Pet Food Market

Global Pet Food Market Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2023-2029: The Porcine Vaccine market is anticipated to expand due to the intensifying awareness regarding the animal health propels the global porcine vaccine market over the assessment period.

The demand for the Pet Food market, in terms of revenue, was worth of US$ 147.7 million in 2024 and is expected to reach US$ 224.1 million in 2030, growing at a CAGR of 7.2% from 2024 to 2030.

The world has seen an improvement in pet adoption in the last few years. People from across the world are progressively opting to adopt a pet, resulting in a proportional growth of the pet food industry. Awareness about pet food due to health concerns is one of the significant aspects. For example, over 76% of German pet owners are actively looking for digestive health for their pet’s overall health, while only 47% of US pet owners would like to see more pet food and treats providing added nutrition in 2019.

The COVID-19 pandemic has given a huge boost to e-commerce in the pet food industry, with the direct-to-consumer (DTC) trend making a big impact. The growth of online retail is one of the major trends shaping the future of the pet industry. Factors such as better reach and efficiency have helped e-commerce capture pet parents' attention. Since pet parents no longer need to go to stores and have a variety of pet food options available in the palm of their hand, this has resulted in a significant increase in online sales, with platforms such as Amazon garnering USD 1.4 billion in pet food sales.

There has been a vigorous growth in the demand for pet food, and with an encouraging pet population and changing lifestyles and perceptions towards pets, the demand is ever-expanding. Government support plays a vital role in the evolving pet food industry. For instance, with over two-thirds of U.S. households owning a pet and more than $30 billion in pet food sales, the North American Renderers Association (NARA), the Institute for Feed Education and Research (IFEEDER), and the Pet Food Institute (PFI) came together to better understand what goes into the manufacture of pet food. Therefore, the pet food market has experienced double-digit growth over the last few years.

The trend towards humanized pet meals is reshaping the industry at a rapid pace. The continuation of pet humanization has developed into a variety of trends, such as homemade meals, raw diets, and vegetarian products. Complete home-cooking meal kits are easily available and are estimated to have 11 million regular customers by 2021 in the United States. These emerging trends are estimated to create huge opportunities during the forecast period.

With factors such as premiumization, urbanization, and humanization promoting growth on a global level, this market has witnessed steady development both in the mature North American market as well as the developing Asia Pacific market. The United States and other industrialized countries produce far more food than is required by their populations. Overabundant food encourages competition in the food industry and drives companies to do everything they can to reduce costs and keep prices low.

Furthermore, pet food dominates the U.S. pet industry, which had sales worth more than US$ 100 billion in 2020, with pet food and treats accounting for US$ 42 billion of that total. 

Analyst Comment: - “The global pet food market is moving with the new developments and directions. It is estimated that Global Pet Food Market will generate an absolute dollar opportunity of USD 205.9 billion from 2024 to 2030.”

Increasing Number of Pet Ownership Globally is One of the Major Factors Help to Fuel the Product Sale in the Global Pet Food Market.

The global population of pet owners is constantly increasing. For example, according to an article on animal health, families in the U.S., Brazil, EU, and China alone account for over half a billion dogs and cats, while more than half of the world is estimated to have a pet at home. Furthermore, the European Pet Food Federation (FEDIAF) has estimated that nearly 110.1 million cats and nearly 89.9 million dogs owned by households in June 2022, up from an estimated nearly 110.1 million cats and nearly 89.9 million dogs in 2020. Additionally, across the European Union, approximately 24% of pet owners own at least one cat, while 25% of pet owners own at least one dog. And according to the 2021-2022, National Pet Owners Survey conducted by the American Pet Products Association (APPA), seventy percent of U.S. households, or about 90.5 million families, own a pet. 69 million U.S. households have a pet dog, compared to 45.3 million with a cat.

