Pet Food Market Size, Share, Growth & Industry Trends [2031]

Report Description

The global pet food market size was valued at USD 99.1 Billion in 2022 and is anticipated to reach USD 144.75 Billion by 2031, expanding at a CAGR of 4.3% during the forecast period,  2023 – 2031. The growth of the market is attributed to the increasing concerns regarding animal health, growing trends of pet ownership, and the requirement to increase the nutrition intake among pets.

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Pet food is a commercially prepared pet food consisting of raw or cold food, which includes fresh vegetables, fruit ingredients, additives, meat, and bones. Although the shelf life of fresh pet foods is shorter than that of processed pet foods, they are an important source of nutrients and are easy to digest for animals. Pet owners now prefer pet foods with high-quality ingredients that are beneficial to health. Increasing humanization of pets may encourage pet owners to adopt pet food products.

Pet Food Market Trends, Drivers, Restraints, and Opportunities

• Rising pet owners in developing countries is expected to boost the market growth during the forecast period.
• The rapid growth of the pet industry is anticipated to create demand for pet food, driving market growth in the coming years.
• Increasing disposable income and rising awareness about pet food benefits are estimated to fuel the growth of the market.
• The high price of premium pet foods and large capital investment are projected to restrict the market growth
• Strict regulations by government agencies regarding the manufacturing of pet foods can hamper the market growth.
• Ongoing R&D investment for the development of high-quality pet food products is expected to create immense opportunities for the market players.

Scope of Pet Food Market Report

The report on the global pet food market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Pet Food Market Segment Insights

Dogs segment is projected to represent a major market share

Based on animal types, the market is segmented into dogs, cats, and other animal types. The dog segment is expected to represent a major market share during the forecast period owing to growing adoption of dogs across emerging economies. Growing demand for dog food is pushing the market to seek better quality natural dog food products.

The animal-derived segment is expected to grow at a significant pace

On the basis of ingredient types, the pet food market is classified as animal derived, plant derived, cereals and cereals derivatives, and other ingredient types. The animal derived segment is expected to account for a key share of the market during the forecast period. Most animal derived ingredients include meat, which contain essential proteins, fatty acids, iron, and vitamins.

Meat improves the palatability of animal feed, thereby improving the digestibility of animals. Fish bones are found in pet food as they contain calcium and phosphorus. Major manufacturers are focusing on using fish as animal derivatives in pet food as they are rich in vitamins A, D and omega-3. The benefits of Omega-3 fatty acids for pets include improving fur and skin health, immune system, and cognitive function of elderly pets and lowering blood pressure.

The dry pet foods segment is anticipated to expand at a substantial CAGR

In terms of product types, the market is segregated into dry pet foods, wet pet foods, veterinary diets, treat and snacks, and other products. The dry pet foods segment is expected to exhibit a substantial CAGR during the forecast period. Dry form is most commonly used for pet food, and its preference is due to its cost-effectiveness and low moisture content, making it easy to handle during processing and storage.

Increasing disposable income has grew the demand for nutritious pet food. Dry food contributes to good oral hygiene in dogs, minimizes accumulation of tartar on teeth, and helps to reduce dental plaque. The high moisture content of these foods helps keep pets hydrated and is also beneficial for the urinary tract. On the other hand, the treat and snacks segment is expected to expand at a high CAGR due to its deliciousness and high quality. The active participation of marketers is expected to contribute to the growth of the market segment.

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The specialized pet shops segment is anticipated to account for a significant market share

Based on distribution channels, the pet food market is bifurcated into specialized pet shops, supermarkets, online channels, and other channels. The specialized pet shops segment is expected to represent a significant market share during the forecast period as consumers prefer to buy goods from niche specific retail stores, where they have many choices in terms of brands and prices.

High-quality customized products and pet food in these stores are readily available. On the other hand, the online channels segment is expected to grow at a robust pace as millennials are increasingly inclined to shop online. The sales of pet food through online channels is expected to increase globally in the next few years. Online channels offers various brands, high quality foods and door step delivery facilities. Such factors are expected to contribute to the market segment.

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Regional Analysis

On the basis of regions, the pet food market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth is attributed to the emergence of private-labeled stores, rapid urbanization, and increasing disposable income. Additionally, local producers are expanding their influence in the domestic market by providing natural products. Increasing emphasis on buying healthy and nutritious food for their pets is anticipated to promote the sale of different types of dog food products in the country.

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