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The pet food market size is forecast to increase by USD 41 billion at a CAGR of 6.15% between 2023 and 2028. The market is experiencing significant growth, driven by the increasing pet humanization and premiumization trends. Pet owners are prioritizing nutritious foods for their pets, leading to a rise in demand for commercial foods with savory ingredients and smaller portions. This shift is influenced by the growing awareness of pet health issues, particularly osteoarthritis, which necessitates specialized dietary needs. The pet population, comprising dogs, cats, birds, small mammals, rodents, and ornamental fish, continues to expand, fueled by pet adoption and the rising body size of pets. Millennials, in particular, are driving the market, with their strong affinity towards pets and their willingness to spend on high-quality pet products. The market is expected to witness continued growth, as pet owners seek to provide their beloved companions with the best possible nutrition.
The market is experiencing significant growth due to the increasing trend of pet humanization and premiumization. Pet owners are prioritizing nutritious food for their cats and dogs, leading to the demand for innovative ingredients such as probiotics, antioxidants, and essential nutrients. Organic pet food made from natural ingredients is also gaining popularity. Flavors and customized products catering to dietary needs are driving the market. The market includes commercial foods, as well as home-cooked food for pets. Birds, small mammals, and rodents also have their specific requirements, leading to the production of a diverse range of pet foods. The market offers both dry and wet pet food, as well as snack treats, catering to various animal-based and plant-based preferences.
Furthermore, stockpiling of pet food has become common due to the uncertainty caused by the pandemic. The market also includes personalized products, addressing the unique dietary needs of individual pets. Obesity is a growing concern, leading to the development of pet foods that cater to weight management. The nutrient profile of pet food is a significant factor in ensuring the overall health and well-being of pets, with a focus on skin and coat health.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The dry food segment is estimated to witness significant growth during the forecast period. The market experiences significant growth due to the increasing trend of pet humanization and premiumization. Pet owners prioritize providing their furry companions with nutritious foods to meet their dietary needs. Dry pet food, with its numerous advantages, holds a larger market share compared to wet food. These advantages include ease of storage and transportation, maintenance of oral hygiene, and controlled intake through food puzzle toys. As pet adoption rates rise globally, particularly in developing regions such as India and Malaysia, the demand for dry pet food is anticipated to rise. This trend is especially prevalent among millennials who consider their pets as family members.
Furthermore, the pet population, consisting of dogs, cats, birds, small mammals, rodents, and ornamental fish, varies in size and dietary requirements. Dry pet food caters to the diverse needs of this expansive population, making it a preferred choice for pet owners.
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The dry food segment was valued at USD 46.30 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 33% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The market is witnessing significant growth due to the increasing trend of pet humanization and premiumization. In North America, which is projected to be the largest geographical segment, the demand for nutritious foods for pets is on the rise. Pet owners in countries such as the US, Canada, and Mexico are becoming more conscious of their pets' dietary needs and prefer commercial foods that cater to specific health conditions, including osteoarthritis. As a result, the market for organic, grain-free, and high-protein pet foods is expanding. The growing pet population, which includes dogs, cats, birds, small mammals, rodents, and ornamental fish, is also fueling the demand for pet food.
Furthermore, millennials, who are known for their deep emotional connection with their pets, are a significant consumer base for pet products. They prioritize their pets' health and well-being, leading to a rise in demand for high-quality, nutritious pet foods. Pet owners in North America are well-informed and seek transparency in the sourcing and quality of ingredients used in pet food. This trend is driving the market for premium pet foods, including those that cater to the unique dietary needs of pets based on their body size and species.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for organic pet food is the key driver of the market. Organic pet food is a natural and certified product that adheres to the USDA regulations indicated on its label. To obtain organic certification, pet food must consist of plant ingredients, grown without pesticides, artificial fertilizers, genetic modification, irradiation, or sewage sludge, and animal ingredients sourced from animals raised on organic feed, allowed outdoor access, and untreated with antibiotics or hormones. With the increasing consciousness among consumers regarding the components of their food, the preference for organic and natural options extends to pet food. The popularity of organic food in the human food sector has influenced pet owners to seek the same nutritional benefits for their pets.
