Global Pet Food Market Forecast 2023-2032
KEY FINDINGS
The global pet food market is expected to project a CAGR of 7.72% during the forecast period, 2023-2032. The market growth factors include the increasing consumer expenditure on pet food, the rising demand for therapeutic pet food, and the huge demand for organic and premium pet food.
MARKET INSIGHTS
Pet food is sold in supermarkets and pet stores and is in accordance with the animal types and their consumption habits. Pets are increasingly prioritized and pampered in families. As a result, there is a rising demand for branded beauty products, natural & premium products, and healthcare products with regard to pets. In addition, given the specific health concerns, pet owners are likely to demand special food types according to breed, age, lifestyle, and size.
Besides, several consumers prefer treats and snacks that are preservative-free and contain healthy ingredients like cereals and fruits. This is because consumers are increasingly aware of organic foods and their benefits for pets. These are highly preferred despite their higher prices than regular food, also attributed to the pet humanization trend. Such factors drive the global pet food market growth. However, the market growth is restrained by the high costs of raw materials.
REGIONAL INSIGHTS
The global pet food market growth analysis includes the geographical assessment of North America, Europe, Asia-Pacific, and Rest of World. Given the surging pet adoption, North America is the highest revenue-generating region in the global market.
COMPETITIVE INSIGHTS
The market rivalry is high. However, the market offers a competitive advantage to players due to pricing and novel ingredients. Nestle Purina PetCare Ltd, Mars Petcare Ltd, JM Smucker Company, Hill’s Pet Nutrition Inc, etc., are among the leading companies in the market.
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