Pet Food Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Pet Food Market
The pet food market size was valued at USD 120.87 billion in 2023, and the market is now projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during the forecast period of 2023-2032.
The COVID-19 pandemic led to a massive increase in the pet food market growth because of quarantine-related fear concerning pet adoption and food storage. Manufacturers' progressive product launches are creating new opportunities. However, stringent authorities and regulations, specifically in Western markets, have restricted growth.
Pet food market share is rapidly driven by rapid pet humanization, in which pets are treated similarly to humans and this is experienced in premium pet products especially. Millennials find being pet parents appealing, thereby shifting focus towards high-quality pet food. Such cultural movement manifests itself in premium pet product demand that is currently on the rise.
Additionally, rising pet humanization is driving pet owners to seek personalized pet food, focusing on ingredient control and feeding patterns. This trend stems from increased awareness of diet-related pet diseases. Customized products targeting specific issues such as obesity and skin health are gaining traction, propelling market growth.
Comprehensive Analysis of Pet Food Market
The pet market and agriculture industry are experiencing robust growth due to strategic market segmentation. This expansion efficiently addresses the supply chain and demand factors benefiting the agricultural sector. Segmentation is systematically categorized by animal types, forms, distribution channels, and sources. The animal types include, Dogs, Cats, and Others. The forms include, Dry Pet Food, Wet Pet Food, and Snacks & Treats. The distribution channels include, Supermarket/Hypermarket, Specialty Stores, Online Channel, and Others. Lastly, the sources include, Animal and Plant.
The highest proportion of pet owners in the world is in North America. 67% of households have pets, APPA says and 85 million Americans own them. Consequently, there is an increased need for pet food that is good for them and this spurs growth on the market as well.
The agricultural sector heavily relies on the key player to ascertain the possibilities of growth, set the market pace and maintain the competitive landscape. These players include, Mars Incorporated (U.S.), Nestle S.A. (Switzerland), The J.M. Smucker Company (U.S.), Colgate-Palmolive Company (U.S.), General Mills, Inc. (U.S.), Diamond Pet Foods (U.S.), Heristo AG (Germany), Tiernahrung Deuerer GmbH (Germany), Merrick Pet Care, Inc. (U.S.) and WellPet LLC (U.S.).
In October 2023, In India, Affinity Advance was introduced by Scientific Remedies, a major company in the health sector of animals teamed up with Affinity Petcare based in Spain.
Segmentation Table
GlobalPet Food Market Scope
Study Period 2019-2032
Base Year 2023
Forecast Period 2024-2032
Growth Rate CAGR of 5.45% from 2024 to 2032
Historical Period 2019-2022
Unit Value (USD Billion)
Segmentation By Animal Type, Form, Distribution Channel, Crop, and Region
By Animal Type Dogs
Cats
Others
By Form Dry Pet Food
Wet Pet Food
Snacks & Treats
By Distribution Channel Supermarket/Hypermarket
Specialty Stores
Online Channel
Others
By Source Animal
Plant
By Region North America (By Animal Type, Form, Distribution Channel, Source, and Country)
- U.S. (By Animal Type)
- Canada (By Animal Type)
- Mexico (By Animal Type)
Europe (By Animal Type, Form, Distribution Channel, Source, and Country)
- U.K. (By Animal Type)
- France (By Animal Type)
- Germany (By Animal Type)
- Italy (By Animal Type)
- Spain (By Animal Type)
- Russia (By Animal Type)
- Rest of Europe (By Animal Type)
Asia Pacific (By Packaging, Distribution Channel, and Country)
- China (By Animal Type)
- India (By Animal Type)
- Japan (By Animal Type)
- Australia (By Animal Type)
- Rest of Asia Pacific (By Animal Type)
South America (By Packaging, Distribution Channel, and Country)
- Brazil (By Animal Type)
- Argentina (By Animal Type)
- Rest of South America (By Animal Type)
Middle East & Africa (By Packaging, Distribution Channel, and Country)
- Saudi Arabia(By Animal Type)
- South Africa (By Animal Type)
- Rest of the Middle East & Africa (By Animal Type)
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