Overview and Scope
Pet food is a type of feed prepared from ingredients such as grains, oilseed mill products, and meat products that are specifically formulated and intended for consumption by dogs or cats.
Sizing and Forecast
The pet food market size has grown strongly in recent years. It will grow from $68.67 billion in 2023 to $73.57 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increased pet spending, increased pet ownership by gen z and gen y adults, and emerging markets growth.
The pet food market size is expected to see strong growth in the next few years. It will grow to $97.4 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to increasing demand for premium and organic pet food, influence of digital media marketing and social media, rising demand due to increase in stockpiling of pet food, increasing feeding of stray animals and other abandoned pets, and increasing demand for pets . Major trends in the forecast period include investing in facilities to produce quality grain-free dog food products, offering premium pet food products, using ecommerce platforms to sell products online, adopting automation technologies to maximize production efficiencies, focusing on offering customized food according to customer’s needs, focusing on producing pet foods with organic ingredients, focus on gaining more subscribers, investing in cbd pet food for product differentiation, and investing in increasing their online sales channels. player-adopted strategies in the pet food market include investing in expanding manufacturing operations, enhancing product portfolio through strategic acquisitions and investing in r&d to develop new improved and premium products.
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Segmentation & Regional Insights
The pet food market covered in this report is segmented –
1) By Type: Dog Food, Cat Food, Other Pet Food
3) By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
2) By Distribution Channel: Specialized Pet Shops, Internet Sales, Hypermarkets, Other Distribution Channels
Subsegments Covered: DRY FOOD, WET/CANNED FOOD, SNACKS/TREATS
North America was the largest region in the pet food market in 2023. Western Europe was the second-largest region in the pet food market. The regions covered in the pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The pet food manufacturing market’s growth is aided by 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, both according to the IMF. 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 pet food market report are Mars, Incorporated, Nestle S.A., The J.M. Smucker Company, Colgate-Palmolive Company, Diamond Pet Foods Inc., General Mills, Inc., Archer Daniels Midland Company, Saturn Petcare GMBH, Unicharm Corporation, Tiernahrung Deuerer GmbH, Marukan Co. Ltd., Riverd Corporation Inc., Nippon Pet Food Co. Ltd., Glenand Group, Purina PetCare India Private Limited, Luscious, Pedigree, Yantai China Pet Foods Co. Ltd., Real Pet Food Company, Fressnapf, Monge & C. Spa, Pet Food UK, Burgess Pet Care, GA Pet Food Partners, Tekro, Brit, Marp Pet Food, Partner in Pet Food, Hill’s Pet Nutrition, Nutreco, Canadian Jerky Company Ltd., Corey Nutrition Company Inc., Elmira Pet Products Ltd., Malta Cleyton, Brazilian Pet Foods S/A, Diana Pet Food Brasil (SPF), Neovia Group Brazil, Natural Pet Foods, Premier Pet, Bio-Pet Ltd., Tropikal Pet, Cagatay Pet Food, African Gazelle Products, Maneli Pets, RCL Foods, Martin & Martin Pty Ltd., PROMEAL.
The pet food market report table of contents includes:
1. Executive Summary
2. Pet Food Market Characteristics
3. Pet Food Product/Service Analysis -Product/Service Examples
4. Pet Food Market Trends And Strategies
5. Pet Food Market – Macro Economic Scenario
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31. Belgium Pet Food Market
32. Denmark Pet Food Market
33. Finland Pet Food Market
34. Ireland Pet Food Market
35. Netherlands Pet Food Market
36.Appendix
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