Pet Food Market

Pet Food Market Size (2022 - 2027)

The global pet food market was worth US$ 37 billion in 2021, and it is estimated to reach a valuation of US$ 54.3 billion by the end of 2027, expanding at an annual growth rate of about 5.4% between 2022 and 2027. Pet food is a ready-to-provide meal for domestic animals like dogs, cats, fish, birds, etc. It has been in high demand recently due to the variety of products present in the market.

Pet food consists of several components that give the pet a sufficient amount of nutrition that is essential for its growth and proper health. The increasing adoption of pets in recent years has dramatically promoted the pet food market size. The pet food industry is one that works well despite the economic downturn. The largest pet food market in the world is in the United States, France, Japan, and Germany, accounting for more than half of pet food sales.

MARKET DRIVERS

The growing consumer awareness of natural and organic pet food products has led manufacturers to shift their focus from synthetic products to natural products, one of the main factors influencing the pet food market. The convenience benefits associated with organic and natural dry pet foods are expected to drive demand for products. Unlike most conventional types, organic and natural pet foods are used on a large scale. The increase in demand for dog food, along with high traction in the premium pet food sector, is supposed to lead the pet food market during the forecast period. The demand for dry food multiplies compared to other products, and it is convenient to grow and store pets without raising them. This has a positive impact on urban consumers who increasingly choose dry pet food.

Canned foods are considered more delicious for dogs and cats because this type of product contains adequate protein, fat, and carbohydrates. Wet pet food is easy to digest, minimizing backyard cleaning activities. The high digestibility provided by wet foods is desirable for sick cats and dogs and demanding consumers. As a family partner, the tendency to adopt dogs is presumed to increase the demand for products. Dogs, in particular, are witnessing an upward trend in the concept of the humanization of pets. This has increased the number of people who own dogs and offers premium food. In addition, rapid urbanization is one of the main factors that drive the pet food market.

MARKET RESTRAINTS

A significant limitation identified in the growth of the pet food market is the issue of regulatory systems. Also, the high cost of products, especially foods canned with meat proteins, can limit consumer preferences, inhibiting business growth over the outlook period.

PET FOOD MARKET REPORT COVERAGE:

Segmentation Analysis

Pet Food Market - By Pet:

• Dog
• Cat
• Fish

The dogs are occupying the dominant share in the pet food market, and it is also foreseen to continue its dominion in the coming years. The growing demand for high-quality dog food products in developed and developing countries is one of the driving forces that make up a significant portion of the dog segment in the pet food business.

Pet Food Market - By Ingredients:

• Cereals
• Meat and Meat Products
• Vegetables
• Fruits
• Fats
• Additives

Meat and meat products accounted for a principal portion of the world market, followed by cereals.

Pet Food Market - By Form:

• Dry
• Liquid

In 2019, The dry food sector occupied a larger market share, followed by the liquid. Dry types are used more widely in pet food products, as they are popularly convenient for handling and storage due to their cost-effective properties and low water content.

Pet Food Market - By Region:

1. North America
2. Europe
3. Asia Pacific
4. Latin America
5. Middle East & Africa

North America's pet food market has been the leading region in the business for quite some time. The regional demand for pet food is largely determined by consumer awareness of pets, along with increased consumer awareness of the beneficial effects on pet health. The trend of adopting pets among millennials is estimated to support local market growth. According to the American Pet Products Association (APPA), about 38% of people in the United States have one cat, and the average number of cats per household is two.

Europe's pet food market is considered a prominent industry for quality pet food. According to the European Federation of the Pet Food Industry (FEDIAF), there is more than one pet in more than 80 million homes across Europe. Cat food products dominate the local pet food market due to the high ownership of cats. Also, in 2019, the Asia-Pacific pet food market focused on China, Japan, India, and Korea, which has become one of the leading regions in the world. The growth of the regional market may be due to an increased demand for premium dog food.

Key Players Involved in the pet food market:

The world's leading pet food suppliers include

1. Big Heart Pet Brands
2. Mars Petcare Inc.
3. Well Pet
4. P&G Pet Care
5. Hill's Pet Nutrition
6. Nestle Purina Pet Care
7. Diamond Pet Foods
8. Blue Buffalo
9. Deuerer and Heristo AG

Recent Developments in Pet Food Industry:

• In April 2018, the Provimi brand of Cargill and Delacon (Austria), a feed plant manufacturer, expanded the family of feed additives in Russia.
• In April 2019, Ingredion Incorporated (USA) extended its product with two high-performance plant-based additives for the pet food ingredient portfolio in the United States and Canada.
• ADM announced in January 2017 that it agreed to acquire Probiotics International Limited (PIL), a UK-based provider of probiotic supplements for humans, pets, and animal producers.
• In October 2018, Darling Ingredients Inc. introduced Triple-T Foods Arkansas, Inc. Assets acquired from (USA). This acquisition will help the company expand its premium protein business for pet foods.