Pet Food Market Forecasts to 2028 – Global Analysis By Nature (Organic and Conventional), Ingredient Type (Plant Derivatives, Animal Derivatives, Cereal Derivatives and Other Ingredient Types), Food Type, Pet Type, Pricing Type, Distribution Channel and B

Pet Food Market Forecasts to 2028 – Global Analysis By Nature (Organic and Conventional), Ingredient Type (Plant Derivatives, Animal Derivatives, Cereal Derivatives and Other Ingredient Types), Food Type, Pet Type, Pricing Type, Distribution Channel and By Geography

According to Stratistics MRC, the Global Pet Food Market is accounted for $51.89 billion in 2022 and is expected to reach $67.97 billion by 2028 growing at a CAGR of 4.6% during the forecast period. Pet food is animal feed intended for consumption by pets. They have been created especially for dogs and other canines of a similar species. Pet food aids in preventing infections and skin allergies while also enhancing the general wellbeing and lifespan of animals. They are designed in such a way that pet's digestive system can simply access the necessary nutrients, which makes it simple for the body to absorb them. Pet food provides nutritionally balanced ingredients that support a healthy immune system, maintain a glossy coat, and promote a more active lifestyle in pets.

According to the American Pet Products Association’s (APPA) National Pet Owners Survey 2019-20, 63.4 million households in US own dogs as pets, which is about 74.6% of the country's total pet-owning households.

Market Dynamics:

Driver:

Rising trend of pet humanization

In recent times, the mainstream media has given a lot of attention to the humanization of pets. Particularly in affluent nations, the transition from pet ownership to pet parenting has been a significant and defining development in the pet food industry. Pets are seen as members of the family. Consumer’s willingness to spend more on pet food is influenced by the deepening attachment between pet owners and their animals. The tendency of humanizing pets has raised health awareness and propelled the demand for pet food.

Restraint:

Strict regulations

Pet food tends to be one of the food items with the strictest regulations, particularly in western markets. Pet animal meals are rigorously inspected in developed markets at every level, from the ingredients used in food preparation through sales and marketing. The high standards required for commercialization may be a significant barrier to the market's expansion.

Opportunity:

Growing demand for organic products

Pets that eat organic food may have better-looking skin and coats, more vitality, and a healthier weight. They have an easier time digesting the food they are given. The availability of goods in a wider range of flavours and the addition of necessary elements like probiotics and antioxidants has expanded in response to the growing demand for organic products. The demand for organic pet food is also fuelled by a better understanding of pet health.

Threat:

High price range

The primary ingredients used in each pet food product are grains, fruits and meals made from animal protein. These essential element’s prices, standards and availability have been changing often. Because of this, the residents are considering giving away their pets. Such an abrupt and significant price hike on pet food might have a negative impact on market expansion. Additionally, the market is also being impacted by an increase in customer inquiries and rising exporting market quotations.

Covid-19 Impact

The COVID-19 epidemic has damaged the availability of ingredients and raw materials and has thrown off supply chains all across the world. Impacted logistics and the economic downturn have significantly reduced product demand. During the lockdown, pet owners stocked up on pet food as well, which temporarily boosted sales. However, the operations were back to normal due to the ease of the lockdown.

The dry food segment is expected to be the largest during the forecast period

The dry food segment is estimated to have a lucrative growth, due to its convenience and affordability. Dry food aids in keeping pet’s dental systems healthy. It has a longer shelf life and doesn't need special storage facilities or refrigeration. To maintain a constant diet, food may be measured out quickly and portioned correctly. It benefits at a much cheaper price range and sufficiently dehydrates the food to prevent the growth of germs, yeast, and molds.

The dogs segment is expected to have the highest CAGR during the forecast period

The dogs segment is anticipated to witness the fastest CAGR growth during the forecast period. Dogs are the most popular household pet. Their diets consist primarily of meat. This factor prompts the introduction of dog treats and nutrient-dense meals. As a result, there is a lucrative potential for pet food producers to develop a variety of dog food items. The market for natural and higher-quality dog food is being driven by the high cost of maintaining and caring for canines.

Region with largest share:

North America is projected to hold the largest market share during the forecast period owing to the rising consumer awareness and trend of pet humanization. Approximately 67% of the total households present in this region have pets. The acceptance of pet humanization and the favourable public perception of it in North America are fostering market expansion for wholesome pet food products.

Region with highest CAGR:

South America is projected to have the highest CAGR over the forecast period. Brazil is the second-largest market in the world for pet food products and has most varied pet population. Brazil holds a dominant position in the South American market due to high rates of pet ownership, an increasing emphasis on pet health, and rising expenditures on natural, premium pet foods. Birds and fish are preferred as pets by small families, childless couples, and individuals living in flats, which is fuelling the market's expansion.

Key players in the market

Some of the key players profiled in the Pet Food Market include Nestle Purina Petcare Company, The J.M. Smucker Company, Colgate-Palmolive Company, Schell & Kampeter, Inc, Mars Inc, Evanger’s Dog & Cat Food Company, Inc, Champion Petfoods, Nutro Products Inc, Betagro Public Company Limited, WellPet Inc, 4Legs Pet Food Company, Heristo AG, Lafeber Co., Fromm Family Foods LLC., Dave's Pet Food, Boulder Dog Food Company L.L.C., Farmina Pet Foods and Blue Buffalo Ltd.

Key Developments:

In July 2021, Nestle Purina PetCare Co. invested USD 182 million to expand its pet care products’ manufacturing facility in King William County, Virginia, US. The factory expansion, which is scheduled to be completed by late 2023, will include a 138,000 square foot build out to increase manufacturing capacity for the company’s Tidy Cat litter products line.

In June 2021, Mars Inc. launched wet cat food under its Whiskas brand, expanding its product range in India. The new product range is available across pet shops, grocery stores, and e-commerce sites.

In June 2021, Colgate-Palmolive Company opened a 25,000 square foot nutrition innovation center in the US. This center would enable the company to develop innovative products specially designed for small and mini dogs.

Natures Covered:
• Organic
• Conventional

Ingredient Types Covered:
• Plant Derivatives
• Animal Derivatives
• Cereal Derivatives
• Other Ingredient Types

Food Types Covered:
• Wet Food
• Dry Food
• Treats/Snacks
• Veterinary Diets
• Frozen Products
• Raw Food
• Other Food Types

Pet Types Covered:
• Cats
• Dogs
• Birds
• Rabbits
• Hamsters
• Other Pet Types

Pricing Types Covered:
• Normal Products
• Mass Products
• Premium Products

Distribution Channels Covered:
• Supermarkets
• Hypermarkets
• Specialized Pet Shops
• Veterinary Clinics
• Online Channel
• Other Distribution Channels

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements