The global pet food market is expected to be valued at USD 137.35 billion in 2024 and reach USD 177.73 billion by 2029, growing at a (CAGR) of 5.29% from 2024 to 2029.
Global Pet Food Market Drivers:
The expanding trend of urbanization across the world has increased the ownership of pets. This rise in pet ownership, along with the growth of nuclear family conditions, is the major factor driving the global pet food market. The consumer focus on companionship and consideration of pets as an integral part of the family is pushing the demand for high-quality pet food products. The growing awareness about the health of pets drives the need for more nutritional foods. Also, the surge in consumer disposable income improved the spending on specialized pet foods and organic foods prepared from natural sources. In addition, the makers are also creating new formulations and ingredients considering health conditions like increased weight, joint issues, etc., which is acting positively for the sales in the global pet food market. In recent years, functional ingredients, grain-free foods, and growth supplements have found more demand among consumers, benefitting the global pet food market.
Besides, the online distribution channel has flourished drastically in the last few years, expanding the consumer base for the providers and offering a lot of alternatives for the buyers. Also, the augmented impact of social media has increased individuals' awareness and opened the doors for new pet food products to reach different parts of the world. In addition, with the surge in research and development activities, several new flavors and food formulations were created, propelling the pet food market growth. Pet healthcare providers and veterinary doctors also play a crucial role in the usage of pet foods, driving the sales of more specialized and customized pet foods. Furthermore, the availability of environmentally friendly packing options and biodegradable components is also promoting the pet food market. Moreover, the changing lifestyle conditions resulting in single individual households and the need for a companion during the later stages of life are likely to create more opportunities for the global pet food market in the following years.
Global Pet Food Market Restraints:
Strict government compliance related to the manufacturing of high-quality products and maintaining safety standards for food products are the major challenges to the global pet food market. Also, the supply chain disruptions that impact the consistent delivery of raw materials and end products are limiting the sales in the pet food market. In addition, with the increased consumer awareness, there is a rising need for more transparency in terms of ingredients used in pet foods, the production process involved, and the packing methods applied. Also, the challenges surrounding the sources used for ingredients and waste created during food packing are negatively affecting the pet food market. Besides, the increased recall of products because of quality and safety features is having a profound impact on the pet food market. Furthermore, the intense market competition leading to increased product prices and more expenses involved in the development of customized food formulations are also posing a threat to the global pet food market.
Impact Of Covid-19 on the global pet food market:
Initially, the COVID-19 pandemic had a huge negative impact on the pet food market. The lockdown restrictions resulted in supply chain disruptions, transportation limitations, and controlled distribution of products. The shutdown of several companies led to a pause in production activities, and contactless conditions led to workforce shortages. The lockdown also halted exports, influencing the trade and profits of pet foods. Also, the change in consumer priorities and government focus on immediate needs altered the market dynamics, pulling down the business for pet food manufacturers. On the other hand, COVID-19 lockdown conditions resulted in more home time for individuals, which led to a focus on improved health of pets. Also, the pet food market is anticipated to witness some positive demand in the coming with the changing consumer preferences and exponential growth in the e-commerce sector. Nonetheless, the spike in monthly subscriptions and specialized foods is supposed to drive the pet food market in the future.
Market Size Available
2023 to 2029
2024 to 2029
By Pets Type, Food Type, Sales Channel, and Region
Various Analyses Covered
Global, Regional, and country-level analysis; Segment-Level Analysis; DROC, PESTLE Analysis; Porter’s Five Forces Analysis; Competitive Landscape; Analyst Overview of Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Nestlé Purina, Mars, Inc., Agthia Group, Hill's Pet Nutrition, JM Smucker Company, LUPUS Alimentos, General Mills, Inc., WellPet LLC, Total Alimentos, The Hartz Mountain Corp, Archer Daniel Midlands, Diamond Pet Foods, Blue Buffalo, Simmons Pet Foods, Agrolimen SA, Deuerer, and Heristo AG.
