Pet Food Market Segment Analysis By Pet Type, By Region, And Segment Forecasts, 2023 - 2030

Posted by Mrudula Anil Karmarkar on July 25th, 2023

San Francisco, 25 July 2023: The ReportPet Food Market Size, Share & Trends Analysis Report By Pet Type (Dog [Wet Food, Dry Food, Snacks/Treats], Cat [Wet Food, Dry Food, Snacks/Treats], Others), By Region, And Segment Forecasts, 2023 - 2030

The global pet food market size is expected to reach USD 139.29 billion to expand at a CAGR of 4.3% from 2023 to 2030 as per the new report by Grand View Research, Inc. The growth is majorly driven by rising demand for organic and natural pet food products due to its numerous nutritional properties.

The global pet food products have witnessed substantial demand over the past few years owing to the advent of online purchasing and notable contribution of e-commerce in shaping and strengthening the industry. Trends influencing the growth of this industry include launches of new products, online private brands, treats, and novel technologies.

Consumers do not prefer traditional products for their pet’s consumption. They try to comprehend the ingredients list and usually opt for healthier available alternative in the market. Consumers prefer made-to-order, frozen, and fresher meals for their pets. Although these types are comparatively expensive, customers are willing to pay more for healthy items for the consumption for their household pets.

The outbreak of COVID-19, which has led to the closure of factories, production units, and manufacturing sites globally, there has been significant decline in the global demand for pet food ingredients and raw materials. Due to the ongoing pandemic, several production plants have been completely or partially shut down while others are running at reduced rates, which may result in a supply-demand gap globally.

The demand for the product is anticipated to be driven by growing consumer inclination toward adoption of pets along with rising concerns regarding their health. Improvement in the overall digestion and performance of pet animals owing to the consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products which are available in the global market rarely vary. This, in turn, has prompted the manufacturers to include multi-functional and innovative ingredients in their products in order to curb such similarity bias. Convenience is likely to play a vital role in driving this industry, given the increased popularity of prepared pet food. The other segment being organic pet food, a recent and growing trend in the market.

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Pet Food Market Report Highlights

• Dog food accounted for the fastest growth rate of more than 5.1%, owing to the increased awareness regarding dog health and benefits of healthy and balanced dog diet among the dog owners
• Dry Cat food type accounted for the fastest growth rate due to its benefits such as cost-effectiveness, ease and convenience of application, and long shelf life. Also, it allows free feeding to the cats which has increased their demand from cat-owners, where the cat prefers to consume round the clock, instead of feeding at specific mealtimes in a day
• The region of Central and South America accounted for the fastest growth rate of 6.0%. This is because of the growing population of number of Cats and Dogs, resulting in to rising pet food production
• Pet food manufacturers are extremely focused on enhancing & managing supply efficiency and ensuring their capability to compete with other players by addressing sourcing requirements, improving operating efficiency, reducing lead time, and increasing productivity. Increasing consumer awareness concerning toxicity of synthetic products and the side- effects observed in pets due to the consumption of such products have instigated several manufacturers in developed economies to produce organic pet foods
• There are number of people that suffer from pet allergies and hence do not prefer keeping a household pet. This is because of the presence of indoor allergens such as animal dander, molds, and dust mite dropping. There have been numerous cases of people suffering from diseases like asthma due to dog and cat allergies. This factor can be an important restraint of the market.

Increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on the global market growth. On the other hand, low product penetration owing to its slightly high price may restrain the organic segment growth in the coming years as each and every household would not be able to purchase high priced products.

Pet Food Market Report Scope

List of Key Players of Pet Food Market

• The J.M. Smucker Company
• Nestle Purina
• Mars, Incorporated
• LUPUS Alimentos
• Total Alimentos
• Hill’s Pet Nutrition, Inc.
• General Mills Inc.
• WellPet LLC
• The Hartz Mountain Corporation

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