Global Pet Treats Market - 2022-2029

Global Pet Treats Market - 2022-2029

Market Overview

The global pet treat market valued USD XX million in 2021 and is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Pet treats are created from various meat or meat-derived materials combined with additional ingredients such as potato starch, vegetables, fruits, cereal flours, fats, oils, and additives. Pet treats are tasty and nutritious extras that pet owners give to their animals to reward and comfort them. There are a great variety of products in diverse sizes, textures, appearances, and flavors in the market. Some of the factors propelling the global pet treat market forward include the expansion of pet adoption in developed nations and the humanization of pets, particularly in western countries.

Market Dynamics:

Increasing adoption of pets and growing pet humanization trend

The increased adoption of pets, particularly in developing nations, is one of the primary drivers driving the market growth. Pet owners are becoming more mindful of their pets' nutritional demands due to their humanization and are feeding them only high-quality, nutritious food. This element is likely to positively impact the global pet treat market's growth. Furthermore, as per capita wealth rises worldwide, pet owners are ready to spend more on their pets' health. Additionally, pet treat producers worldwide are putting a lot of effort into dominating the market by releasing a varied selection of products to cater to the needs of all types of pets of various ages and nutritional requirements. Crunchy and chewy snacks are preferred by dogs, while cats prefer wet foods. However, both of these animals require high protein treats to meet their fundamental dietary requirements. Companies produce specific treats for other pet kinds, like rabbits, to boost their consumer market.

Market Segmentation:

Dog segment is dominating in the global pet treats market

The global pet treats market is divided into dogs, cats, and others. Due to the growing popularity of dogs as pets, the dog sector held the greatest market share in 2021. Breed dogs demand a great deal of attention in hygiene and health. As a result, dog owners are quite selective about what they feed their dogs, which helps to drive up demand for dog meals. Natural treats are abundant in proteins, which aid in improving a dog's immune. Furthermore, unlike some low-quality dog treats, high-quality natural dog treats are soft on the stomach and can be digested properly. All-natural pet treats can help pet's teeth and overall wellness.

Based on distribution channels, supermarkets and hypermarkets held the highest market revenue share of XX% in 2021. Hypermarkets allow customers to satisfy all their shopping needs. Supermarkets and hypermarkets focus on maximizing product sales to increase their profit margins. In North America and Europe, supermarkets and hypermarkets are the most preferred retail outlets to purchase consumer goods. One of the key elements driving this domination is consumers' desire to visit huge retail outlets with wider product ranges and prices. Furthermore, supermarkets/hypermarkets profit from vibrant and shiny packaging displayed on store shelves.

Geographical Penetration:

North-America is expected to dominate the global pet treats market

The primary driving variables supporting the North American pet food market's growth are increasing pet humanization and pet ownership, the emergence of private label retail brands, and growing urbanization followed by increased disposable incomes. Human nutrition strongly influences the market, encouraging research toward better and safer pet food with high nutritional and dietary benefits. Additionally, as local producers grow their position in the domestic market, locally sourced and ethically sourced items are boosting the industry. According to the National Pet Owners Survey 2019-20 conducted by the American Pet Products Association (APPA), 63.4 million households own dogs as pets, accounting for 74.6 percent of all pet-owning households in the United States. This combined with dog owners' increased attention to selecting healthy and nutritious food for their pets is driving sales of various types of dog foods across the country. Pet owners prefer functional snacks over other treats because they provide additional health advantages to their pets. As a result of this trend, key market participants are producing new functional treats to suit the need of pet owners. For example, Hill's Pet Nutrition developed a new line of nutritional dog treats in 2019 specifically designed to help dogs maintain their weight.

Competitive Landscape:

The pet treats market is fragmented. The pet treats market is competitive and comprises numerous regional and international competitors. Furthermore, while engaging the consumers with innovation and expansion strategies, key players capitalize on the market revenue. Phelps Pet Products, a pet treats manufacturer based in the United States, signed a licensing arrangement with The Walt Disney Company in March 2021. Through this collaboration with Disney, products based on Disney and Pixar cartoon characters will be released. This themed product line will be known as 'Table ScrapsTM,' It will be aimed exclusively at dogs. Jinx, a dog food and treat manufacturer based in the United States, released two new product categories in April 2021 to expand their product line. Two new meal toppers and a limited-ingredient dental chew in two sizes have been added. In this shifting lifestyle, the additions were designed with the omnivorous needs of the dogs in mind.

COVID-19 Impact:

Positive impact on the global pet treats market

With people spending more time at home, there were more opportunities for trips to the pantry/snacking. The COVID-19 pandemic has changed the way consumers value their own food choices and that trend appears to apply to the pet products they purchase as well. More time spent at home with pets during the pandemic means that pet owners were likely more tuned into their companions’ needs. The COVID-19 pandemic not only radically shifted purchasing behavior, but there are also a record number of first-time pet owners who adopted animals during lockdown measures. Puppy adoption rates expanded by 50-100 percent by 2020, while the cat market is expected to grow by 40%, increasing demand for pet treats. Since the news of COVID-19 was announced, 38 percent of pet owners have become more concerned about their pets' health and beauty. According to a poll, 63 percent of pet owners said they spent more time with their pets during the global lockdown. Despite the impending recession, 17% of pet parents reported spending more on pet supplies. Online shopping and subscription services experienced considerable gains in market share as a result of social distancing and hygiene-enhanced delivery options. In the US, eCommerce made up 16% of the pet food category before COVID-19 and now represents 23%

Why Purchase the Report?

Understand the current market scenario and viability of global pet treats over the forecast period

Visualize the composition of the global pet treats market in terms of product type, animal type and distribution channel to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global pet treats market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global pet treats market report would provide an access to approximately 45 market data tables, 45 figures and 180 pages

Target Audience:

Pet Care Companies

Pet Welfare Associations

Veterinary Clinics

Industry Investors

Education & Research Institutes

Research Professionals