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HomeBusiness NewsGlobal Pet Food Market Size, Share, Growth, Forecasts (2023-2030)

Global Pet Food Market Size, Share, Growth, Forecasts (2023-2030)

Market Synopsis

Pet food is a kind of nutritional product that is expressly developed to meet the dietary needs of domestic animals such as dogs, cats, and other pets. These products are designed to supply essential nutrients, vitamins, minerals, and proteins to meet the specialized health and well-being needs of dogs. Pet food comes in a variety of formats, including dry kibble, wet canned food, and treats, each adapted to distinct nutritional preferences and requirements.

Pet food, with an emphasis on balanced nutrition, strives to enhance the entire well-being of animals by promoting growth, energy levels, immunological function, and the maintenance of good coats and teeth. Quality pet food, as a crucial component of good pet care, assists owners in ensuring their pets live happy and healthy lives.

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Market Size and Growth Analysis

As per the DataM Intelligence’s new proven results the “Global Pet Food Market” reached USD 120.3 billion in 2022 and is expected to reach USD 179.0 billion by 2030 growing with a CAGR of 5.1% during the forecast period 2023-2030. Pet food is created by blending a combination of ingredients to provide essential nutrients such as proteins, carbohydrates, fats, vitamins, and minerals.

Market Growth Drivers

Emphasis on Pet Health and Wellness is Driving the Pet Food Market Growth

There has been a major focus on pet health and well-being in recent years, which has played a critical role in driving the growth of the pet food market. Pet owners are becoming more concerned about their pets’ well-being and are willing to spend on high-quality food that supports optimal health. This trend may be attributable to a variety of sources and is seen via a number of metrics.

Pet obesity rates are rising, mirroring the global obesity crisis in humans. According to the Association for Pet Obesity Prevention, around 61% of cats and 59% of dogs in the United States were overweight or obese in 2020. This alarming number has increased pet owners’ awareness of the need for diet and weight control. As a consequence, there is an increasing demand for pet food solutions that promote weight loss and provide balanced nutrition.

Market Key Trend

Emerging Pet Humanization Trend

The growing trend of pet humanization is a major driver in the pet food market. As dogs become more and more like family members, owners strive to give them the best possible care, including diet. This perceived change has resulted in an increase in demand for customized pet food that caters to specific health demands and dietary preferences. Owners are increasingly prioritizing products with quality ingredients that reflect human dietary trends, promoting a deeper link between their dogs’ and their own diets.

This trend has reshaped the pet food market, encouraging manufacturers to develop novel formulas that address dogs’ general well-being as well as particular health concerns. Consequently, the industry continues to see an inflow of customized pet food alternatives that correspond to this shifting customer perspective.

Segmentation Analysis

The global pet food market is segmented by product, price, application, distribution channel, and region.

By Product

  • Wet Pet Food
  • Dry Pet Food
  • Veterinary Diets

By Price

  • Economic
  • Premium
  • Super Premium

By Application

  • Dog
  • Cat
  • Bird
  • Others

By Distribution Channel

  • Specialty Pet Shops
  • Supermarkets/Hypermarkets
  • Online
  • Others

By Region

  • North America
  • Europe
  • South America
  • Asia Pacific
  • Middle East and Africa

Product Insights

The Wet Pet Food Segment Holds the Largest Market Share in the Pet Food Market

The Wet Pet Food segment has been observed to have the largest market share in the pet food market, indicating a preference for this kind of pet food among pet owners. Pet owners often believe wet pet food is more tasty and enticing to their dogs. Wet pet food’s greater moisture content and range of tastes might lure pets, particularly those with picky feeding habits. The explosion of tastes and sensations may make mealtime more exciting for dogs, resulting in higher intake and customer loyalty.

Furthermore, wet pet food is often regarded as a luxury product with high-quality ingredients and nutrients. For all parameters, wet diets had the largest environmental effect, dry diets had the least, and handmade diets were somewhere in the middle. The fact that 90% of the calories in the wet diets originated from animal sources, compared to 45% in the dry diets, was a major factor. Pet owners are prepared to spend on pet food that they feel gives excellent nutrition and flavour to their animal pets. This notion of superior quality has contributed to the popularity and market share of wet pet food.

Recent Developments of Pet Food Market

  • In August 2023, Mars, Incorporated, a renowned family-owned conglomerate recognized globally for its expertise in confectionery, food, and pet care products and services, proudly declares the successful culmination of its acquisition of Kevin’s Natural Foods, a thriving enterprise dedicated to crafting nourishing and wholesome meals. This strategic move marks a significant step forward as Kevin’s Natural Foods has now become an integral part of the distinguished Mars Food & Nutrition segment.
  • In August 2023, Nestlé SA expanded its portfolio of plant-based products to give consumers more options for nutritious, tasty alternatives to meat. With a commitment to catering to diverse dietary preferences and evolving tastes, the company has embarked on a journey to diversify its portfolio. In a remarkable stride toward this vision, Nestlé has unveiled a new series of shelf-stable plant-based cooking solutions in Chile, proudly presented under the Maggi Veg brand, which proudly holds vegan certification.

Regional Analysis

North America Dominates the Global Pet Food Market

North America is at the forefront of fueling the pet food market’s growth, owing to its exceptional mix of a sizable and steadily increasing pet ownership rate, along with a heightened knowledge surrounding pet well-being and optimum nutrition. This location is a hotspot for high-quality pet food products that prioritize quality and wellness.

The increasing customer preference for premium, organically sourced, and personalized solutions blends perfectly with North America’s dynamic market dynamics, instilling a spirit of creativity into product creation and generating a competitive environment. Consumers benefit from the region’s well-structured distribution networks, which include specialist pet shops and perfectly linked e-commerce platforms. Furthermore, improving economic stability and the developing trend in North America to see dogs as cherished family members have fueled market expansion.

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Competitive Landscape

The global market players in the pet food market are Big Heart Pet Brands, Blue Buffalo, Deuerer, Heristo AG, Hill’s Pet Nutrition, Laroy Group, Mars Petcare Inc, Nestlé Purina PetCare, Spectrum Brands / United Pet Group, and Unicharm Corp.

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