Pet Food Market Report

Global Pet Food Market:

The global pet food market size reached US$ 125.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 189.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032. The market is experiencing stable growth driven by the increasing pet ownership, a growing preference for premium and natural pet food products, and the rising awareness among pet owners about the nutritional needs of their pets.

Global Pet Food Market Analysis:

• Major Market Driver: The market is witnessing stable growth, driven by the growing awareness of pet health and nutrition, leading to a preference for premium and natural pet food products.
• Key Market Trend: Advancements in technology pertaining to the production and packaging of pet food are acting as significant market trends, leading to lucrative growth opportunities in the market.
• Geographical Trend: According to the report, North America accounted for the largest market share, owing to the high pet ownership rates and premium product preferences. The region's consumers prioritize the well-being and health of their pets, leading to a growing demand for premium and natural pet food products.
• Competitive Landscape: Some of the leading players in the global pet food market include Mars Petcare Inc., Nestlé Purina Pet Care (Nestlé SA), Hill's Pet Nutrition, The J.M. Smucker Company, among others.
• Challenges and Opportunities: The industry faces challenges related to food safety, regulatory compliance, and concerns over ingredient sourcing. Opportunities lie in the development of innovative pet food formulations, expansion into emerging markets, and sustainability initiatives.

Global Pet Food Market Trends

Increasing Pet Ownership

The global pet food market is significantly driven by the emerging trend of pet humanization, where pets are increasingly treated as family members. This shift has led to a substantial increase in pet ownership worldwide. Globally, dogs are the major pets adopted by pet parents. In 2022, they accounted for the largest share of the global pet food market, accounting for a market value of US$ 80.03 Billion in 2022. The market is projected to reach US$ 156.60 Billion in 2029. This higher share can be attributed to a significant number of pet owners shifting from home-cooked food to commercial food, the higher dietary needs of dogs compared to other pets, and the higher dog population. Pet owners are now more conscious of their pets' health and well-being, which translates into a greater demand for quality pet food.

Rising Awareness Among Individuals

Health-conscious attitudes among pet owners have become a key factor influencing the pet food market. Pet parents invest most of their pet expenditure in pet food as they are concerned about their pets' well-being and are seeking products that cater to specific health concerns like obesity, diabetes, and food allergies in pets. For instance, pet food accounted for 42.4% of pet expenses in the United States in 2022. In the United States, about 40% of pet parents purchased premium pet food in 2022, and in Hong Kong's cat food market, the premium pet food segment accounted for 75% of the pet food sales in 2022. Manufacturers are increasingly investing in expanding their operations to offer a wide range of specialized products, including those with functional benefits such as enhanced immunity, digestive health, and coat condition. For instance, in October 2023, Nestlé announced the opening of two new production units at its Purina pet food factory in Hungary, increasing output by 66%. The expansion will see the annual production capacity of the facility increase from approximately 150,000 metric tons to 250,000 metric tons.

Technological Advancements

Advancements in technology pertaining to the production and packaging of pet food play a crucial role in market growth. The integration of modern technology in manufacturing processes is enabling the production of a wider variety of pet food with improved nutritional value and a longer shelf life. For instance, BrightPet Nutrition Group unveiled a refreshed brand presence for its Blackwood pet nutrition portfolio at Global Pet Expo 2024, held March 20–22 in Orlando. The rebrand precedes several new product launches planned for the brand later this year, including new meal toppers, freeze-dried single ingredient treats, and granola treats, as well as new branding for Blackwood’s Oven Baked Bites. The new package designs for the Blackwood portfolio aim to communicate freshness, quality, and health benefits to consumers with enhanced formulations.

Expanding Retail and E-Commerce Channels

The escalating number of online and offline retail channels for the easy distribution of pet food is another factor bolstering the market growth. Various key companies are expanding their offline retail stores in order to expand their customer base. For instance, Durkha Dog Chew announced will soon open its first commercial-scale production facility for yak cheese chews in Nepal. The facility is expected to open in April 2024 and will produce 50 tons of yak cheese chews in the first six months of production. It is anticipated to double the production capacity to 100 tons per month within 12 months of opening. In addition to this, the expansion of online retail stores in the pet food industry is also contributing to the market growth. For instance, in the United States, online sales of pet care, including food, increased from 32% in 2020 to 40% in 2022.

Global Pet Food Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on pet type, product type, pricing type, ingredient type, and distribution channel.

Breakup by Pet Type:

• Dog Food
• Cat Food
• Others
   

Dog food accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the pet type. This includes dog food, cat food, and others. According to the report, dog food represented the largest segment.