Furthermore, wet food products, which are a significant portion of the market, require special storage facilities to maintain their shelf life. Balanced diets for cats and other pets necessitate the inclusion of high protein sources, such as animal-based proteins like poultry meat and rabbit-derived protein, as well as plant-based proteins. However, excessive feeding can lead to joint disease, high blood pressure, and diabetes in pets. Therefore, it is essential to consult with a vet for proper feeding guidelines and to ensure a balanced diet. Organic pet food supplies meet these requirements while providing peace of mind for pet owners.
The increasing demand for pet food with savory ingredients and smaller portions is the upcoming trend in the market. The market is witnessing a significant trend towards the production and consumption of wet food products with savory ingredients. companies are expanding their offerings with specialty lines which combines hard kibble with tender meat for an appealing texture. This trend is expected to continue as more companies introduce savory wet food varieties. For smaller dog breeds, ensuring a balanced diet with high protein content is crucial. Animal-based proteins, such as poultry and rabbit-derived protein, are commonly used in pet food. However, plant-based proteins are also gaining popularity.
Furthermore, proper storage in a special facility is essential to maintain the shelf life of these products. It's important to note that free feeding, lack of exercise, overfeeding, joint disease, high blood pressure, and diabetes are common health issues in pets that can be addressed through proper diet and vet care.
The increasing instances of pet allergies among pet owners is a key challenge affecting the market growth. Wet food products for pets, particularly those derived from animal sources, can pose health risks to humans due to potential bacterial contamination and the presence of allergens. For instance, harmful bacteria like Campylobacter jejuni can be carried by animals, leading to diseases such as cryptosporidiosis that can be transmitted to humans, particularly children. Allergies to pets, especially cats and birds, are also common, affecting around 15%-30% of asthma and allergic rhinitis cases in people. These allergies can manifest as skin rashes, swelling, itching, redness around the eyes, coughing, or even asthma attacks. To ensure the safety and nutritional adequacy of pet food, it is crucial to maintain proper shelflife and storage conditions in a special facility.
Furthermore, a balanced diet for pets requires a sufficient supply of high-quality proteins, which can come from both animal-based sources like poultry and rabbit-derived protein, as well as plant-based proteins. However, overfeeding, lack of exercise, and underlying health conditions like joint disease, high blood pressure, and diabetes can impact a pet's wellbeing and, in turn, affect the quality of their food. Proper vet care is essential to address any health issues and maintain optimal pet health, ensuring the safety and wellbeing of both pets and their human companions.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Archer Daniels Midland Co. - The company offers pet food such as macro ingredients, feed additives and ingredients, and complete feed.
The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market is a significant sector that caters to the nutritional needs of domesticated animals, including cats, dogs, birds, small mammals, rodents, and ornamental fish. This market focuses on providing nutritious food with innovative ingredients such as organic pet food, probiotics, and essential vitamins and minerals. The use of meat, meat byproducts, cereals, grains, specialty proteins, palatants, and sweeteners in pet food production is common. Standard nutritional requirements for various species, such as carnivorous cats and dogs, are met through high-protein animal-based proteins and plant-based proteins like poultry, rabbit-derived protein, and cereals. Essential nutrients like water, fat, and essential amino acids are crucial components.
Furthermore, the pet food industry offers a wide range of products, including dry dog and cat food, wet food products, snack treats, and specialized diets for animals with health concerns like joint disease, obesity, and diabetes. Shelf life, special storage facilities, and free feeding are essential considerations. Pet owners increasingly prioritize premium pet food, reflecting the pet humanization and pet premiumization trends. Factors like pet population growth, health concerns, and pet expenditure influence market dynamics. The market includes commercial foods, home-cooked food, and customized or personalized products. Pet food prices vary based on the nutrient profile, animal source, and plant-based source. The market comprises offline stores, online channels, and various pet product categories like pet grooming, pet daycare, and pet walking services. Middle-class population growth and increasing pet ownership culture further fuel market growth.
Market Scope |
|
Report Coverage |
Details |
Page number |
176 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.15% |
Market growth 2024-2028 |
USD 41 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.68 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 33% |
Key countries |
US, UK, Japan, Brazil, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Unicharm Corp., and Wellness Pet Co. Inc. |
Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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