USD 95.1 billion
Pet Food Market Size, Share, Growth Analysis, By Pet Food Product(Dry Pet Food, Wet Pet Food, Supplements,Pet Treats, Veterinary Diets), Pet Type(Dogs, Cats, Others), Distribution Channel(Supermarket/Hypermarket, Specialty Stores, Online, Others), Source, and Region - Industry Forecast 2024-2031
Report ID:
SQMIG30K2044 |
Region:
Global |
Published Date: June, 2024
Pages:
157
|Tables:
89
|Figures:
76
Pet Food Market Insights
Global Pet Food Market size was valued at USD 95.1 billion in 2019 and is poised to grow from USD 99.1 billion in 2023 to USD 139.29 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
One of the key factors influencing the global 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. The rising concerns regarding the health of the animal or pet is also driving the market. For improving the health and performance of the pet animals, the demand for nutritious food is rising. This consumer demand is prompting manufacturers to multi-functional ingredients to overcome the similarity in pet food products. Additionally, the rise in organic products which provide a variety of flavors and important ingredients like probiotics and antioxidants are likely to induce positive growth. Furthermore, the higher prices may restrain the global market growth. 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. 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. 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Dogs
Fastest Growth
Dogs
Growth Rate
4.3% CAGR
Pet Food Market ($ Mn)
Country Share for North America Region
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Pet Food Market Segmental Analysis
The global pet food market is segmented based on Pet Food Product, form source, and region. Based on the pet food product, the market is segmented into food (dry pet food, wet pet food), supplements (milk bio actives, omega-3 fatty acids, probiotics, protein and peptides, vitamins and minerals, others), pet treats (crunchy treats, dental treats, freeze dried and jerky treats, soft and chewy treats, others), and veterinary diets (diabetes, digestive sensitivity, oral care diets, renal urinary tract disease, others). Based on the pet type, the market is segmented into dogs, cats, and others. Based on the distribution channel, the market is segmented into supermarket/hypermarket, specialty stores, online channel, and others. Based on the source, the market is segmented into animal, and plant. Based on the region it is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Pet Type
The dog segment is the largest segment in the market and holds the substantial share of about 41% 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.
On the other hand, the cat pet segment is the fastest growing segment in the pet food market. The increased concerns regarding the health and balanced diet for cats is also driving the segment. They are carnivorous and require a high number of proteins in their diet. Thus, non-vegetarian protein intake is needed for the cat diet. Therefore, cat ownership is anticipated to grow significantly in the upcoming years due to their low care needs and high level of human friendliness.
Analysis By Distribution Channel
The supermarket segment is the largest segment in the global pet food market by distribution channel. Consumers are increasingly preferring visiting the stores as the offer has increased preferences and choices for the different brands and prices. The discount offered by the stores often prompts the consumers to visit the stores. These drive the expansion of the segment which leads towards market growth.
On the other hand, the online segment is the fastest growing segment by distribution channel in the pet food market. The rising adoption of online purchasing by millennials is driving this segment. Online delivery offers various conveniences like doorstep delivery. Furthermore, the industry leaders are collaborating with ecommerce players, which is further fueling market growth. For instance, in February 2023, Nestle announced that the Purina pet care segment was its significantly growing segment in the company.
Pet Food Market by Animal Type
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Pet Food Market Regional Insights
North America is the largest region in the global market and the region is anticipated to hold a market share of about 41.6% and is expected 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.
On the other hand, Europe is the fastest growing region in the pet food market. 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.
Pet Food Market By Region
- Largest
- Fastest
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Pet Food Market Dynamics
Pet Food Market Driver
Rise in Prevalence of Pet Ownership Globally
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One of the main market drivers is expected to be the rising prevalence of pet ownership worldwide, particularly in emerging nations. Rising urbanization and the humanization of pets are pushing pet owners to choose wholesome and high-quality food for their animals, which is further accelerating the market's growth rate. Consumers' increased per capita incomes are encouraging them to spend money on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the global market's expansion. They provide customers with a variety of options and financial statuses.