This research report on the global pet food market has been segmented & sub-segmented based on the pet, ingredients, form, and region.
Global Pet Food Market – By Pet Type:
The dog segment accounted for the majority share of the global pet food market because of the rising demand for canines in all parts of the world. Dogs are also increasingly used in ranches, criminal tracking, and house safety, which is also contributing to the growth of this pet type. Also, the rise in consumer disposable income coupled with the emphasis on the health of pets is creating a positive aspect for the adoption of dogs across the world. Similarly, cats are also expected to witness more adoption in the coming years, creating a market for more animal-based protein foods and supplements.
Global Pet Food Market – By Food Type:
The dry food segment dominates the global market because of its advantages, such as easy availability, cost affordability, and long shelf lives. Besides, wet foods/canned foods are also finding more demand due to their easy digestion capabilities and inclusion of different proteins, vitamins, fibers, and nutrients. Similarly, snacks and treats are anticipated to register more growth in the forecast period owing to the high number of online sales and availability of healthy snack options.
Global Pet Food Market – By Sales Channel:
Specialized pet stores accounted for a dominant portion of the global pet food market because of the easy access to multiple food types in a single place. Also, the availability of more premium and international brands propels sales in this segment. However, online stores are touted to find more sales owing to the well-established e-commerce infrastructure in developed and developing nations.
Global Pet Food Market - By Region:
North America dominated the global pet food market owing to the rising consumer spending on healthy foods and the growth of single-person households in the region. The high adoption rate of pets and awareness about pet humanization is the primary reason supporting the business in this area. The United States of America, followed by Canada, is the leading nation in North America. In addition, the presence of some of the key market players and continuous investments to improve pet food formulations are likely to boost sales in this continent in the coming days.
Europe is the second largest region for the pet food business, with a high concentration of sales in nations like the United Kingdom, Germany, and France. The availability of different options of organic and naturally sourced ingredient-based products and consumer demand for more transparency options are promoting the pet foods business in this locale.
Asia Pacific is predicted to witness the highest growth rate in the global pet food market in the foreseen period owing to the large population and adoption of pets in nations like China, India, Japan, Australia, and South Korea. The ongoing foreign investments in the Asia Pacific countries are likely to create huge growth opportunities for the pet food market in the future.
Latin America is an emerging region in the international marketplace with a huge contribution from Brazil. The augmented consumer expenses, increase in nuclear families, and presence of multicultural individuals are expected to propel the sales of pet foods in this area.
The Middle East and Africa are relatively smaller markets for pet foods compared to the above regions. The surge in the adoption of canines, the growth of the middle-class population, imports from other regions, and the availability of local pet food manufacturers are boosting the business in this locale.
KEY MARKET PLAYERS:
Nestlé Purina, Mars, Inc., Agthia Group, Hill's Pet Nutrition, JM Smucker Company, LUPUS Alimentos, General Mills, Inc., WellPet LLC, Total Alimentos, The Hartz Mountain Corp, Archer Daniel Midlands, Diamond Pet Foods, Blue Buffalo, Simmons Pet Foods, Agrolimen SA, Deuerer, and Heristo AG. Some of the major key players involved in the global pet food market.
RECENT HAPPENINGS IN THE MARKET:
The pet food market is expected to be valued at USD 137.35 billion in 2024.
North America and Europe currently lead in market share for pet food consumption, driven by high pet ownership rates and strong demand for premium pet food products.
In Asia Pacific, increasing urbanization, rising disposable incomes, and changing lifestyles are driving the demand for pet food, especially premium and natural products.
In North America, the pet food market is witnessing increased demand for natural and organic pet food products, with consumers seeking healthier options for their pets.
Companies such as Mars Petcare Inc., Nestle Purina Petcare, and Hill's Pet Nutrition Inc. are among the major players in the pet food market in the United States.
Companies such as Mars Petcare, Nestle Purina Petcare, and Hill's Pet Nutrition are among the key players dominating the pet food market in Europe.
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