Overview and Scope
Animal food is a type of feed prepared from ingredients, such as grains, oilseed mill products, and meat products for domestic animals. Pet food is a type of feed prepared from ingredients, such as grains, oilseed mill products, and meat products for consumption by dogs or cats.
Sizing and Forecast
The animal and pet food market size has grown strongly in recent years. It will grow from <b>$324.85 billion in 2023 to $352.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. </b> The growth in the historic period can be attributed to pet ownership, animal health and well-being, premium and specialty products, retail distribution, vet recommendations.
The animal and pet food market size is expected to see strong growth in the next few years. It will grow to <b>$476.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. </b> The growth in the forecast period can be attributed to health-conscious pet owners, sustainability and eco-friendly products, customized and personalized diets, digital marketing and e-commerce, global market expansion. Major trends in the forecast period include grain-free and limited ingredient diets, protein-rich and meat-first formulations, natural and organic pet food, alternative protein sources, functional and nutrient-enriched products:.
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Segmentation & Regional Insights
The animal and pet food market covered in this report is segmented –
1) By Type: Pet Food, Animal Food
2) By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
3) By Distribution Channel: Supermarkets/Hypermarkets, Convenience Stores, E-Commerce, Other Distribution Channels
Subsegments Covered: Dog And Cat Food, Other Pet Food, Poultry Feed, Cattle Feed, Aquaculture Feed, Other Animal Food
<b>Asia-Pacific</b> was the largest region in the animal and pet food market in 2023. Western Europe was the second-largest in the animal and pet food market. The regions covered in the animal and pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
The animal and pet food market’s growth is aided by the stable economic growth forecasted in many developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth reached 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the market during the forecast period.
Key Industry Players
Major companies operating in the animal and pet food market include <b> Cargill Incorporated, Nestle S.A., New Hope Liuhe Co .Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Diamond Pet Foods Inc.,Animal And Pet Food Mitsui & Co.Ltd., CJ Cheiljedang Corp, LandO’Lakes Inc., J.M.Smucker Company, Hill’s Pet Nutrition Inc., Blue Buffalo Co Ltd., SCHELL & KAMPETER INC., Wellness Pet LLC, Sunshine Mills Inc., Merrick Pet Care, Ainsworth Pet Nutrition, LLC, Simmons Foods Inc., Tuffy’s Pet Foods Inc., Natures Menu Ltd., American Nutrition Inc., Alphia, ADM Animal Nutrition Inc., NutriSource Pet Foods, Mid America Pet Food, KENT Corporation, KLN Family Brands, Nurture Farms, United Pet Group Inc., Eagle Mountain Pet Food, VICTOR premium pet food, Royal Canin SAS, Iams pet food, Eukanuba.</b>
The animal and pet food market report table of contents includes:
1. Executive Summary
2.Animal And Pet Food Market Characteristics
3.Animal And Pet Food Market Trends And Strategies
4. Animal And Pet Food market analysis
5. Animal And Pet Food Market Size And Growth
6. Animal And Pet Food Segmentation
7.Animal And Pet Food Regional And Country Analysis
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27.Animal And Pet Food Competitive Landscape And Company Profiles
28.Animal And Pet Food Key Mergers And Acquisitions
29.Animal And Pet Food Future Outlook and Potential Analysis
TOP MAJOR PLAYERS;
- Cargill Incorporated
- Nestle S.A.
- New Hope Liuhe Co .Ltd.
- Charoen Pokphand Foods PCL
- Bunge Limited
- Diamond Pet Foods Inc.
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