector will be hampered by fluctuating raw material prices and a decline in free trade in Europe. The development of the pet food protein components market in Europe is anticipated to be hampered by regulatory frameworks and interventions, significant capital expenditures necessary for pet food production, and the threat of pet food products that are not authentic.
Key Takeaways from Market Study
“Majority of the key players are focusing on the acquisition of small players, whereas small-scale companies need to make significant investments in R&D to introduce new products and enhance their presence across the globe.”, –says a lead analyst at Future Market Insights.
Competitive Landscape
Pet food has a strong competitive market in Europe. As more pets are being adopted, people in Europe are looking for luxury pet foods that are nutrient-dense and have useful qualities. The demand for pet food in the region is driven by all of these causes. While the demand for pet food has remained stable in the majority of EU nations, the pet food business in Eastern Europe is still in its infancy. Some of the leading companies offering Pet Food include: Evanger’s Dog & Cat Food Company, Inc., Mars Incorporated, Nestle Purina Pet Care, Affinity Petcare SA, Roll Over Pet Food Ltd., The Pet Food Market, Canagan Group, Wagg Foods Ltd., Mc Adams Pet Foods Limited, Sabre Pet Food, Mera Pet Food Family and Symrise are the major players in the market
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Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of Pet Food presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the Europe Pet Food Market by Product Type (Kibble/Dry, Dehydrated Food, Freeze Dried Food, Freeze Dried Raw, Wet Food, Frozen, Raw Food, Powder, and Treats & Chews), By Distribution Channel (Store-based Retailing, Online Retailers), By Nature (Organic, Monoprotein and Conventional), By Source (Animal derived, Plant derived, and insect-derived), By Pet Type (Cat, Dog, Birds and Others(Rabbits, Hamster, etc.)), By Packaging (Pouches, Bags, Folding Cartons, Tubs & Cups, and Can).
Market Segmentation
By Material:
By Product Type:
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By End Use:
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The post Germany set to Dominate Europe Pet Food Packaging Market during 2023 to 2033 appeared first on Future Market Insights.