USD 1.2 billion
Report ID:
SQMIG30I2381 |
Region:
Global |
Published Date: July, 2024
Pages:
198
|Tables:
146
|Figures:
72
Global Fresh Pet Food Market size was valued at USD 10.8 Billion in 2022 and is poised to grow from USD 11.9 Billion in 2023 to USD 25.5 Billion by 2031, growing at a CAGR of 10% in the forecast period (2024-2031).
People are treating their pets more like humans and taking care to keep them healthy, which is fueling global expansion in the fresh pet food industry. Customers treat their pets as members of their family; thus, they require healthier, higher-quality food. One of the major drivers for the fresh pet food market is increased pet humanization. Nowadays, consumers consider their dogs as part of the family and insist on feeding them good quality food. The rising demand in pet health and wellness is another major factor boosting the demand for the fresh pet food market. Consumers are increasingly eating fresh foods and pet foods that provide benefits such as better digestion and immunity.
Global Market Size
USD 1.2 billion
Largest Segment
Dogs
Fastest Growth
Cats
Growth Rate
12.9% CAGR
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The Global Fresh Pet Food Market is segmented into Product Type, Pet Type, Ingredients, Sales Channel, and Region. Based on the Product Type, the market is classified into Fresh Wet Pet Food, Fresh Dry Pet Food, And Fresh Semi-moist Pet Food. Based on Pet Type, it is categorized into Dogs, Cats, Horse, and Others. Based on Ingredients, the market is divided into Animal-based Proteins and Plant-based Proteins. Based on Sales Channel, it is fragmented into Supermarkets & Hypermarkets, Pet Specialty Stores and Vet Clinics, Convenience Stores, and Others. Region, the market is analyzed across North America, Asia-Pacific, Latin America, Europe, and Middle East and Africa.
Analysis by Product Type
The fresh wet pet food segment has dominated the global fresh pet food market, accounting for 58%. This could be attributed to wet pet meals' relatively high moisture content and acceptance, and its appeal to pets and humans. Fresh wet pet foods are naturally associated with greater quality nutrition and other advantages as they mimic pets' natural diets, as opposed to dry foods. Furthermore, it replenishes hydration and is easier to digest, making it ideal for pets that have dental concerns or dislike water. These factors explain why the firm enjoys goodwill and controls a sizable portion of the market.
On the other hand, fresh semi-wet pet food is the fastest growing segment of the Fresh Pet Food Market. This advancement is due to its ease while also providing superior attributes when compared to both wet and dry pet foods; it is easier to store and dispense than wet foods but has a higher lusciousness and moisture content than dry pet foods. Customer understanding of pet diets, as well as a growing preference for superior, creative, and natural-based pet feed products, all help to drive the segment's growth. Furthermore, the growing demand among customers to provide their pets with convenient yet nutritious meal forms is pushing the new fresh semi-moist category of pet food.
Analysis by Ingredients
The contribution of the Animal-Based Proteins segment to the fresh pet food market was around 71% in 2023. This is because, partly, animal proteins are considered by pet owners to be more nutritious and highly acceptable as a source of protein since they promote growth, muscles, and overall health for a pet animal. Any diet that contains chicken, beef, fish, or any other protein source is highly preferred, especially considering the requirement of protein and amino acids in the development of pets.
Plant-based proteins provide for a CAGR of 11.2% due to growing health consciousness, environment-related, and ethical reasons. Plant-based protein alternatives are gaining popularity among consumers due to their purported health benefits and lower environmental effect when compared to animal-based proteins. Innovations in taste and texture, as well as increasing availability and cost, are driving market popularity and growth.
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North America now has the greatest share of the worldwide market, and the region is predicted to maintain its lead during the projection period. One of the main reasons for the district's success is the widespread acceptance of pets in American homes. According to a study done by the American Pet Products Association (APPA), over 85 million American families, or approximately 67% of all families in the US, own a pet. The positive attitude of North American customers toward pet refinement, as well as its widespread acceptance, is driving the market development of healthy pet food products.
Asia Pacific is predicted to be the fastest-growing region in the global market, followed by South America. Economies such as Japan, Australia, and China are strong supporters of income age in the region. Japan is one of the world's leading suppliers of prepared dog and cat food, yet the country's pet food industry is expanding slowly. The market in China and India is predicted to rise fast during the forecast period, owing to rising consumer demand for pet food in these countries and increased investment by global industry participants in these economies.
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Fresh Pet Food Market Drivers
Pet Food Manufacturers are Expanding their Product Development to Drive Market Growth:
Increased Pet Ownership in Developing Economies will Boost Market Growth:
Fresh Pet Food Market Restraints
Shorter Shelf Life Impedes Market Growth:
High Production and Distribution Costs:
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The competitive scenario in this market is moderately consolidated, with multinational corporations fighting to accommodate strong demand from large clients and end-users. In the future, prominent industry participants are expected to adopt new marketing tactics and employ current technology to expand their consumer base and generate more money. Furthermore, organizations' strategic plans include expansion, mergers, and acquisitions.
Top Player’s Company Profiles
Recent Developments
Opening New Stores to Boost Market Development:
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest Analysis, the fresh pet food market manufactures food for dogs, cats, birds, and other pets. The pet food industry's growth has been characterized by a shift toward more nutritious and scientifically designed pet meals adapted to the pet's life stage and health status, as well as a decrease in fat components and an increase in protein-rich ingredients. Yet another important driver for this fresh pet food market is rise in incidences of pet ownership in urban areas. With a rise in customer priorities regarding pets, the growth in demand for different varieties of food for pets is hence, high in market potential.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.8 Billion |
Market size value in 2031 | USD 25.5 Billion |
Growth Rate | 10% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Fresh Pet Food Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Fresh Pet Food Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Fresh Pet Food Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Fresh Pet Food Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG30I2381
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