Market Overview

The global pet food 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, exhibiting a CAGR of 5.45% during the forecast period.

Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Pet Food Market, 2024-2032.”

According to the analysis, leading companies have upped investments in pet foods, following the trend for pet ownership. For instance, Mars Petcare stated that the combined sales of cat and dog treats rose by 6.5% in the 12 weeks between February and May 2020. Prevailing trends suggest bullish demand for pet food globally.

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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 carefully made by using both numbers and detailed analysis to give a full picture of the market. It includes many detailed interviews with important people and suppliers, and information gathered from surveys, phone calls, and emails. It also uses information from other sources like 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 plant and animal.

With respect to distribution channel, the industry is segmented into specialty pet food stores, supermarkets/hypermarkets, online channels and others.

In terms of geography, the market includes North America, Asia Pacific, Europe, Middle East & Africa and South America.

Drivers and Restraints

Buoyant Demand for Pet Humanization and Premium Food Products to Foster Growth

Investors believe the pet food market will grow a lot soon because more people are getting pets. Big companies will try to sell their products in both poor and rich countries. The availability of these products and people having more money to spend will help more people buy them. Also, new, expensive pet food could become popular worldwide. For instance, in November 2020, Nestle Purina started selling pet food made from alternative proteins to save resources. There might also be more money put into making high-quality pet food in the future, which could be good for the companies.

But, strict rules might make it hard to sell these products, and not everyone liking expensive pet food could slow down the growth of the industry.

Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554

Trends Shaping the Pet Food Market

1. Pet food is becoming more natural and organic because people care about their pets' health and want to avoid harmful additives.
2. Pet food companies are creating customized nutrition plans for pets based on their specific needs, like age and health.
3. People are also looking 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 Spree in the U.S.

The U.S. is expected to offer good growth chances due to the increasing number of pet adoptions. The American Pet Products Association (APPA) reports that about 85 million U.S. homes, which is about 67% of all homes, have pets. This trend is expected to continue, making North America a good place for investments in pet food services.

The pet food market in Asia Pacific is also expected to grow, driven by more people spending on pets. Countries like Australia, Japan, and India are likely to benefit from this. Big companies are looking to expand into new areas.

In Europe, the pet industry is expected to do well because more people are treating their pets like family. In the U.K., 72% of pet owners consider themselves pet parents, and there's a growing demand for premium and organic pet food.

Competitive Landscape

Prominent Companies Emphasize Product Portfolio Expansion to 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.