Pet Treats Market Outlook
The Global Pet Treats Market was valued at USD 17,501.21 Million in 2022 and is expected to reach USD 35,323.24 Million in 2031, expanding at a CAGR of 8.3% during the forecast period. The overall incremental opportunity is estimated to be USD 16,617.94 Million from 2023 to 2031.
The Global Pet Treats Market is a rapid growth market, particularly driven by pet humanization and premiumization trends. 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.
Furthermore, some pet treats are designed to provide specific nutritional benefits such as joint supplements or dental-cleaning components. The Pet Treats market is driven by the demand for high-quality, healthy, and gourmet food for pets is increasing, as pets are regarded to be valued companions for their owners.
The market is influenced by the growing interest in treats prepared with specialist ingredients such as superfoods, herbs, and botanicals, which are thought to have health benefits for pets. The growing need for a wide variety of flavors and ingredients to cater to the diverse preferences of both pets and their owners is boosting the pet treat market.
The Global Pet Treats Market has been significantly affected by the COVID-19 outbreak. People spent more time at home during lockdowns to comply with the social distancing measures, which is increasing pet adoption rates and focus on pet care and companionship.
Demand for pet treats increased, as pet owners attempted to provide additional comfort, stimulation, and rewards to their animal companions. As a result, an increase in the sales of pet treats was registered, especially those with natural and premium options. The COVID-19 pandemic has had a significant impact on the North America, Europe, and Latin & Central America Pet Treats market.
The pandemic posed hurdles for the pet treats market. Supply chain disruptions, such as challenges with ingredient procurement and production, resulted in periodic shortages and delays in product availability. The COVID-19 pandemic had a mixed impact on the Global Pet Treats Market, with both negative and positive effects.
Pet Treats Market Dynamics
Driver: Humanization of 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. 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.
Driver: Natural and Organic Products
Natural and organic products in the pet treat market are the result of an increasing consumer preference for healthy and wholesome solutions for their pets. Pet owners are increasingly looking for treats made from natural & minimally processed ingredients, and they are willing to pay a premium for goods that correspond to their own health-conscious lifestyles. Natural and organic pet treats have no artificial additives, preservatives, colors, or tastes and are frequently manufactured with high-quality & sustainably sourced ingredients.
Restraint: Rising Ingredient Costs
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.
Opportunity: E-commerce Growth
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.
Scope of Pet Treats Market Report
The report on the Global Pet Treats Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Global Pet Treats Market – Industry Analysis, Size, Share, Growth, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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By Pet Type (Dogs, Cats, Others), By Form (Wet, Dry), By Source (Plant Based, Animal/Insect Based), By Distribution Channel (Online, Offline)
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Regional Scope
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North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA)
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered
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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
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Pet Treats Market Segmental Outlook
The Global Pet Treats Market is segmented on the basis of Pet Type, Form, Source, Distribution Channel, and Region.
By Pet Type
Based on Pet Type, the Global Pet Treats Market is segmented into Dogs, Cats, and Others. Consumer behavior is shifting towards the emphasis on the health and well-being of canines. As a result, pet owners are increasingly looking for high-quality and nutritional dog treats, thereby fueling the demand for premium and specialty items.
Manufacturers are reacting by offering an assortment of treats targeted to specific nutritional demands, such as grain-free, organic, and hypoallergenic options, to accommodate a wide range of canine preferences and sensitivities.
The cats segment is expected to grow rapidly. Globally, considerable growth has been registered in the number of cat owners, driven by urbanization, high disposable money, and rising awareness of the companionship and benefits provided by cats to households. The others segment includes a variety of less typical or unusual critters. Small mammals such as rabbits, guinea pigs, and hamsters, as well as birds, reptiles, and other exotic pets, are included in this segment.
By Form
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.
The dry segment is anticipated to expand at a substantial growth rate. Pet owners are increasingly looking for high-quality, nutrient-dense treats to supplement the diets of their pets. Formulas of dry treats are adaptable, allowing manufacturers to include a diverse range of nutritious nutrients, such as proteins, cereals, fruits, and vegetables.
By Source
Based on Source, the Global Pet Treats Market is segmented into Plant Based, and Animal/Insect Based. 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.
Plant-based alternatives provide a solution by offering a variety of hypoallergenic solutions, making them suitable for pets with dietary restrictions or sensitivities. The animal/insect based segment is expected to grow rapidly.
The sustainability and environmental effect of animal and insect-based proteins is fueling this segment. Public awareness about the environmental impact of traditional livestock production is growing. Alternative protein sources such as insects are gaining popularity, due to their low resource requirements and low greenhouse gas emissions.
By Distribution Channel
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.
The offline segment is anticipated to expand at a substantial growth rate. Physical stores play an important role in helping pet owners meet the immediate requirements of their pets.
Pet owners frequently resort to local pet businesses for quick and convenient solutions in emergency situations or when they run out of supplies suddenly. These establishments are generally located in neighborhoods or commercial areas. Hence, pet owners easily purchase the required treats and supplies without the waiting time associated with internet purchases.
By Regional Outlook
Based on Regions, the Global Pet Treats Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America is estimated to hold a substantial market share in the coming years, due to a shift in consumer behavior towards considering pets as cherished members of the family. This resulted in readiness to spend on luxury and specialist pet products.
The market in Asia Pacific is expected to register significant growth during the forecast period, due to the growing awareness of pet health and nutrition. Pet owners are becoming conscious about the quality and ingredients of the treats supplied. As a result, an increase in demand for natural, organic, and nutritionally balanced pet treats has been registered.
Key Benefits for Industry Participants & Stakeholders
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In-depth Analysis of the Global Pet Treats Market
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Historical, Current, and Projected Market Size in terms of Value and Volume
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Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
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Industry Drivers, Restraints, and Opportunities Covered in the Study
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Recent Industry Trends and Developments
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Competitive Landscape & Strategies of Key Players
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Neutral Perspective on Global Pet Treats Market Performance
Segments
By Pet Type
By Form
- Wet
- Creamy Treats
- Jelly Treats
- Others (Chicken or Vegetable Broth etc.)
- Dry
- Biscuits & Snacks
- Dental Care Treats
- Soft Treats
- Freeze Dried & Jerky
- Others (Hooves Rawhide etc.)
By Source
- Plant Based
- Animal/Insect Based
By Distribution Channel
- Online
- Company-Owned Websites
- E-Commerce Websites
- Offline
- Hypermarket/Supermarket
- Specialty Stores
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa (MEA)
Key Market Players Profiled in the Report
- 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
- Stella & Chewy's
Competitive Landscape
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Key players operating in the market 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 as key manufacturers of Pet Treats based on their revenue, research development (R&D) activities, product offerings, regional presence, and supply chain management system.
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The players are adopting key strategies such as acquisition, collaborations, and geographical expansion where potential opportunities for the Pet Treats market.
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