Pet Treats Market Size, Share, Analysis & Forecast [2032]

Report Description

Market Outlook:

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. 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. 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.

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Market Dynamics

Drivers: 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. 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.

Drivers: 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. This trend indicates a desire to provide nutritionally balanced and minimally processed foods for pets, driving the market.

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. 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.

Restraint: Allergies and Sensitivities

Allergies and sensitivities in the pet treat market refers to the growing number of pets that have food allergies or sensitivities, limiting the types of treats they are able to safely consume. Pets, such as humans, have adverse reactions to specific chemicals, resulting in digestion disorders, skin problems, or other health complications. Pet owners are becoming increasingly aware of these issues. Therefore, there is a high demand for treats that are devoid of common allergens or irritants such as wheat, maize, soy, artificial colors, and preservatives. This makes it difficult for producers to create products that are both enticing and safe for pets with special dietary requirements.

Opportunities: 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. 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.

Opportunities: Global Expansion

The global expansion in the pet treat market signifies the opportunity for manufacturers and retailers to expand their reach beyond domestic markets and capitalize on the expanding global demand for pet treats. The need for high-quality pet items, including treats, is increasing, as pet ownership grows globally, particularly in emerging nations. This development creates a big opportunity for businesses to export their products or build a presence in the overseas markets, allowing them to reach a large client base and potentially drive significant revenue growth. Pet ownership is becoming common in nations with developing middle classes and changing lifestyles, which is driving up demand for premium pet products such as treats.

Scope of the 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.
 

Segmental Outlook

The Global Pet Treats Market is segmented on the basis of By Pet Type, By Form, By Source, By Distribution Channel, and Region.

By Pet Type

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. 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 dogs segment held 66% value share of the market in 2022.

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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. Wet treats have many flavors, textures, and formulas that provide a sensory experience, which appeals to pet owners who want to pamper their pets in a way that is consistent with their own dietary choices.

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By Source

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. Plant-based alternatives provide a solution by offering a variety of hypoallergenic solutions, making them suitable for pets with dietary restrictions or sensitivities. This appeals to a broad range of pet owners, fueling the segment.

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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. Availability of vast products online enables customers to make informed judgments about what they feed their dogs. Additionally, this segment was valued at USD XX million in terms of revenue in 2022.

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By Region

Based on Region, the global Pet Treats market is segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East & Africa (MEA). 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.

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Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Pet Treats Market

• Historical, Current, and Projected Market Size in terms of Value and Volume

• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered

• Industry Drivers, Restraints, and Opportunities Covered in the Study

• Recent Industry Trends and Developments

• Competitive Landscape & Strategies of Key Players

• Neutral Perspective on Global Pet Treats Market Performance