Pet food processing market players are focusing on cost-efficiency parameters to bolster sales during the crisis period, to mitigate liquidity problems among pet food brands.
DUBAI, UAE / ACCESSWIRE / August 10, 2020 / Future Market Insights: The pet food processing market is estimated to cross a valuation of US$ 6.7 Bn by the conclusion of the assessment period in 2030. Higher rates of pet ownership during the coronavirus pandemic has benefited the pet food processing market. Sanitation and ingredient quality will gain importance during this period. In addition, the wide range of pet food formats and ingredients will generate sustained demand for pet food processing equipment in the long term.
"Growing industry bias towards the premiumization of pet food products in terms of form and ingredients will support market growth. Further, rising orders for extruded pet food options will contribute to revenue through the forecasting period," says the FMI analyst.
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Pet Food Processing Market - Important Takeaways
- Dry dog food production applications are contributing significantly to revenue, largely driven by awareness on the importance of oral care among pet owners.
- Forming equipment with extrusion technologies are gaining demand to keep up with pet health concerns, and application in multiple food formats.
- North America and Europe are leading regions in the pet food processing market, owing to higher production and consumption of premium products.
Pet Food Processing Market - Driving Factors
- Extensive investments towards the development of novel, specialized machinery for pet food production is a major market driver.
- Humanization of companion animals and increased consumption of customized, premium pet foods contribute to demand.
Pet Food Processing Market - Leading Constraints
- Frequent incidences of pet food recalls owing to ingredient and quality issues is a major concern for pet food processing market players.
- Intense competition, particularly in developing economies, hurts profitability prospects of the industry.
Expected Impact on Market by Coronavirus Outbreak
Pet food processing companies are likely to be marginally impacted by the coronavirus outbreak. Market players will have to adapt to the new conditions to optimize their prospects for the near future. Automation and disinfection capabilities in equipment will gain importance as social distancing becomes the norm. Brands are more likely to provide low-cost pet food options to cater to potentially cash-strapped pet owners. These changes will have a positive influence on the market in the months to come.
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Competition Landscape
Some of the top players operating in the pet food processing market are Selo, The Middleby Corp., Reading Bakery Systems, Andritz Group, F.N. Smith Corp., Buhler Holding AG, Coperion GmbH, GEA Group, Mepaco Group, Baker Perkins Ltd., Precision Food Innovations, and Clextral SAS.
Participants in the pet food processing market are investing in technological improvements for superior automation, forming, sanitation, and ingredient processing capabilities.
For instance, Sterling Inc. has announced a range of customizable systems for pet food ingredient batching applications. Similarly, Allpax has unveiled telescoping system for automated batch retorts in pet food production. Further, Cargill Inc. Has partnered with Plug and Play to create a lab facility for testing animal health and food product technologies.
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More on the Report
FMI provides in-depth insights on the pet food processing solution market. The market is segmented in terms of product type (mixing & blending equipment, forming equipment, baking & drying equipment, cooling equipment, and others), form (dry and wet food), and application (dog food, cat food, fish food, and others) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa).
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SOURCE: Future Market Insights