New market research has shown that the value of the European pet food market will grow to £21.4bn by 2021. The growth is said to be due to owners who are willing to spend more on premium pet food in order to improve the health of their pet.
According to research by Transparency Market Research, in 2014 the market was valued at £19.5bn, progressing at a compound annual growth rate of 1.3% from 2015 to 2021.
The research company says dry food is the most in demand food type in Europe, with wet food losing popularity due to health concerns. Analysts expect dry food to remain the most popular food type for a significant while.
Demand for cat food has seen a large increase in Europe, with demand for food for other types of small pets such as birds and fish also rapidly on the rise.
Europe’s leading pet food market is the UK however further growth in the country is expected to be sluggish, while Spain has been predicted to show a high growth pace over the next few years, due to the rising number of pet owners in the country.