Increasing Awareness of Pet Health and Nutrition
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Pet owners are increasingly becoming conscious about the health of their pets. This leads to the increasing demand for high-quality and nutritional foods such as premium, organic and specialized pet food products which improve their health and provide longevity. Thus, the market is expanding increasingly, driving the market by providing the best nutrition.
Restraints
Premium Pet Foods Hinders the Market Growth
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Particularly in western markets, pet food is one of the food products that is most strictly controlled. Pet animal foods are rigorously inspected in developed markets at every stage, from the ingredients used in food preparation to sales and marketing. The high standards required for commercialization may be a significant barrier to the market's expansion. Additionally, a barrier to the market's expansion may be some developing economies' lesser acceptance of premium or expensive pet foods.
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Pet Food Market Competitive Landscape
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. 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
- Mars Incorporated (US)
- Nestlé Purina PetCare (Nestle S.A.) (Switzerland)
- Hill's Pet Nutrition Inc. (US)
- Blue Buffalo Co., Ltd. (US)
- The J.M. Smucker Company (US)
- Diamond Pet Foods Inc. (US)
- Tiernahrung Deuerer GmbH (Germany)
- General Mills, Inc. (US)
- WellPet LLC (US)
- Merrick Pet Care (US)
- Diamond Pet Foods Inc. (US)
- Sunshine Mills, Inc. (US)
- Royal Canin (US)
- Agrolimen SA (US)
- Drools Pet Food (India)
- Merrick Pet Care, Inc. (US)
- Unicharm Corp. (Japan)
- Heristo AG (Germany)
- C&D Foods Holdings Ltd. (Europe)
- Colgate-Palmolive Co. (US)
Pet Food Market Recent Developments
-
In June 2024, CULT food size corporation announced Further Foods Inc, it’s subsidiary launched Noochies, a freezed dried dog and cat pet food in Canada for consumers.
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In May 2024, Dr Clauder partnered with Calysta and launched dog treats made with Feedkind pet proteins.
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In January 2024, PawCo Foods launched two new dog food products, Lux bites and Insta bites. It uses AI for nutrition optimization and taste improvement.
Pet Food Key Market Trends
- Rise in Pet Humanization Relationship: Pets are increasingly being treated as members of the family by their owners. This trend in pet humanization has boosted pet expenditure while increasing demand for safe and nutritional pet health products. The concept of personalized pet food products is gaining popularity in developed areas and is anticipated to do the same in emerging markets in the coming years. As pet owners become more aware of the food they are giving their pets, personalization of pet food items has a lot of potential to increase tremendously. A tremendous potential opportunity exists for brands or businesses that provide specially made and tailored food items for pet animals as pet owners are leaning toward having better control over the ingredients used in the manufacturing of pet food products.
Pet Food Market SkyQuest Analysis
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 SkyQuest’s analysis, based on the animal type, the rising pet adoption and the increasing expenditure on pet food are driving the market. The rise in commercial food usage and the increasing pet population around the world is anticipated to drive the market during the forecasted period. There is a growing demand for protective packaging of pet food. Therefore, manufacturers are continuously making efforts to develop sustainable food packaging. The dog segment is projected to hold the most substantial share in the market while the cat segment is growing at a quick pace. The North America region is projected to hold the most substantial share of the market whereas Asia Pacific is quickly growing. One major trend is the growing adoption of pet humanization behavior leading towards the market expansion. Manufacturers are competing on product quality and pricing off the product in the market. They're also modernizing their supply chain to reduce their operational costs. The companies have launched organic food products for dogs and cats which is driving the market expansion leading towards its growth.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 95.1 billion |
| Market size value in 2031 | USD 139.29 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pet Food Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pet Food Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pet Food Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the 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.
Pet Food Market Report Snapshots
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