Pet ownership provides a different range of therapeutic, physiological, psychological, and psychosocial advantages to pet owners. These include increased physical activity which lowers blood pressure and reduces the owners' risk of a heart attack. As well as increased sensory stimulation, emotional support provided by pets is the key factor behind the growing pet ownership. Scientific studies have also shown that these benefits remain even when adjusted for demographic, socioeconomic, and educational factors, medication use, etc., showing that the link between pet ownership and better health is persistent and strong. Healthy pets contribute to owners’ health. So, owners are focusing on providing nutraceutical food to their pets. Therefore, the rising number of pet ownership is accelerating the growth of the pet food market worldwide.

Increasing Investment by Pet Food Manufacturers to Produce More Advanced Products is also Augmenting the Global Pet Food Market Growth.

Major players in the pet food market are focusing on launching different pet food products to cater to the needs of pet animals of all ages. Most pet owners are gradually inclined to purchase premium-quality products for their pets. This is because pet owners want to ensure that their pets receive quality nutrition and care. This part, by itself, is a major growth inducer for the target market. In recent years, Hill’s Pet Nutrition, Freshpet, WellPet LLC, The J. M. Smucker Company, General Mills LLC, Diamond Pet Food, Better Choice Company Inc., and many others have launched premium food products to capture the customer’s attention and cater to changing pet needs.

Additionally, market players are adopting strategies such as business expansion, collaboration, partnerships, acquisitions, etc. to scale production and expand the product footprint across the globe. For instance, in February 2023, ‘The J.M. Smucker Co.’ declared that it entered into a definitive agreement to sell several pet food brands to Post Holdings, Inc., a consumer-packaged goods company headquartered in St. Louis, Missouri. The business deal is valued at approximately $1.2 billion, consisting of $700 million in cash and almost 5.39 million shares of Post Holdings, Inc. Furthermore, in July 2021, Nestlé Purina PetCare Co. invested US$ 182 million to expand its pet care products’ production facility in King William County, Virginia, US. And, in June 2021, Hill's Pet Nutrition announced to open a 25,000-square-foot nutrition Innovation Center in the US. This center would enable the company to develop innovative products specifically designed for small and miniature dogs.

Furthermore, high-quality, and nutritious pet food is a well-balanced food that contains nutrients that maintain the pet's coat healthy and shiny, strengthen the immune system, and keep the digestive system functioning properly, which can help to maintain the healthier lifestyle of pets. Therefore, increasing focus on quality products by pet food manufacturers is also supplementing the market's growth.

Key players

• Hill’s Pet Nutrition
• Blue Buffalo Pet Products, lnc
• WellPet LLC
• Nestle Purnia
• The Hartz Moutain
• General Mills lnc.
• Schell and Kameter lnc.
• The J. M. Smucker Company
• Diamond Pet Food
• Nutriara Alimentos Ltd.
• Royal Canin
• Del Monte Food lnc.
• Colgate-Palmolive Company
• Mars Incorporated
• PetGuard
• Harringtons
• Simmon Pet Food lnc.
• Pllie Pet lnc.
• Heristo AG
• Total Alimentos SA
• Lupus Alimentos

Pet Food Market Segmentation: –

By Product Type

• Dry Pet Food
• Wet Pet Food
• Treats & Snacks
• Organic Products
• Others

 By Animal Type

• Dog
• Cat
• Fish
• Birds
• Others

 By Distribution Channel

• Online

  • e-Commerce
  • Company owns Website.

• Offline

  • Supermarkets/ Hypermarkets
  • Specialized Pet Shops
  • Others

By Regional & Country Analysis:

• North America

• U.S.
• Mexico
• Canada

• Europe

• UK
• France
• Germany
• Italy

• The Asia Pacific

• China
• Japan
• India
• Southeast Asia

• South America

• Brazil,
• Argentina
• Columbia

• The Middle East and Africa

• GCC
• Africa
• Rest of the Middle East and Africa

Key Benefits of Global Pet Food Market Report–

• Global Pet Food market report covers in-depth historical and forecast analysis.
• Global Pet Food market research report provides detailed information about market introduction, market summary, global market revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
• Global Pet Food market report helps to identify opportunities in the marketplace.
• Global Pet Food market report covers extensive analysis of emerging trends and competitive landscape.

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