Europe Pet Food Market - Growth, Trends, and Forecasts (2023 - 2028)
Key Highlights
The population of elderly people living alone, having reduced interaction with family, along with financial stability, are factors that are responsible for increasing pet adoption and the growing interest in proper pet nutrition among the elderly population. The twin factors of increased pet ownership among young millennials and those from the baby boomer generation are contributing to the growth of pet ownership across the region, especially for cats and dogs. According to the European Pet Food Federation (FEDIAF), the population of Cats and Dogs has increased from 188.9 million in 2018 to 206.4 million in 2021. Across the European region, cats and dogs are owned by 26% and 25% of households respectively. Hence, due to the increased parenting of pets, pet food manufacturers are offering premium products targeted toward pet owners, which is expected to contribute to significant market growth during the forecast period. The rapid pace of economic and societal changes can be linked to the trends in pet ownership. The market for pet food closely shadows the market for pets. Increasing urbanization leads to the breaking up of large households and separation from nature. These are often linked to the desire for pets. Therefore, the increasing trend of pet humanization in European countries fueled by rising per capita spending on pets is anticipated to drive the pet food market in the region.
Cats Segment Dominates the MarketCats continue to dominate the European market as highly owned pets compared to other pet animals. The popularity of cats has continued to increase during the last century in the region, according to various studies. The number of cat owners has increased more than that of dog owners, which reflects the relative ease of having a cat as a pet in the current modern lifestyle. As of 2021, As reported by the European pet food industry federation (FEDIAF), the pet cat population outnumbers the pet dog population by over 20 million in the region with Russia accounting for the highest pet cat population, followed by Germany and France, the increasing pet humanization in these regions is anticipated to drive the pet food industry in the European market. With the increased ownership of cats in the region, cat food continues to be the most popular pet food.
Companies are offering an increasing number of premium products and launching new products as consumers are prepared to spend more on pet food that is healthy, nutritious, and improves their living conditions. For instance, in April 2021, Mars and Futerra launched an insect-based sustainable dry food for cats called Lovebug in which most of the protein comes from Black soldier fly larvae to increase their sustainable product portfolio. Therefore, the consumer trend toward cat adoption has driven cat food premiumization, which is anticipated to create an expansion of the cat food market over the forecast period.
Competitive LandscapeThe European pet food market is fairly consolidated, with significant players such as Mars Inc., Nestlé SA(Purina), Colgate Palmolive (Hill's Pet Nutrition), Archer Daniels Midland (Neovia), and Heristo AG. The players are investing heavily in R&D to launch new products to cater to the changing consumer patterns in the market to expand their market share.
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