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

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.