Pet Food Market Size, Share & Trends Analysis Report By Type (Dry Food, Wet Food, Snacks/Treats), By Animal (Dog, Cat, Others), By Region, And Segment Forecasts, 2022 - 2030

Pet Food Market Growth & Trends

The global pet food market size is expected to reach USD 139.29 billion by 2030, registering a CAGR of 4.4%, as per a new report by Grand View Research Inc. Packaged pet food provides standard nutritional value required in pet’s daily life. This is projected to drive market growth over the forecast period.

The number of pet owners purchasing online increased during COVID-19. E-Commerce platforms are growing increasingly and more people are exploring possible pet food companies than ever before.

The demand for pet medicines, food, and accessories has been increasing with an increase in the adoption of cats and dogs. According to the American Pet Product Association, a cat or dog owner, on average, spends between USD 200 and 300 on pet food annually.

In 2021 Europe emerged as the second-largest market for pet food after North America. The growth in this region can be accredited to the strong presence of major industry participants along with a high pet population. Increasing demand for premium pet foods is projected to drive the industry growth in the region.

Introduction to the new processing technologies along with the automated systems for the production of ingredients is anticipated to drive the growth of the market in the forthcoming years. Additionally, there is an upsurge in the adoption of drying technologies to preserve temperature-sensitive ingredients.

Pet Food Market Report Highlights

• The dog segment dominated the market and accounted for over 40% of revenue share in 2021. According to the American Pet Product Association, a cat or dog owner, on average, spends between USD 200 and 300 dollars on pet food annually, owing to massive attachment toward the pets.
• Dry food accounted for the largest share of 44.9% for the year 2021. It is useful in ensuring good oral care in dogs with minimal tartar buildup on the animal’s teeth and by reducing plaque.
• Manufacturers are focusing on entering the premium food products segment and thereby improving their overall profit margin, which is leading the pet food market to foresee immense growth in the coming years