Market Overview
The global pet food market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during the forecast period. North America dominated the Pet Food Market with a market share of 42.55% in 2023.
Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Pet Food Market, 2024-2032.”
The analysis shows that top companies are investing more in pet foods because more people are owning pets. For example, Mars Petcare said that the sales of cat and dog treats increased by 6.5% from February to May 2020. This trend indicates a strong demand for pet food worldwide.
Major Players Profiled in the Market Report:
- Mars Incorporated (Virginia, U.S.)
- Nestle S.A. (Vevey, Switzerland)
- The J.M. Smucker Company (Ohio, U.S.)
- Colgate-Palmolive Company (New York, U.S.)
- General Mills, Inc. (Minnesota, U.S.)
- Diamond Pet Foods (Missouri, U.S.)
- Heristo AG (Osnabruck, Germany)
- Tiernahrung Deuerer GmbH (Bretten, Germany)
- Merrick Pet Care, Inc. (Texas, U.S.)
- WellPet LLC (Massachusetts, U.S.)
Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
Segments
Increasing Launch of Dog Treats to Propel Dog Segment Growth
Based on animal type, the market is divided into dogs, cats, and others. The dog segment holds the largest market share and dominates the market owing to the growing introductions of dog treats and nutrition-rich pet food globally.
High Convenience and Shelf-life to Drive Dry Pet Food Segment Expansion
By form, the market is categorized into dry, wet, and snacks & treats. The dry pet food segment is leading the market as there is a high demand for dry food due to its high convenience and shelf-life compared with wet food.
Supermarket/Hypermarket to Dominate the Market Due to their High Preference among Consumers
Based on distribution channel, the market is segmented into supermarket/hypermarket, specialty stores, online channel, and others. The supermarket/hypermarket segment holds the largest market share owing to their high preference among consumers as these markets offer convenience in terms of choices for prices and brands.
Animal Segment’s Leading Growth Owed to its Increased Popularity
Based on source, the market is split into animal and plant. The animal source segment leads market growth owing to its increased popularity and high consumption of animals to produce dog and cat food products. These food products are widely available due to their high popularity.
Geographically, the market is studied across North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints
Growing Pet Humanization to Propel Market Growth
The rapid growth in pet humanization has raised the demand for premium pet food among people as they are more inclined to spend on high-quality and healthy food products for their pets, boosting the pet food market growth. Pet humanization is rising globally due to the increased pet ownership of millennials.
However, the increasing competitiveness between the products driving the rising market competitiveness and lower premium or high-priced food across the developing markets may hamper market growth.
Regional Insights
Large Adoption of Pet Humanization in the U.S. Propels Market Growth in North America
North America holds the dominant pet food market share and is projected to experience growth during the forecast period. The region’s growth is attributed to the wide adoption of pet humanization, further encouraging the development of natural and nutritious pet foods produced for pet animals.
Asia Pacific is one of the fastest-growing regions in the market. The growth is attributed to the rapid increase in pet ownership in developing nations, including South Korea, China, India, Japan, and others.
Competitive Landscape
Growing Adoption of Mergers and Acquisitions Strategies to Propel Market Growth
The market comprises key players, such as Colgate-Palmolive, Nestle Purina Petcare, and others. The growing adoption of strategies by these major market players, including brand strengthening, innovative product launches, online distribution of products, and mergers and acquisitions, drives market growth.
Key Industry Development
November 2023 – A well-known Czech pet food producer, Vafo Group, announced the introduction of its new brand, Planet Pet Society. With Planet Pet Society, the company seeks to expand its operations in the sustainable dog and cat food market.