Pet Food Market Prospects and Innovations: Forecast 2032

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. North America dominated the Pet Food Market with a market share of 42.55% in 2023.

Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Pet Food Market, 2024-2032.”

The analysis shows that top companies are investing more in pet foods because more people are owning pets. For example, Mars Petcare said that the sales of cat and dog treats increased by 6.5% from February to May 2020. This trend indicates a strong demand for pet food worldwide.

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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.)

Report Coverage

The report was thoroughly prepared by combining statistics and in-depth analysis to provide a comprehensive overview of the market. It features numerous detailed conversations with key individuals and suppliers, along with data collected from surveys, phone calls, and emails. Additionally, it incorporates data from various other sources such as government websites, SEC reports, and news articles.

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 think the pet food market will expand quickly due to more pet ownership. Major companies aim to market their products globally, targeting both wealthy and less affluent areas. The rise in product availability and increased consumer spending will likely boost sales. Additionally, the popularity of expensive, high-quality pet food could grow worldwide. For example, Nestle Purina introduced pet food made from alternative proteins in November 2020 to be more eco-friendly. Future investments in premium pet food could benefit companies.

However, strict regulations and consumer preferences against pricey pet food could hinder market growth.

Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554

Trends Shaping the Pet Food Market

1. Pet food is becoming more natural and organic because people care about their pets' health and want to avoid harmful additives.

2. Pet food companies are creating customized nutrition plans for pets based on their specific needs, like age and health.

3. People are also looking for pet food that is made sustainably and ethically, considering the environmental impact of their choices.

Regional Insights

North America to Remain at Helm with Pet Adoption Spree in the U.S.

The U.S. is seen as a promising market for growth due to the rising number of pet adoptions, with about 85 million homes, or 67%, owning pets. This trend is expected to continue, making it a favorable area for investing in pet food services. Similarly, the pet food market in Asia Pacific is set to expand as more individuals invest in their pets. Countries such as Australia, Japan, and India are expected to see benefits from this. In Europe, the pet industry is also expected to thrive as more individuals view their pets as family members. In the U.K., 72% of pet owners identify as pet parents, and there's a growing demand for high-quality and organic pet food.

Competitive Landscape

Prominent Companies Emphasize Product Portfolio Expansion to Gain Ground

Companies are expected to spend on new technology, products, partnerships, and buying other companies. Leading companies will focus on research to stay ahead.

KEY INDUSTRY DEVELOPMENTS:

• October 2023: Scientific Remedies, one of the well-known animal health companies, announced its collaboration with Affinity Petcare, one of the known pet food companies based in Spain, with the launch of its all-new brand, Affinity Advance in India.