USD 110.53 Billion
Report ID: SQSG30K2006 | Region: Global | Published Date: December, 2022 | Pages: 157 | Tables: 89 | Figures: 66
Pet Food Market was valued at USD 110.53 Billion in 2021, and it is expected to reach a value of USD 156.57 Billion by 2028, at a CAGR of 5.3% over the forecast period (2022 - 2028).
One of the key factors influencing the global Pet Food Market is the growing consumer awareness of natural and organic pet food products, which has compelled producers to reorient their attention from synthetic to natural products. Many folks took advantage of the lockdown's opportunity to purchase a family pet because they were working from home at that time. According to numerous studies, having a pet makes people less likely to experience issues like loneliness and depression because pets provide companionship. Breeders and rescue organizations noted a surge in requests from people looking for dogs in 2020. According to Mars Petcare, a well-known producer of pet foods, the combined sales of cat and dog treats increased by 6.5% in the 12 weeks between February and May 2020. This signifies the pet food market growth, which is expected to continue post pandemic.
US Pet Food Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 110.53 Billion
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The Global Pet Food Market is segmented based on animal type, form source, and region. Based on the animal type, the Pet Food Market is segmented into dogs, cats, and others. Based on the form, the Pet Food Market is segmented into dry pet food, wet pet food, and snacks & treats. Based on the source, the Pet Food Market is segmented into animal and plant. Based on the region Pet Food Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Pet Food Market Analysis by Animal Type
Based on the animal type, the Pet Food Market is segmented into dogs, cats, and others. The dog segment is projected to hold the most substantial share in the market. Dogs are widely preferred as pets around the world, which is a big factor in the animal's dominance of the market. Moreover, the market for natural and higher-quality dog food is being driven by the high costs involved with the upkeep and welfare of dogs. Another key factor in the segment's expansion is the introduction of dog treats and nutrient-dense food. Cat ownership is anticipated to grow significantly in the upcoming years due to their low care needs and high level of human friendliness.
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North America currently holds the majority share in the global Pet Food Market and the region is predicted to lead the market throughout the forecast period. One of the key factors in the region's supremacy is the high rate of pet adoption in American households. A poll by the American Pet Products Association (APPA) found that around 85 million American families, or 67% of all households in the country, have pets. The adoption of pet humanization and the favorable public perception of it in North America are fostering market expansion for wholesome pet food products.
The trend of treating pets as individuals is driving high spending on safe and sustainable pet food in Europe. Furthermore, pet owners in Europe desire greater openness in the components of pet food products. Germany and France are the next two biggest markets in Europe after the U.K. 72% of pet owners in the United Kingdom consider themselves to be pet parents, according to Mars Petcare's State of the Pet Nation study. The high consumption of pet food is partly influenced by the preference of U.K. pet owners for premium and natural pet food products.
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Pet Food Market Driver
Pet Food Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Pet Food Market Top Players' Company Profiles
Pet Food Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per our analysis, based on the animal type, the dog segment is projected to hold the most substantial share in the market. Based on form, the dry pet food segment market is projected to hold the most substantial share in the market. Based on application, the farms segment is projected to hold the most substantial share in the market. Based on source, the plant source segment market is projected to hold the most substantial share in the market. Whereas, based on the region, the North America region is projected to hold the most substantial share in the market.
|Market size value in 2021||USD 110.53 Billion|
|Market size value in 2028||110.53 Billion|
|Forecast period||2022 - 2028|
|Forecast Unit (Value)||Billion|
|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)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global 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 Global 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.
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Product ID: SQSG30K2006