Pet Food Market - Forecast(2024 - 2030)

Pet Food Market Overview:

The Pet Food Market size is estimated to reach $90 billion by 2030, growing at a CAGR of 8.4% during the forecast period 2023-2030. Pet food is a specialty food for domesticated animals and is formulated to meet their nutritional requirements such as meat, grains, cereals, meat by-products, vitamins and minerals. It is available in supermarkets/hypermarkets & pet stores and customized to the types of animals such as cats, dogs, fish and other pets.

Increasing demand for Premium Pet Food Products and rising pet ownership across developing economies are expanding the Pet Food Market opportunities. Rising health awareness among customers and attraction towards organic products are also driving the Pet Food Market growth. As per American Veterinary Medical Association, pet ownership for cats has increased to 29% in 2022. For dogs, it has increased to 45% in 2022. This represents the Pet Food Industry Outlook.

Market Snapshot:

Pet Food Market Report Coverage:

COVID-19 / Ukraine Crisis - Impact Analysis: 

• The COVID-19 pandemic has impacted the supply chain of the animal feed industry. The different animal nutrition food items, vitamins and medicines including pet pharmaceuticals were out of stock.
• The Russia-Ukraine war has impacted the supply chain and resulted in high input prices. In the short term, rising product prices in the domestic market contributed to increased earnings for producers.

Key Takeaways:

Dominance of North America Region

Geographically, North America led the Pet Food Market with a 37.3% share of the overall market in 2022. This is due to the increasing innovation by pet food manufacturers and rising pet adoption in the region. In 2020, as per American Pet Products Association National Pet Owners Survey, 63 million households or 74.6% of all households have dogs as pets.

The major competitors in the market are focusing on the launch of a number of pet food products to meet the needs of different types of animals that belong to different age groups. This is anticipated to fuel the expansion of the pet food industry. For instance, In November 2020, Nestle Purina introduced pet animal food that builds on alternative proteins to make better use of global resources. The range includes insects and plant proteins from millet and fava beans.

Rising health awareness among customers toward the organic product for pets

Customers are now more aware of the ingredients in their pet food. The market for organic pet food is increasing rapidly as a result of pet owners' growing attention to the health and welfare of their pets. The increasing number of health problems affecting pets has influenced pet owners to choose organic pet food over conventional options. These factors are contributing to the key Pet Food Market trends during the forecast period. In 2020, organic pet food consumption was worth $22 billion.

Pet food comes with some of the strictest regulations out there, especially in western markets. Pet animal products are strictly examined in developed markets at every stage from the ingredients used in food preparation to their sales and marketing. The high stringency involved with commercialization is one of the major factors hampering the growth of the pet food industry.

Pet Food Market: Market Share (%) by Region, 2022

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Key Market Players:

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Pet Food Market. The 10 key companies in this industry are: 

1. Mars Pet care, Inc. (PEDIGREE®, NUTRO)      
2. General Mills (Chex, Lucky Charms)
3. Nestle Purina Pet Care (Purina ONE®, Purina® Pro Plan®)    
4. The J.M. Smucker Company (Meow Mix®, Rachael Ray®)
5. Hill’s Pet Nutrition (Hill's® Science Diet®, Prescription Diet®)
6. Diamond Pet Foods (Diamond V®, DIAMOND PRO89)         
7. Simmons Pet Food (Twin Pet, Strongheart)
8. Global Pet Care (DreamBone, Good 'n' Fun)
9. Agrolimen SA (Advance Junior Maxi, Ultima Leche)
10. Deuerer (Katze, Wau)

Scope of Report:

Frequently Asked Questions:

Q1. What is the growth rate of the Pet Food Market during the forecast period?
The Pet Food Market is estimated to grow at a CAGR of 8.4% during the forecast period 2023-2030.

Q2. What is the predicted growth of the Pet Food Market size from 2022 to 2030?
The Global Pet Food Market size is estimated at $47 billion in 2022. It is projected to reach $90 billion by 2030.

Relevant Reports:

Pet Food Packaging Market - Industry Analysis, Market Size, Share, Trends, Distribution Channel Analysis, Growth and Forecast Analysis
Report Code: CMR 0175

Pet Food Ingredient Market - Industry Analysis, Market Size, Share, Trends, Distribution Channel Analysis, Growth and Forecast Analysis
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Pet Food Processing Market - Industry Analysis, Market Size, Share, Trends, Distribution Channel Analysis, Growth and Forecast Analysis
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