Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global pet food market size reached US$ 118.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 161.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.35% during 2023-2028.

Over the years, the growing number of pet-owners has resulted in an extensive demand for pet food. Research and studies conducted by the manufacturers have also increased their knowledge of pet nutrition. In-line with this, they are now offering products which ensure palatability and meet the nutritional requirements of pets. Moreover, several pet food associations and federations have introduced strict legislation for the manufacturers to produce safe and high-quality pet food.

Global Pet Food Market Drivers:

As pet food helps in combating skin allergies and infections as well as improving the overall health and life expectancy of pets, the owners are increasingly looking for pet food products that address these health concerns. Manufacturers are also introducing products specific to the breed, age and size of pets in smaller, disposable, single-serve containers in order to offer convenience to both the pets and owners. Apart from this, pet food companies are developing organic variants which are made using ingredients that are grown without the use of pesticides, synthetic fertilizers, hormones or antibiotics. This has increased consumer’s interest in natural formulations, thereby increasing the potential of the companies to further diversify their offerings.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pet food market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on pet type, product type, pricing type, ingredient type and distribution channel.

Breakup by Pet Type:

Dog Food
Cat Food
Others

On the basis of pet type, the market is segmented into dog food, cat food and others. Currently, dog food dominates the market due to increasing dog ownership coupled with the rising pet humanization trend across the globe.

Breakup by Product Type:

Dry Pet Food
Wet and Canned Pet Food
Snacks and Treats

Based on product type, dry pet food represents the most popular product type as it is more affordable and has a long-standing market presence.

Breakup by Pricing Type:

Mass Products
Premium Products 

The market is also categorized on the basis of pricing into mass products and premium products. Amongst these, mass products account for the majority of the global sales.

Breakup by Ingredient Type:

Animal Derived
Plant Derived 

On the basis of ingredient type, the report finds that animal derived pet food is the leading segment.

Breakup by Distribution Channel:

Supermarkets and Hypermarkets
Specialty Stores
Online Stores
Others

Based on distribution channel, supermarkets and hypermarkets currently hold the largest share as they offer convenience to the consumers.

Regional Insights:

North America 
Europe
Asia-Pacific
Latin America
Middle East and Africa

Region-wise, North America enjoys the leading position in the global pet food market on account of the growing pet adoption rate in the region. Other major regions include Asia-Pacific, Europe, Latin America, and Middle East and Africa.

Competitive Landscape:

The market is highly fragmented with the presence of numerous small and large manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:

Mars Petcare Inc.
Nestlé Purina Pet Care (Nestlé SA)
Hill's Pet Nutrition
The J.M. Smucker Company

This report provides a deep insight into the global pet food industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a pet food manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the pet food industry in any manner.

Key Questions Answered in This Report:

What was the size of the global pet food market in 2022?

What is the expected growth rate of the global pet food market during 2023-2028?

What are the key factors driving the global pet food market?

What has been the impact of COVID-19 on the global pet food market?

What is the breakup of the global pet food market based on the pet type?

What is the breakup of the global pet food market based on the product type?

What is the breakup of the global pet food market based on pricing type?

What is the breakup of the global pet food market based on the ingredient type?

What is the breakup of the global pet food market based on the distribution channel?

What are the key regions in the global pet food market?

Who are the key players/companies in the global pet food market?