Market Overview
The global petfood market size was valued at USD120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD193.65 billion by 2032, exhibiting a CAGRof 5.45% during the forecast period. North America dominated the Pet FoodMarket with a market share of 42.55% in 2023.
Fortune Business Insights™ has deep-dived intothese insights in its latest research report, titled, “Pet Food Market, 2024-2032.”
The analysis shows that top companies are investing more inpet foods because more people are owning pets. For example, Mars Petcare said
that the sales of cat and dog treats increased by 6.5% from February to May
2020. This trend indicates a strong demand for pet food worldwide.
Major Players Profiled in the Market Report:
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- The J.M. Smucker Company (Ohio, U.S.)
- Colgate-Palmolive Company (New York, U.S.)
- General Mills, Inc. (Minnesota, U.S.)
- Diamond Pet Foods (Missouri, U.S.)
- Heristo AG (Osnabruck, Germany)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Merrick Pet Care, Inc. (Texas, U.S.)
- WellPet LLC (Massachusetts, U.S.)
Report Coverage
The report was thoroughly prepared by combining statisticsand in-depth analysis to provide a comprehensive overview of the market. It
features numerous detailed conversations with key individuals and suppliers,
along with data collected from surveys, phone calls, and emails. Additionally,
it incorporates data from various other sources such as government websites,
SEC reports, and news articles.
Segmentation
In terms of animal type, the market is segmented into cats,dogs and others.
Based on form, the industry is segregated into snacks &treats, wet pet food and dry pet food.
On the basis of source, the market is fragmented into plantand animal.
With respect to distribution channel, the industry issegmented into specialty pet food stores, supermarkets/hypermarkets, online
channels and others.
In terms of geography, the market includes North America, AsiaPacific, Europe, Middle East & Africa and South America.
Drivers and Restraints
Buoyant Demand for Pet Humanization and Premium FoodProducts to Foster Growth
Investors anticipate rapid growth in the pet food marketdriven by increasing pet ownership. Major companies are focusing on expanding
their global reach, targeting both affluent and lower-income regions. Greater
product availability, along with rising consumer spending, is expected to boost
sales. Additionally, the global demand for premium, high-quality pet food is
likely to increase. For instance, in November 2020, Nestle Purina launched
eco-friendly pet food made from alternative proteins. Future investments in
premium products could be profitable for companies. However, market growth may
face challenges due to strict regulations and consumer resistance to expensive
pet food options.
Trends Shaping the Pet Food Market
1. Pet food isbecoming more natural and organic because people care about their pets' health
and want to avoid harmful additives.
2. Pet foodcompanies are creating customized nutrition plans for pets based on their
specific needs, like age and health.
3. People are alsolooking for pet food that is made sustainably and ethically, considering the
environmental impact of their choices.
Regional Insights
North America to Remain at Helm with Pet Adoption Spreein the U.S.
The U.S. is seen as a promising market for growth due to therising number of pet adoptions, with about 85 million homes, or 67%, owning
pets. This trend is expected to continue, making it a favorable area for
investing in pet food services. Similarly, the pet food market in Asia Pacific
is set to expand as more individuals invest in their pets. Countries such as
Australia, Japan, and India are expected to see benefits from this. In Europe,
the pet industry is also expected to thrive as more individuals view their pets
as family members. In the U.K., 72% of pet owners identify as pet parents, and
there's a growing demand for high-quality and organic pet food.
Competitive Landscape
Prominent Companies Emphasize Product Portfolio Expansionto Gain Ground
Companies are expected to spend on new technology, products,partnerships, and buying other companies. Leading companies will focus on
research to stay ahead.
KEY INDUSTRY DEVELOPMENTS:
- October 2023: Scientific Remedies, one of the well-known animal health companies, announced its collaboration
with Affinity Petcare, one of the known pet food companies based in Spain,
with the launch of its all-new brand, Affinity Advance in India.
