Pet Food and Treats Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

Pet Food and Treats Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 – 2032

The Global Pet Food And Treats Market was valued at USD 133.3 billion in 2023, and projections indicate a CAGR of 7.9% from 2024 to 2032. Several key factors have fueled this robust growth in the pet food and treat market. A major driver is the rising trend of pet humanization, treating pets as integral family members. This evolution has resulted in increased spending on premium and specialized pet foods to address specific dietary needs like grain-free, organic, or hypoallergenic choices. Furthermore, heightened awareness among pet owners regarding their pets' nutritional requirements has spurred demand for high-quality ingredients, such as chicken, beef, and fish proteins, alongside functional foods promoting overall health and wellness.

The market is also increasingly influenced by trends emphasizing health, sustainability, and personalization. A notable trend is the pivot towards natural and organic pet foods, mirroring the broader human wellness movement. Data from the American Pet Products Association (APPA) highlights this shift, revealing a surge in natural pet food sales, with over 40% of pet owners favoring products devoid of artificial ingredients.

The overall industry is classified into product type, pet type, ingredient type, packaging, life stage, special dietary needs, price range, distribution channel, and region.

The market segments based on product type include cookies, biscuits, snacks, canned food, bones, dry food, sticks, and others (like freeze-dried food). The dry food led the market, raking in revenues surpassing USD 42.7 billion in 2023, with projections to hit USD 90.7 billion by 2032. The dominance of dry food can be attributed to its convenience, extended shelf life, and cost-effectiveness when juxtaposed with wet or fresh alternatives.

The market classifies pet food and treats based on pet type into dogs, cats, and others. The dogs led the market with revenues exceeding USD 67.4 billion in 2023, and projections suggest a rise to USD 137.4 billion by 2032. The predominance of dogs in the pet food and treat market is largely due to their global popularity, especially in regions like North America and Europe.

North America stood out as the leading region, amassing a significant revenue of USD 45.9 billion in 2023, with expectations to reach USD 91.2 billion by 2032. The region's dominance in the pet food and treat market stems from a blend of high pet ownership rates and a deep-rooted cultural emphasis on pet care. Notably, the U.S. boasts one of the highest pet ownership percentages, with nearly 70% of households having at least one pet, as reported by the American Pet Products Association (APPA).