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Pet Food Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Pet Food Market is Segmented By Product (Wet Pet Food, Dry Pet Food, Veterinary Diets), By Price (Economic, Premium, Super Premium), By Application (Dog, Cat, Bird, Others), By Distribution Channel (Specialty Pet Shops, Hyper Markets/Super Markets, Online, others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

Published: December 2024 || SKU: FB199
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180 pages
Report Summary
Table of Contents
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Pet Food Market Size

Global Pet Food Market reached USD 120.3 billion in 2022 and is expected to reach USD 179.0 billion by 2031 growing with a CAGR of 5.1% during the forecast period 2024-2031. Pet food is created by blending a combination of ingredients to provide essential nutrients such as proteins, carbohydrates, fats, vitamins, and minerals.

These nutrients are carefully formulated to meet the specific dietary requirements of different life stages, breeds, and species. The formulation of pet food takes into account factors such as the animal's age, size, activity level, and any specific dietary needs or health concerns. Pet owners are increasingly seeking high-quality pet food products made with premium and natural ingredients. They are willing to pay more for pet food that contains real meat, whole grains, fruits and vegetables. This trend is driven by the desire to provide healthier and more nutritious diets for pets, similar to the trends seen in human food.

 

Market Summary

MetricsDetails
Market CAGR5.1%
Segments CoveredBy Product, By Price, By Application, By Distribution Channel, and By Region
Report Insights CoveredCompetitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
Fastest Growing RegionAsia Pacific
Largest Market Share North America

 

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Market Dynamics

Emphasis on Pet Health and Wellness is Driving the Pet Food Market Growth

In recent years, there has been a significant emphasis on pet health and wellness, which has played a crucial role in driving the growth of the pet food market. Pet owners are increasingly concerned about the well-being of their pets and are willing to invest in high-quality food that promotes optimal health. This trend can be attributed to various factors and is evident through several indicators.

The pet obesity rates have been on the rise, mirroring the global obesity epidemic in humans. According to a survey conducted by the Association for Pet Obesity Prevention, in 2020, approximately 61% of cats and 59% of dogs in the United States were classified as overweight or obese. This alarming statistic has heightened awareness among pet owners about the importance of nutrition and weight management. As a result, there is a growing demand for pet food products that support weight control and offer balanced nutrition.

Increasing Awareness of Nutritional Requirements of Pets is Expected to Drive The Market Growth

One key indicator of the increasing awareness of pet nutrition is the rise in pet food formulations that are designed to meet specific nutritional requirements. Pet owners are seeking pet food products that provide a well-rounded and complete diet, incorporating all essential nutrients. They are now more knowledgeable about the importance of balanced nutrition, including the appropriate levels of protein, carbohydrates, fats, vitamins, and minerals for their pets' overall health.

Additionally, the availability of educational resources and information on pet nutrition has contributed to the increased awareness among pet owners. Various online platforms, pet care websites, and social media channels offer a wealth of information about pet nutrition, including articles, blogs, videos, and forums. Pet owners are actively seeking and engaging with this content to better understand the nutritional needs of their pets.

Stringent Regulatory Compliance and Safety Standards are Restraining the Pet Food Market

The pet food market faces restraints due to the presence of stringent regulatory compliance and safety standards. Pet food is regulated by different organizations in different countries. For instance, in the United States, the Food and Drug Administration (FDA) regulates pet food under the Federal Food, Drug, and Cosmetic Act. The FDA requires that pet food be safe for consumption and that it be labeled accurately. 

The regulatory compliance involves adhering to strict guidelines regarding labeling, ingredient sourcing, manufacturing practices, and safety protocols. These regulations aim to ensure the safety and quality of pet food products. However, complying with these standards can pose challenges, especially for smaller pet food manufacturers with limited resources. They may face difficulties in meeting the complex requirements and investing in the necessary infrastructure and testing procedures.

Market Segmentation Analysis

The global pet food market is segmented based on product, price, application, distribution channel and region.

