Market Overview
The global petfood market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibitinga CAGR of 5.45% during the forecastperiod. North America dominated the Pet Food Market with a market share of
42.55% in 2023.
Fortune Business Insights™ hasdeep-dived into these insights in its latest research report, titled, “PetFood Market, 2024-2032.”
The analysis shows that top companies are investingmore in pet 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 MarketReport:
- 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.)
Segments
IncreasingLaunch of Dog Treats to Propel Dog Segment Growth
Based on animal type, themarket is divided into dogs, cats, and others. The dog segment holds the
largest market share and dominates the market owing to the growing
introductions of dog treats and nutrition-rich pet food globally.
HighConvenience and Shelf-life to Drive Dry Pet Food Segment Expansion
By form, the market iscategorized into dry, wet, and snacks & treats. The dry pet food segment is
leading the market as there is a high demand for dry food due to its high
convenience and shelf-life compared with wet food.
Supermarket/Hypermarketto Dominate the Market Due to their High Preference among Consumers
Based on distributionchannel, the market is segmented into supermarket/hypermarket, specialty
stores, online channel, and others. The supermarket/hypermarket segment holds
the largest market share owing to their high preference among consumers as
these markets offer convenience in terms of choices for prices and brands.
AnimalSegment’s Leading Growth Owed to its Increased Popularity
Based on source, themarket is split into animal and plant. The animal source segment leads market
growth owing to its increased popularity and high consumption of animals to
produce dog and cat food products. These food products are widely available due
to their high popularity.
Geographically, themarket is studied across North America, Europe, Asia Pacific, South America,
and the Middle East & Africa.
ReportCoverage
The report offers:
· Major growth drivers,restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insightsinto regional developments.
· List of major industryplayers.
· Key strategies adopted bythe market players.
· The latest industrydevelopments include product launches, partnerships, mergers, and acquisitions.
Drivers& Restraints
GrowingPet Humanization to Propel Market Growth
The rapid growth in pethumanization has raised the demand for premium pet food among people as they
are more inclined to spend on high-quality and healthy food products for their
pets, boosting the pet food market growth. Pet humanization is rising globally
due to the increased pet ownership of millennials.
However, the increasingcompetitiveness between the products driving the rising market competitiveness
and lower premium or high-priced food across the developing markets may hamper
market growth.
RegionalInsights
LargeAdoption of Pet Humanization in the U.S. Propels Market Growth in North America
North America holds thedominant pet food market share and is projected to experience growth during the
forecast period. The region’s growth is attributed to the wide adoption of pet
humanization, further encouraging the development of natural and nutritious pet
foods produced for pet animals.
Asia Pacific is one ofthe fastest-growing regions in the market. The growth is attributed to the
rapid increase in pet ownership in developing nations, including South Korea,
China, India, Japan, and others.
CompetitiveLandscape
GrowingAdoption of Mergers and Acquisitions Strategies to Propel Market Growth
The market comprises keyplayers, such as Colgate-Palmolive, Nestle Purina Petcare, and others. The
growing adoption of strategies by these major market players, including brand
strengthening, innovative product launches, online distribution of products,
and mergers and acquisitions, drives market growth.
KeyIndustry Development
November2023 – A well-known Czech pet food producer, Vafo Group,announced the introduction of its new brand, Planet Pet Society. With Planet
Pet Society, the company seeks to expand its operations in the sustainable dog
and cat food market.
