Published Date : Feb 04, 2016
The billion dollar pet food industry is mainly fueled by the rising purchasing power of consumers and growing urbanization in developed regions of Europe and North America. While North America is the largest market for pet food, Europe is projected to witness remarkable growth in the coming years.
Rising Number of Pet Owners Driving Europe Pet Food Market
The European Pet Food Industry Federation, in a 2012 report, stated that the number of households in Europe with at least one pet was estimated to be a whopping 72 million. In the next decade or so, this number is anticipated to rise at a rapid pace. In terms of volume, the Europe pet food market is projected to total 4,602.5 kg by the year 2021 and in terms of value, this market is forecast to reach US$28.1 bn by the same duration.
Here’s a look at the major determinants for the pet food market in Europe.