According to the report, the global pet food market is projected to grow at a CAGR of 4.8% between 2024 and 2032 reaching a value of approximate USD 172.27 billion by 2032. Aided by the surging pet ownership rates and a profound understanding of pet health requirements, the market is expected to grow significantly by 2032.
Pet food, specifically tailored for the dietary needs of domesticated animals, has seen evolutionary changes in its composition and variety. With pets increasingly being perceived as family members, their nutritional and dietary needs have gained paramount importance. While historically, pet food primarily comprised table scraps and homemade meals, contemporary pet diets lean heavily towards specially formulated food products that cater to the varied nutritional needs of different breeds, ages, and health conditions. These products, ranging from dry kibbles to wet foods and treats, ensure overall health, vitality, and longevity.
One of the key growth propellers for the pet food market demand has been the burgeoning consumer awareness regarding the health and well-being of their pets. With a rising number of pet owners becoming educated about the specific dietary needs of their pets, there's an augmented demand for high-quality, nutrient-rich pet food products. Furthermore, the booming pet humanisation trend, wherein pets are accorded similar care and attention as human family members, has led to an increased expenditure on premium and specialty pet food products.
Diverse applications and innovations in the pet food sector are also significantly impacting pet food market outlook. For instance, the surge in demand for organic and natural pet food, mirroring the trend in human consumption, speaks to the growing consumer preference for chemical-free, wholesome ingredients. Pet owners are seeking products free from artificial colours, flavours, and preservatives, driving manufacturers to introduce a range of organic, grain-free, and protein-rich offerings.
Simultaneously, the therapeutic pet food segment, designed to address specific health concerns like obesity, digestive issues, and joint problems, has witnessed exponential growth. Veterinary professionals are increasingly recommending these specialised diets, validating their efficacy and thus, further bolstering pet food market growth.
The rising trend of pet ownership, coupled with the urbanisation and increasing disposable incomes in developing countries, is another pivotal factor underpinning the market's robust growth trajectory. With urban consumers leading busier lives yet seeking companionship, pets, especially dogs and cats, have found their way into many households. This demographic shift has led to an uptick in the demand for convenient, ready-to-serve pet food options, which not only save time but also ensure balanced nutrition.
Pet food, specifically tailored for the dietary needs of domesticated animals, has seen evolutionary changes in its composition and variety. With pets increasingly being perceived as family members, their nutritional and dietary needs have gained paramount importance. While historically, pet food primarily comprised table scraps and homemade meals, contemporary pet diets lean heavily towards specially formulated food products that cater to the varied nutritional needs of different breeds, ages, and health conditions. These products, ranging from dry kibbles to wet foods and treats, ensure overall health, vitality, and longevity.
One of the key growth propellers for the pet food market demand has been the burgeoning consumer awareness regarding the health and well-being of their pets. With a rising number of pet owners becoming educated about the specific dietary needs of their pets, there's an augmented demand for high-quality, nutrient-rich pet food products. Furthermore, the booming pet humanisation trend, wherein pets are accorded similar care and attention as human family members, has led to an increased expenditure on premium and specialty pet food products.
Diverse applications and innovations in the pet food sector are also significantly impacting pet food market outlook. For instance, the surge in demand for organic and natural pet food, mirroring the trend in human consumption, speaks to the growing consumer preference for chemical-free, wholesome ingredients. Pet owners are seeking products free from artificial colours, flavours, and preservatives, driving manufacturers to introduce a range of organic, grain-free, and protein-rich offerings.
Simultaneously, the therapeutic pet food segment, designed to address specific health concerns like obesity, digestive issues, and joint problems, has witnessed exponential growth. Veterinary professionals are increasingly recommending these specialised diets, validating their efficacy and thus, further bolstering pet food market growth.
The rising trend of pet ownership, coupled with the urbanisation and increasing disposable incomes in developing countries, is another pivotal factor underpinning the market's robust growth trajectory. With urban consumers leading busier lives yet seeking companionship, pets, especially dogs and cats, have found their way into many households. This demographic shift has led to an uptick in the demand for convenient, ready-to-serve pet food options, which not only save time but also ensure balanced nutrition.
Market Segmentation
The market can be divided based on pet type, product type, pricing type, ingredient type, distribution channel, and region.Market Breakup by Pet Type
- Dog Food
- Cat Food
- Others
Market Breakup by Product Type
- Dry Pet Food
- Wet and Canned Pet Food
- Snacks and Treats
Market Breakup by Pricing Type
- Mass Products
- Premium Products
Market Breakup by Ingredient Type
- Animal Derived
- Plant Derived
Market Breakup by Distribution Channel
- Supermarkets and Hypermarkets
- Specialty Stores
- Online Stores
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pet food market. Some of the major players explored in the report are as follows:- Mars, Incorporated
- Nestlé S.A.
- Hill's Pet Nutrition, Inc.
- The J.M. Smucker Company
- General Mills Inc.
- Diamond Pet Foods
- Simmons Foods, Inc.
- Alphia, Inc.
- Unicharm Corporation
- Thai Union Group PCL
- Tiernahrung Deuerer GmbH
- Heristo AG
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions7 Industry Opportunities and Challenges11 Value Chain Analysis2 Loans and Financial Assistance
3 Report Description
5 Executive Summary
6 Snapshot
8 Global Pet Food Market Analysis
9 Regional Analysis
10 Market Dynamics
12 Trade Analysis (HS Code- 2309)
13 Price Analysis
14 Manufacturing Process
15 Competitive Landscape
16 Industry Events and Developments
1 Project Details, Requirements and Costs Involved
3 Project Economics
List of Key Figures and Tables
Companies Mentioned
- Mars Incorporated
- Nestlé S.A.
- Hill's Pet Nutrition Inc.
- The J.M. Smucker Company
- General Mills Inc.
- Diamond Pet Foods
- Simmons Foods Inc.
- Alphia Inc.
- Unicharm Corporation
- Thai Union Group PCL
- Tiernahrung Deuerer GmbH
- Heristo AG
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 188 |
| Published | November 2023 |
| Forecast Period | 2024 - 2032 |
| Estimated Market Value ( USD | $ 118.39 Billion |
| Forecasted Market Value ( USD | $ 172.27 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
