Global Pet Food Market - 2023-2030

Global Pet Food Market - 2023-2030

Global Pet Food Market reached US$ 120.3 billion in 2022 and is expected to reach US$ 179.0 million by 2030 growing with a CAGR of 5.1% during the forecast period 2023-2030.

Pet food refers to specially formulated food products designed to meet the nutritional needs of pets, such as dogs and cats. It includes a wide range of products, including dog food, cat food, pet treats, and more. Pet food ingredients play a crucial role in determining the quality and nutritional value of these products. Animal protein sources are essential components of pet food, providing the necessary amino acids and nutrients for pets' growth and maintenance.

Pet owners are becoming more conscious of their pets' health and are seeking pet food products that promote overall well-being. There is a rising demand for pet food with specific health benefits, such as weight management, joint support, digestive health, and immune system support. Functional ingredients like probiotics, antioxidants, and omega-3 fatty acids are increasingly incorporated into pet food formulations.

Market Dynamics

Increasing Pet Ownership Globally is Driving the Pet Food Market

Pet ownership is considered a significant global trend, with a growing number of households welcoming pets into their families. Across different regions and cultures, pets have become valued companions and members of the household. According to American Pet Products Association’s 2021-2022 National Pet Owners Survey, 70% of households in the US owned a type of pet as compared to 56% in 1988. This cultural shift has contributed to a higher demand for pet food products to cater to the nutritional needs of these beloved pets.

Additionally, urbanization and changing lifestyles have influenced the rising pet ownership trend. In urban areas, people often have smaller living spaces and less access to outdoor areas. Pets, particularly smaller breeds, and cats, are well-suited to urban environments and can provide companionship without requiring large spaces. This has resulted in a higher adoption rate of pets, especially among urban dwellers, further contributing to the growth of the pet food market.

Increasing Demand for Natural and Organic Pet Food is Expected to Foster the Pet Food Market

It is been observed that there is a broader consumer trend towards natural and organic products in various industries, including the food sector. This trend has extended to the pet food market as well, as pet owners seek to provide their pets with the same quality and nutritional standards they prioritize for themselves. The desire to feed pets with natural and organic ingredients aligns with the overall health-conscious mindset of many pet owners.

Furthermore, natural and organic pet food products are perceived as healthier options for pets, free from artificial additives, preservatives, and genetically modified ingredients. Pet owners believe that these products can enhance their pets' overall well-being and reduce the risk of health issues related to consuming artificial or processed ingredients. This perception drives the demand for natural and organic pet food.

Raw Material Price Volatility is Holding Back the Pet Food Market

Stringent regulations and labeling requirements can increase compliance costs for food coating ingredient manufacturers. Compliance with safety standards, quality control measures, and labeling regulations often requires additional resources and investments. These costs can impact the profitability and competitiveness of manufacturers, potentially limiting their ability to innovate and expand product offerings.

Regulations may impose restrictions or limitations on certain ingredients used in food coatings, such as artificial additives, preservatives, or allergenic substances. Compliance with these restrictions may require reformulation of products, sourcing alternative ingredients, or investing in research and development. Such challenges can hinder the introduction of new and innovative pet food into the market.

COVID-19 Impact Analysis

The COVID-19 Analysis includes Pre-COVID Scenario, COVID Scenario, and Post-COVID Scenario along with Pricing Dynamics (Including pricing change during and post-pandemic comparing it with pre-COVID scenarios), Demand-Supply Spectrum (Shift in demand and supply owing to trading restrictions, lockdown, and subsequent issues), Government Initiatives (Initiatives to revive market, sector or Industry by Government Bodies) and Manufacturers Strategic Initiatives (What manufacturers did to mitigate the COVID issues will be covered here).

Segment Analysis

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

By Price, the Premium Segment is Estimated to have Significant Growth During the Forecast Period

Pet owners increasingly prioritize the health and well-being of their pets, considering them as valued family members. This mindset has translated into a willingness to invest in premium pet food products that offer higher-quality ingredients and specialized formulations. For instance, U.S. dog owners spent an average of US$287 on dog food in 2020, while cat owners spent US$254 on cat food. Both amounts represented an approximate 11% increase from two years before. Pet owners perceive premium pet food as providing better nutrition, which can contribute to their pets' overall health, vitality, and longevity.

Additionally, the premium segment is often associated with natural and organic pet food options. Pet owners who value natural and organic ingredients are more likely to choose premium products over conventional ones. This preference stems from the belief that natural and organic ingredients are free from artificial additives, preservatives, and genetically modified organisms, aligning with the desire to provide their pets with the best possible nutrition.

Geographical Analysis

Asia Pacific is the Fastest Growing Market in the Pet Food Market

The Asia Pacific region has witnessed a significant increase in pet ownership and pet population in recent years. Rising urbanization, improving economic conditions, and changing lifestyles have led to a greater number of households embracing pet ownership. As more people welcome pets into their families, the demand for pet food has naturally surged, driving the growth of the market in the region.

The rising middle-class population in countries like China, India, and Southeast Asian nations has resulted in increased disposable incomes. This has translated into greater spending power for pet owners, enabling them to invest in higher-quality pet food products. The willingness to provide premium and specialized pet food options further propels the growth of the pet food market in the region.

Competitive Landscape

The major global players in the market include 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.

Why Purchase the Report?
• To visualize the global pet food market segmentation based on product, price, application, distribution channel, and region, as well as understand key commercial assets and players.
• Identify commercial opportunities in the market by analyzing trends and co-development.
• Excel data sheet with numerous data points of pet food market-level with all segments.
• The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping is available as Excel consists of key products of all the major market players.

The global pet food market report would provide approximately 69 tables, 69 figures and 190 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies