Pet Food Market To Hit Value 9.29 Billion By 2030 |Grand View Research, Inc.Posted by Mrudula Anil Karmarkar on January 9th, 2024 San Francisco, 09 January 2024: 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, 2024 - 2030 The global pet food market size is expected to reach USD 139.29 billion to expand at a CAGR of 4.4% from 2024 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 products is anticipated to be driven by growing consumer inclination toward the adoption of pets along with rising concerns regarding their health. Improvement in overall digestion and performance of pet animals owing to consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products that are available in the global market rarely vary. This, in turn, has prompted manufacturers to include multi-functional and innovative ingredients in their products 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 is organic pet food, a recent and growing trend in the market. Request sample report of Pet Food Market@https://www.grandviewresearch.com/industry-analysis/pet-food-industry/request/rs1 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 global market growth. On the other hand, low product penetration owing to its slightly high price may restrain organic segment growth in the coming years as every household would not be able to purchase high-priced products. Pet Food Market Report Highlights
The market value chain is characterized by the presence of raw material suppliers, manufacturers, distributors, and end-users. The raw materials which are used for production include meat, meat byproducts, cereals, grains, and specialty proteins derived from animals, palatants, flavors & sweeteners, vitamins, minerals, and enzymes among others. Manufacturers formulate these products in accordance with the standard nutritional requirements of domesticated animals. Meat-based raw materials are processed/rendered to separate protein components, water, and fat. The manufacturing process also entails grinding, cooking, and mixing the aforementioned raw materials with other ingredients. Pet Food Market Report Scope
The raw materials utilized in each pet food product segment are primarily commodities and agricultural-based products. Grains, fruits, and animal protein meals, among other ingredients, are procured from various suppliers. The cost, quality, and availability of these key ingredients have fluctuated in the past and are expected to fluctuate in the future as well. For instance, in March 2024, pet food prices in America rose by 15.1% YoY. Due to this, residents are considering giving away their pets. Such sudden and sharp increases in the prices of pet food can adversely affect market growth. The competitive landscape of this market is moderately consolidated with the presence of multinationals striving to fulfill high demand from large customers and end-user base. Key industry participants are inclined toward adopting new marketing strategies and using advanced technologies to strengthen their customer base and generate more revenue in near future. In addition, companies are undertaking expansion, mergers, and acquisitions as a part of their strategic initiatives. For example, in January 2022, Manna Pro acquired Oxbow Animal Health, a small animal pet brand that offers premium food, and supplements for rabbits, pigs, hamsters, and other pets. In addition, in September 2024, Superlatus, Inc., a key food distribution and technology firm, merged with TRxADE HEALTH, Inc., and announced its expansion in the pet food industry with plant-based or vegan pet food treats. List of Key Players of Pet Food Market
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