The dog food segment holds the largest share in the pet food market, driven by the substantial global population of dogs and their dietary needs. Dogs had a higher share of pet expenditure, accounting for 39.4% in 2022, mainly due to their higher consumption of pet food than cats, with premium pet food being the most popular food choice. Consumers prioritize the health and well-being of their canine companions, leading to a demand for a wide range of dog food products.

Breakup by Pricing Type:

• Mass Products
• Premium Products 
   

Mass products holds the largest share in the market

A detailed breakup and analysis of the market based on the pricing type has also been provided in the report. This includes mass and premium products. According to the report, mass products accounted for the largest market share.

The mass products segment in the global pet food market holds the largest share of consumers seeking budget-friendly and widely available pet food options. This segment caters to pet owners who seek affordability while ensuring their pets receive adequate nutrition. Mass-produced pet food brands provide a range of products, such as dry kibble and canned food, designed to fulfill the basic dietary needs of pets.

Breakup by Product Type:

• Dry Pet Food
• Wet and Canned Pet Food
• Snacks and Treats
   

Dry pet food holds the largest share in the industry

The report has provided a detailed breakup and analysis of the market based on the product type. This includes dry pet food, wet and canned pet food, and snacks and treats. According to the report, dry pet food represented the largest segment. 

Dry pet food holds the largest share of the pet food type. It offers numerous advantages, such as affordability, convenience, and a longer shelf life. For instance, dry dog food in the economy range had the highest market value in India, amounting to over US$ 238 Million in  2021. This translated to a share of nearly 40 percent of the total market value for dry dog foods in India during the measured time period. Dry pet food is preferred by pet owners seeking a balanced and cost-effective option for their pets' daily nutrition.

Breakup by Ingredient Type:

• Animal Derived
• Plant Derived 
   

Animal derived represents the most widely used ingredient type

A detailed breakup and analysis of the market based on the ingredient type has also been provided in the report. This includes animal and plant derived. According to the report, animal derived accounted for the largest market share.

The animal-derived segment in the pet food market holds a significant share. This can be attributed to the rising popularity of traditional meat-based diets for pets. Pet owners often prefer animal-derived ingredients, such as chicken, beef, and fish, as they are perceived to be a source of essential proteins and nutrients for their pets. Recent research from scientists in Portugal and Germany, published in Frontiers in Veterinary Science, dove deep into two novel protein sources for use in pet food. According to the study, squid meal and shrimp hydrolysate show promise as protein sources in dog food.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Specialty Stores
• Online Stores
• Others
   

Pet food is majorly distributed through supermarkets and hypermarkets

A detailed breakup and analysis of the market based on the distribution channel has also been provided in the report. This includes supermarkets and hypermarkets, specialty stores, online stores, and others. According to the report, supermarkets and hypermarkets accounted for the largest market share.

Supermarkets and hypermarkets are the dominant distribution channels in the pet food market. In recent times, specialty stores are also gaining prominence across the world. For instance, PetSmart was the largest pet specialty retail chain in North America as of March 2022 in terms of store count, with a total of 1,669 stores. Retail giants like these offer a wide variety of pet food brands, making them convenient one-stop shops for pet owners. Consumers often choose these outlets due to their accessibility, competitive pricing, and the ability to physically inspect products, making them the largest segment in the market.

Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
   

North America leads the market, accounting for the largest pet food market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America, Asia Pacific, Latin America, and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America holds the largest segment in the global pet food market. This can be attributed to a strong culture of pet ownership and a high level of pet humanization. In 2022, North America emerged as the largest regional market in the global pet food market. According to pet food market size by country, the United States and Mexico are the major contributors to the North American pet food market due to the high pet ownership rates in these countries. The region's consumers prioritize the well-being and health of their pets, leading to a growing demand for premium and natural pet food products.

Competitive Landscape

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the major market players in global pet food industry include: 

• Mars Petcare Inc.
• Nestlé Purina Pet Care (Nestlé SA)
• Hill's Pet Nutrition
• The J.M. Smucker Company

Global Pet Food Market News:

• March 2024: The Crump Group Inc. announced plans to invest US$ 85 million in its existing premium dog treat manufacturing facility in Nashville, NC.
• March 2024: Tropikal Pet A.S., a Turkish pet food producer, shared that it has established a US$ 9 million funding agreement with Eminova Holdings International. The company will use the funds to increase its production capacity and enter the US pet food market.
• August 2023: Pet food major Mars Inc invested ₹800 crore on the second phase expansion of its manufacturing facility in Telangana.

Pet Food Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the pet food market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global pet food market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the pet food industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.