Pet Food Market

Report Overview

The Pet Food Market size is expected to be worth around USD 150,987.97 million by 2032 from USD 95,384 million in 2022, growing at a CAGR of 4.70% during the forecast period 2023 to 2032.

The increasing consumer awareness about organic and natural pet food product availability has led to manufacturers shifting their focus away from synthetic products. This has had a major impact on the global market.

Global Pet Food Market Scope:

Type Analysis

Dry food made up 47.8% of the total market’s largest share for 2021. It’s useful for maintaining healthy teeth in dogs and reducing plaque buildup. This product provides the necessary crunch and chewing for animals’ overall health. Dry food doesn’t need to be frozen as canned food for pets.

The high level of moisture in this product makes sure that pets are hydrated. They also provide benefits to the bladder. The high cost of this product, particularly canned meat-based protein canned food may limit its appeal to consumers, which could hinder the segment’s growth over the forecast period. Pet snacks are preferred because they provide a better way for pets to eat more nutritious and higher quality basis on ingredient type. Treats can be used as a key trend of products to encourage good behavior. Snacks often consist of baked availability of products such as roasted grains, biscuits, dried fruits, and vegetables.

Animal Analysis

In 2021 alone, the dog segment made up 43.5% of global revenue. Increased consumer awareness regarding pet care has led to a greater emphasis on dog weight and overall pet health. Demand customers are increasingly choosing among multiple quality food options and heavily relying upon the brand of each product. The key companies continue to focus on the premium food products market and increase their overall profit margin.

The growing trend of owning multiple cats is driving product demand, particularly in North America. Cats are less trained than dogs and can spend more time on their own. It is cheaper to owe cats than it is to a dog. Innovative products for birds and fish as well as reptiles make up the second application segment. These animal categories will see lower product demand than those for dogs and cats. As compared with dogs and cats, this segment will have low product demand due to their short lives and slow food consumption.

Key Market Segments:

By Type

• Dry Food
• Wet Food
• Snacks/Treats

By Animal

• Dog
• Cat
• Others

Market Dynamics:

The COVID-19 pandemic had adverse effects on supply networks. Due to restrictions in raw material movement, the sector suffered in terms both of supply and cash flow. In many places around the globe, however, pet food demand increased steadily as people adopted more pets due to the growing demand. Market players moved their focus from brick-and-mortar stores to e-commerce platAnimals in order to fulfill this requirement.

Projections for demand will increase due to the convenience of dry organic and naturally made pet food. The key factors of Organic and natural have been used extensively, as opposed to traditional. The market will be driven by growing demand and higher traction for premium pet foods over the forecast. Dry food is gaining popularity quickly compared to its counterparts. This is due in part to its convenience and ease of use in terms of storage and feeding pets. This is positively influencing urban customer demands to choose dry pet food.

Canned food can be more easily digested by dogs and cats because it contains proteins and fats as well as a few carbohydrates. Canned food and wet pet food can be digested quickly, which helps to keep backyard cleanups to a minimum. Wet food is preferred by cats and pets who have a medical condition or are fussy eaters due to its higher digestibility.

Product demand is expected to increase due to the rising pet adoption of dogs as companions for family members. In particular, dogs are experiencing an increase in humanization. This has led to an increase in people owning dogs and providing premium food for them. Rapid urbanization is also one of the main drivers of the market.

The Manufacturers Association recently estimated that 3.2 million homes in the U.K. were responsible for adopting a pet since 2001 (Paley,2021). Current US pet-owning households number 17 million. Mintel,2021. The levels of pet ownership that were previously low in the last five years have now risen to 57% in May 2021.

An important part of the rise in pet owners is young people. Half of all new pandemic pet owners are between 16-24. With 42% getting a new pet after the lockdown, current pet owners are another key driver of pet purchasing. COVID-19 revealed that 74% of pet owners believed their pet had helped improve their mental state.

Regional Analysis

North America led the market and held 47.2% of global revenues in 2021. The rise in consumer awareness and the increasing humanization of animals is two major factors that drive regional demand for pet foods. Market rapid growth is also expected to be supported by the growing trend among millennials to adopt pets. According to American Pet Products Association (APPA), approximately 38% own cats in the United States, with an average of two cats per home.

Europe is expected to experience a 4.5% increase in revenue over the forecast time. According to the European Pet Food Industry Federation FEDIAF (European Pet Food Industry Federation), more than 80 million households in Europe own at most one pet. Cat food products dominate the market in this region due to the high level of cat ownership. Asia Pacific, dominated by China and Japan, India, and South Korea, emerged in 2018 as one of the major global markets. The increased demand for premium dog nutrition can be explained by the steady pet food market growth of these markets. According to the Alltech Global Feed Survey (April 2021), pet food production in Asia Pacific increased up to 3%.

Key Regions and Countries Covered in the Report:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of the Middle East & Africa

Market Share & Key Players Analysis:

Major Pet food manufacturers’ market players are heavily inclined toward expansion, mergers & acquisitions, and new product developments. Product differentiation is still an important factor in increasing sales.

Market Key Major Players:

• Nestle Purina PetCare Company
• Lupus Alimentos
• Colgate-Palmolive Company
• Dave’s Pet Food Boulder Dog Food Company L.L.C.
• Diamond Pet Foods
• 4Legs Pet Food Company
• Alltech Inc.
• Fromm Family Foods LLC
• Evanger’s Dog & Cat Food Company, Inc.
• Heristo AG
• Total Alimentos SA
• The J.M. Smucker Company
• The Hartz Mountain Corporation
• Mars Inc.
• Nutro Products Inc.
• Hill’s Pet Nutrition, Inc.
• Blue Buffalo Pet Products, Inc.
• WellPet LLC
• Big Heart
• Unicharm
• Mogiana Alimentos
• Affinity Petcare
• Nisshin Pet Food
• Ramical
• Butchers
• MoonShine
• Big Time
• Yantai China Pet Foods
• Gambol
• Paide Pet Food
• Wagg
• Other Key Players

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For the Pet Food Market research study, the following years have been considered to estimate the market size: