One of the common problems in export trade is to always look for products that are in demand but have less competition. In this context, Pet foods and accessories are a segment that the exporters often ignore. However, the reality is that it’s a growing industry with very good margins. The global pet food market is projected to grow from USD 115.50 billion in 2022 to USD 163.70 billion by 2029, exhibiting a CAGR of 5.11% .( Source: Fortune business insights ). I am myself a dog lover and very optimistic about the growth of the pet food industry. Here are my 3 reasons why I feel will that this industry will lead to more and more opportunities in the international arena :

Growing trade plus pet population: The pet population is growing in India as well as globally, and as a result, the demand for pet food is increasing. According to the American Pet Products Association, over 67% of U.S. households own a pet, and this trend is similar in other parts of the world. The pet food industry has embraced e-commerce and digitalization, which has made it easier for pet owners to purchase pet food products online as well as offline

Increasing number of households:Dogs are the best gift of god and more and more people are keeping them as part of their families. This means that there is a large and growing market for pet food products and accessories. Nowadays people treat their pets as part of their family and are willing to spend more money than they spend on their spouses or children.

Research and development:The pet food industry is constantly evolving, and companies are investing in research and development to create new and innovative products that are more nutritious, healthier, and sustainable. This has led to the development of fresh ingredients and formulations that meet the changing demands of pet owners. No wonder, so many MNCs like Nestle, and Pedigree are playing an active role to develop sustainable packaging, reducing waste, and upcycling.

Overall, the industry is bound to grow in the near future and offers exporters and traders a good opportunity to enter this niche segment.#opportunity #growth #export #business #people #research #future #opportunities #india #sustainable #sustainable #investing #food #foodindustry #commerce #packaging #like #money #development #dogs #dogfood #doggrooming #doglovers #dogsoflinkedin