Market Overview
The global pet food market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during the forecast period.
Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Pet Food Market, 2024-2032.”
According to the analysis, leading companies have upped investments in pet foods, following the trend for pet ownership. For instance, Mars Petcare stated that the combined sales of cat and dog treats rose by 6.5% in the 12 weeks between February and May 2020. Prevailing trends suggest bullish demand for pet food globally.
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Report Coverage
The report has been prepared painstakingly through quantitative and qualitative assessments to offer a comprehensive view of the market. Notably, a host of primary interviews has been conducted with major stakeholders and suppliers. Primary data has been collated through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases.
Segmentation
In terms of animal type, the market is segmented into cats, dogs and others.
Based on form, the industry is segregated into snacks & treats, wet pet food and dry pet food.
On the basis of source, the market is fragmented into plant and animal.
With respect to distribution channel, the industry is segmented into specialty pet food stores, supermarkets/hypermarkets, online channels and others.
In terms of geography, the market includes North America, Asia Pacific, Europe, Middle East & Africa and South America.
Drivers and Restraints
Buoyant Demand for Pet Humanization and Premium Food Products to Foster Growth
Investors predict that the market for pet food will experience significant growth over the next few years, mainly because more people are choosing to have pets. Top companies are expected to look for chances to expand into both developing and developed countries. The widespread availability of these products, along with the increasing income per person, will be crucial in encouraging more people to buy them. Additionally, the introduction of high-end pet food could have a global impact. For example, in November 2020, Nestle Purina launched pet food that uses alternative proteins to help conserve resources. There might also be a noticeable increase in investments in high-quality pet food products in the coming years, which could be positive for the company's future.
However, rigorous regulations could limit product commercialization, along with lower acceptance of premium pet food will continue to hinder the industry growth.
Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
Trends Shaping the Pet Food Market
1. Natural and Organic Ingredients
Pet owners are increasingly opting for pet food made from natural and organic ingredients. This trend is driven by a growing awareness of the importance of a healthy diet for pets and a desire to avoid artificial additives and preservatives.
2. Personalized Nutrition
Just like humans, pets have unique nutritional needs based on factors such as age, breed, and health conditions. Pet food companies are now offering personalized nutrition plans tailored to individual pets, ensuring they receive the right balance of nutrients.
3. Sustainability and Ethical Sourcing
Consumers are becoming more conscious of the environmental impact of their purchases, including pet food. As a result, there is a rising demand for pet food made from sustainably sourced ingredients and produced using ethical practices.
Regional Insights
North America to Remain at Helm with Pet Adoption Spree in the U.S.
Stakeholders envisage the U.S. to provide promising growth opportunities against the backdrop of soaring pet adoption. According to the American Pet Products Association (APPA), around 85 million U.S. households, which account for approximately 67% of the total households present in the U.S., own a pet. North America will continue to exhibit traction for pet food services and could be a favorable investment hub in the next few years.
Asia Pacific pet food market growth will observe an upward trajectory on the back of a surge in expenditure on pet animals. Advanced economies, such as Australia and Japan, could gain impetus, with India poised to appear as a lucrative region. Stakeholders expect leading companies to explore opportunities across untapped areas in the ensuing period.
Major players anticipate Europe industry forecast to be strong on the heels of the growing pet humanization trend across the U.K., France, Germany and Italy. Mars Petcare State of the Pet Nation states that 72 percent of the U.K pet owners regard themselves as pet parents. Moreover, premium and organic food products have also gained prominence, auguring well for regional growth.
Competitive Landscape
Prominent Companies Emphasize Product Portfolio Expansion to Gain Ground
Business entities are anticipated to invest money in tech innovations, new product launches, collaborations, and mergers and acquisitions. Top firms might concentrate on research and development efforts to secure a competitive advantage.
Key Industry Development
June 2021: Mars Petcare India announced the rollout of wet cat food in India under its brand, Whiskas.
Major Players Profiled in the Market Report:
Mars Incorporated (Virginia, U.S.)
Nestle S.A. (Vevey, Switzerland)
The J.M. Smucker Company (Ohio, U.S.)
Colgate-Palmolive Company (New York, U.S.)
General Mills, Inc. (Minnesota, U.S.)
Diamond Pet Foods (Missouri, U.S.)
Heristo AG (Osnabruck, Germany)
Tiernahrung Deuerer GmbH (Bretten, Germany)
Merrick Pet Care, Inc. (Texas, U.S.)
WellPet LLC (Massachusetts, U.S.)