The global pet milk replacement products market was valued at US$ 96.0 million in 2018 and is expected to exhibit a CAGR of 5.7% in terms of revenue, over the forecast period (2019-2027).
North America accounted for the largest market share of around 31.7% in 2018, owing to adoption of large number of pets in the U.S. and Canada. For instance, according to the Humane Society of the United States, around 4 million cats and dogs are adopted from shelters each year.
Players operating in the global pet milk replacement products market are focused on adopting various growth strategies such as mergers & acquisitions, in order to strengthen their market presence. For instance, in July 2019, Manna Pro Products LLC acquired Hero Pet Brands, a company that manufactures puppy pads, flea and tick treatment, pet food, and other pet products to strengthen its product portfolio in the milk replacement products market.
Major players operating in the global pet milk replacement products market include Pet-Ag, Inc., The Hartz Mountain Corporation, Beaphar B.V., Petlife International Ltd., Royal Canin, Toplife Formula, GNC Holdings Inc., Grober Nutrition Inc., Versele-laga, and Manna Pro Products LLC.
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