Global Pet Treats Market Projected to Reach US$ 38,244.80 Million by 2032

According to a recent market study published by Growth Market Reports, titled, “The Global Pet Treats Market, By Pet Type, By Form, By Source, By Distribution Channel, and by Region: Size, Share, Trends and Opportunity Analysis, 2017-2032”, the Global Pet Treats Market was valued at USD 18,705.29 Million in 2023 and is expected to reach USD 38,244.80 Million in 2032, expanding at a CAGR of 8.3% during the forecast period.

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Pet treats are specialty food items developed for animals, typically dogs and cats, to augment their regular diets on an as-needed basis. These snacks are available in a variety of shapes, sizes, and types, including biscuits, chews, jerky, and softer options than others such as semi-moist or freeze-dried types. They are often utilized for a variety of functions, including training rewards, oral health, and displaying affection & building the link between pets and their owners. Furthermore, some pet treats are designed to provide specific nutritional benefits such as joint supplements or dental-cleaning components. They also give cerebral stimulation and enjoyment, especially if they are in the shape of puzzle toys or interactive treats that require some effort to acquire. Pet treats, in general, play an important part in the overall well-being of pets, contributing to their physical health, mental stimulation, and the strengthening of the human-animal bond. However, pet owners need to be aware of the ingredients and amount sizes of treats to ensure that they complement rather than detract from the main diet of their pets.

Humanization of pets refers to the growing tendency of treating pets as family members in the same way that humans are. This movement has had a considerable impact on how pet owners treat well-being of their pets, including diet and nutrition. The demand for high-quality, healthy, and gourmet food for pets is increasing, as pets are regarded to be valued companions for their owners. This shift in mindset has resulted in an increase in the demand for pet treats that reflect human food trends and preferences such as organic, natural, and unique ingredients. Manufacturers in the pet treat market are responding by developing products that meet these consumer expectations, such as premium ingredients, creative tastes, and health-conscious formulations.

However, rising ingredient costs provide a significant problem in the global pet treat market. This difficulty stems from the fact that the basic components of pet treats, such as meat, and grains are prone to price swings due to a variety of circumstances. Weather-related crop output losses, geopolitical concerns, and supply-chain disruptions can all contribute to cost increases. When the costs of these ingredients rise, it has a direct impact on the cost of producing pet treats. As a result, customers may face higher retail prices, or manufacturers may be forced to absorb the additional costs, thus decreasing their profit margins. This dynamic can present a difficult balancing act for companies in the pet treat industry, as they seek to maintain affordability for consumers while ensuring sustainable profitability.

Despite the restrains, the e-commerce expansion of the pet treat business demonstrates the growing popularity and accessibility of online purchasing platforms for pet owners. Pet owners are able to quickly & efficiently browse, compare, and purchase a broad selection of pet treats from the comfort of their own homes, due to the rise of e-commerce. Factors such as technical breakthroughs, enhanced user interfaces, and the convenience of doorstep delivery have expedited this trend. Therefore, pet treat producers and retailers have the opportunity to tap into a rapidly rising market of internet buyers, giving them a high reach and the potential for increased sales and development of e-commerce, allowing the manufacturers to reach a large and diverse audience.

Key Takeaways from the Study:

• Key players operating in the market are Spectrum Brands, Inc, Mars Incorporated, Hill's Pet Nutrition, Inc., BARK, General Mills Inc, Nestle, Sunshine Mills Inc, The J.M. Smucker Company, Unicharm Corporation, and Stella & Chewy's. These companies are considered key manufacturers of Pet Treats based on their revenue, research development (R&D) activities, regional presence, and supply chain management system.

• Based on pet type, the global pet treats market is segmented into dogs, cats, and others. The dogs segment is projected to expand at a CAGR of XX% between 2024 to 2032. Consumer behavior is shifting towards the emphasis on the health and well-being of canines.

• Based on form, the global pet treats market is segmented into wet and dry. The wet segment is projected to expand in the coming years. Pet owners are increasingly inclined to provide their canine companions with goods that meet human food requirements, such as high-quality ingredients and a wide range of culinary options.

• Based on source, the global pet treats market is segmented into plant based and animal/insect based. The plant-based segment is projected to expand at a CAGR of XX% between 2024 to 2032, Increased awareness of pet allergies and sensitivities results in the high demand for plant-based treats. Many pets are allergic or sensitive to typical animal proteins present in traditional treats.

• Based on distribution channel, the global pet treats market is segmented into online and offline. The online segment is projected to expand in the coming years. Online platforms have a large assortment of pet treats, including specialized and specialty items that are not widely available in physical locations. This enables pet owners to explore and select treats that correspond to the individual dietary demands, taste preferences, and health issues of their pets.

• Based on Region, the global Pet Treats market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). The market in North America was valued at USD XX million in 2023 and is expected to register a CAGR of XX% during the forecast period. The region is expected to be valued at XX million by 2032.

Report Scope:

Target Audience:

• Supply-side: Manufacturer, Distributors, Wholesaler, and Supplier.

• Demand Side: Families, Individuals, Pet Enthusiasts, and Pet professionals.