Global Pet Food Industry Sees Paw-Some Growth

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Researched by Industrial Info Resources (Sugar Land, Texas)--The pet food industry, which has undergone significant changes in recent years, is growing.

According to Agri-Food Outlook 2023 by Alltech (Nicholasville, Kentucky), pet food production has increased by 7.5%, reaching 35.27 million metric tons a year in comparison to 32.88 million metric tons in 2021.

While already growing, pet ownership has shown a marked increase since the onset of COVID-19. The expansion of the middle class also has played a role in the increase. This growth has had an impact on food manufacturers, not only in terms of increases in volume of traditional categories, but also in the form of higher quality, healthier and organically sourced alternatives.

To meet this surge in demand, many companies around the world are ramping up their existing production capacity as well as building grassroot development. Industrial Info is tracking 231 pet food-related projects, worth US$5.63 billion, aimed at building out incremental manufacturing capacity. Subscribers to Industrial Info's Global Market Intelligence (GMI) Food & Beverage Project Database can click here for a list of detailed project reports.

North America is the biggest investment driver, with a project investment value of US$3.24 billion across 119 projects.

The U.S. leads the way with a total spend pipeline of US$2.9 billion across 100 projects, followed by Brazil (US$675 million).

With a combined investment of US$2.5 billion, Nestle SA (Vevey, Switzerland), Mars Incorporated (McLean, Virginia) and Diamond Pet Foods Incorporated (Meta, Missouri) are the top players in the market, having projects in the U.S. and Brazil.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).