2120080606164850catanddog2 A new report from Global Industry Analysts, Inc. (GIA) predicts that the global market for pet food will reach $95.7 billion by the year 2017.
Why so much? The researchers single out regional economic conditions, pet population, and changing consumer attitudes as reasons for the growth. According to GIA, the rise of "alone or single-person families" and a decreasing birthrate means that pets are increasingly being considered family members and companions -- not just animals.
This change in attitude, combined with growing urbanization and an increase in disposable income, have contributed to the increase in number of households owning pets -- which in turn -- drives the demand for pet foods.
GIA noted that pet foods represent one of the fastest growing sectors in the food industry. Why? They cite increased market segmentation and producer innovation. They pointed to the rising popularity of organic pet food, and owners' ever-growing interest in the nutrition and health of their pets.
To put that figure in perspective -- the American Pet Products Association (APPA) said that U.S. pet owners will have spent $19.53 billion on pet food in 2011, up from $18.76 billion in 2010.
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