Description
The pet food market was valued at USD 120.98 billion in 2023 and is estimated to increase at a CAGR of 5.6% from 2023 to 2030, reaching USD 177.16 billion by 2030.
Market Overview
Pet food is a type of food specially prepared for pets like dogs, cats, birds, and fish, and it can come in either dry or wet form. The food may be made from animal-based or plant-based ingredients. The demand for pet food is increasing as more and more people are adopting pets and becoming more health-conscious about their pets’ nutrition. Pet owners are now seeking custom-made products that meet their pets’ specific dietary needs. The use of natural and organic components is also on the rise, as is the accessibility of sourcing and production processes.
The pet food market is segmented into animal type, form and distribution channel. Based on region, it is projected that North America dominates the Global Pet Food Market throughout the forecast period.
The pet food market is expansive and dynamic, providing a variety of segments and opportunities for growth and innovation. Pet owners’ specific dietary needs, health concerns, and tastes are driving up demand for high-quality, specialty pet food items as pets become more and more like family members. The COVID-19 coronavirus pandemic affected businesses and industries globally, including the pet food sector.
Global Pet Food Market: Growth Drivers
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Rise in relation between pet and owner:
Humans can treat pets like family members instead of moments of entertainment-they will likely expect to spend more on pet products, services, from the quality of food to much advanced healthcare. With increasing pet adoption, item consumption as well as services connected with acquiring pets goes up, which in turn creates business opportunities for the pet care field and triggers pet care innovation.
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High quality food:
High-quality, premium pet food is a fast rising section of the pet care market, owing to increased pet owner knowledge of the importance of nutrition for their pet’s well-being and longevity.
Global Pet Food Market: Restraining Factors
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Limited availability of ingredients:
Depending on natural ingredients like meat, poultry, and vegetables can impact the availability of ingredients or may cause a supply chain. This can lead to shortages and may hamper the cost of products.
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High Cost:
If there is a need for good quality or premium quality pet food. Additionally, if the cost of pet food rises significantly due to factors such as ingredient shortages it can lead to reduced purchasing power among consumers, which may hinder the growth of the industry.
Global Pet Food Market: Opportunity Factors
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Growing Demand for Premium:
Pet owners are looking for food that is more than just basic nutrition as they become more educated about pet nutrition. This increases the demand for premium pet food that has better-quality ingredients and like grain-free or organic alternatives.
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Rising Pet Ownership and Humanization:
The bond between humans and pets strengthens, and many people now consider their companions. This trend, there’s a growing willingness among pet owners to invest in high-quality pet food products that are as healthier and more delicious.
Global Pet Food Market: Challenges
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Healthy lifestyles and reducing environmental impact:
The need for environment-friendly pet food which would support healthy lifestyle and decrease carbon footprint is being thereby promoted through the rise of awareness of pet food’s environmental impact including deforestation, overfishing, and greenhouse gas emissions.
Global Pet Food Market: Segmentation
Based On Animal Type: The market is segmented into Dogs, Cats, and Others. Among these, Dog pet dominates major revenue contributors.
Based On Form: The market is divided into Dry Pet Food, Wet Pet Food, and Snacks. The dry form is the most preferred option by pet owners.
Based On Distribution Channel: The market is divided into Supermarkets and Online Platforms. Supermarkets hold the highest share.
Based On Region: Based on Region, the market is segmented into five key geographical regions namely – North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Pet Food Market: Regional Insights
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North America
North America is the dominating region in this sector. Because of its high rates of pet ownership, premiumization of pet food products, and growing pet health awareness, North America currently controls the majority of the worldwide pet food business. Pet food business innovation is being driven by North American consumers’ growing desire for specialized and high-quality goods. Grain-free alternatives, customized nutrition, and natural and organic pet food are just a few of the highly popular trends.
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Europe
Europe accounted for the second-highest revenue share. The market for pet food in Europe has expanded significantly due to growing pet humanization and rising consumer spending on safe and sustainable pet food. Joining FEDIAF means joining a dynamic organization that leads the European pet food market. You may advance pet food production standards in Europe, implement effective communications strategies, and influence policy decisions in your role as European Public Affairs and Communications Manager.
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Asia Pacific
Asia Pacific has yet to exceed Europe and America in terms of pet food purchasing. The pet food sector, on the other hand, is predicted to rise significantly during the pandemic and is already growing. The pandemic has increased pet ownership, and those who do own pets dedicate more time to looking after for them.
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Latin America
The pet food sector has a major market share, and the Latin American region has agreed to a number of contracts that have had a significant impact on trade in one of these industries. Pet producers and exporters have seen an increase in trade agreements as trade barriers have been removed, trade has been simplified, and new business opportunities have emerged.
Global Pet Food Market: Competitive Analysis
Colgate-Palmolive Company, Diamond Pet Foods, Farmina Pet Foods, General Mills Inc., IB Group, Mars Incorporated, The J.M. Smucker Company, Hill’s Pet Nutrition Inc., WellPet LLC, The Hartz Mountain Corporation.
Global Pet Food Market: Recent Developments
- The J.M. Smucker Company: On March 21, 2024, Hostess Meltamors, the brand’s newest snack invention, are soft, fluffy mini-cakes with a delicious chocolate drizzle and a melting center that tastes like chocolate or caramel and flows like “lava” when warmed in the microwave for just five seconds.
- Hill’s Pet Nutrition Inc.: Jan. 11, 2024- Hill’s Pet Nutrition, a Colgate-Palmolive business and a leader in science-led nutrition worldwide, announced today several new product innovations and improvements to its US Vet Recommended therapeutic pet food line, Hill’s Prescription Diet.