The Wet Pet Food Segment Holds the Largest Market Share in the Pet Food Market

The Wet Pet Food segment has been observed to hold the largest market share in the pet food market, reflecting a preference among pet owners for this particular type of pet food. The pet owners often perceive wet pet food as more palatable and appealing to their pets. The higher moisture content and variety of flavors in wet pet food can entice pets, especially those with finicky eating habits. The burst of flavors and textures can make mealtime more enjoyable for pets, leading to increased consumption and customer loyalty.

Moreover, wet pet food is often considered a premium product and is associated with high-quality ingredients and nutrition. Wet diets had the greatest environmental impact for all factors, the dry diets the least, and homemade diets lay in between. A key reason was that 90% of the calories in the wet diets came from animal ingredients, compared with 45% in the dry diets. Pet owners are willing to invest in pet food that they believe provides their furry companions with superior nutrition and taste. This perception of higher quality has contributed to the popularity of wet pet food and its larger market share.

Market Geographical Share

The North America Region Held the Largest Market Share of the Pet Food Market

North America has a significant pet population, with a large number of households owning pets. According to Forbes Magazine, the United States alone has over 86.9 million households with pets. This substantial pet ownership rate creates a sizable consumer base for pet food products, driving the demand and market share in the region.

Additionally, pet owners in North America tend to prioritize the well-being and nutrition of their pets. They are willing to invest in premium pet food products that offer high-quality ingredients, balanced nutrition, and specific dietary benefits. This consumer mindset aligns with the growing trends of humanization and pampering of pets, where pet owners treat their furry companions as members of the family. As a result, there is a strong market demand for pet food that meets the nutritional preferences and health considerations of pets.

Pet Food Companies

The major global players in the market include Big Heart Pet Brands, Blue Buffalo, Deuerer, Heristo AG, Hill’s Pet Nutrition, Laroy Group, Mars Petcare Inc, Nestlé Purina PetCare, Spectrum Brands / United Pet Group, and Unicharm Corp.

COVID-19 Impact on Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact

The COVID-19 pandemic caused disruptions in global supply chains, affecting the sourcing and availability of raw materials used in pet food. Travel restrictions, lockdown measures, and temporary closures of manufacturing facilities and transportation networks hindered the smooth flow of ingredients, potentially impacting the production and distribution of pet food. The pandemic has resulted in changes in consumer behavior and preferences. With lockdowns, social distancing measures, and increased health concerns, there has been a shift towards home cooking and a preference for healthier food choices. This may have affected the demand for certain types of coated food products, subsequently influencing the demand for specific food-coating ingredients.

By Product

  • Wet Pet Food
  • Dry Pet Food
  • Veterinary Diets

By Price

  • Economic
  • Premium
  • Super Premium

By Application

  • Dog
  • Cat
  • Bird
  • Others

By Distribution Channel

  • Specialty Pet Shops
  • Supermarkets/Hypermarkets
  • Online
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • The U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • Middle East and Africa

Key Developments

  • In March 2023, Natural Balance, a leading premium specialty pet food brand, and Canidae, a premium, sustainable pet food company, announced that they have entered into a definitive merger agreement under which the companies will combine.
  • In November 2022, Mars Petcare, part of Mars, Incorporated, announced that it has signed a definitive agreement to acquire Champion Petfoods, a leading global pet food maker, from an investor group led by Bedford Capital and Healthcare of Ontario Pension Plan.
  • In July 2022, packaged foods company Nestle India announced the acquisition of pet food maker Purina Petcare for Rs 123.5 crore, and the launch of its global child nutrition brand Gerber.

Why Purchase the Report?

  • To visualize the global pet food market segmentation based on product, price, application, distribution channel, and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities in the market by analyzing trends and co-development.
  • Excel data sheet with numerous data points of pet food market-level with all segments.
  • The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
  • Product mapping is available as Excel consists of key products of all the major market players.

The global pet food market report would provide approximately 69 tables, 69 figures and 190 Pages.

Target Audience 2024

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies
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