Global Pet Food Market to Grow at 5.35% During 2023-2028, Bolstered by Rising Pet Humanization Trend

August 10, 2021 | Retail

The latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global pet food market size reached US$ 118.9 Billion in 2022. Pet food is specifically manufactured and intended for consumption by pets. It is commercially prepared from agricultural, animal-feed grade ingredients and nutritional supplements, which include cereals, vegetables, meat, seafood and feed grain by-products. Pet food is a rich source of nutrients that aid in better digestion, help strengthen immunity and improve the life expectancy of pets. Nowadays, pet owners prefer pet food that consists of high-quality ingredients with zero added additives and substantial health benefits.

Global Pet Food Market Trends:

The global pet food market is primarily driven by the rapid humanization of pets across the globe. The growing awareness among pet owners regarding their pet health and nutritional intake is also propelling the market growth. In recent years, there has been a shift toward the trend of nuclear families, especially in developing nations, which has further boosted pet adoption in these regions. Besides this, the premiumization of pet foods is significantly influencing the sales of custom-made products. In addition to this, pet owners are nowadays opting for organic and natural pet food that is devoid of pesticides, preservatives and genetically modified organisms (GMOs). Moreover, with a rising number of pet owners increasing expenditure on a variety of pet food items, there has been easy availability of a wide range of pet food via e-commerce platforms. These online retail channels offer enhanced convenience at a better price point, along with flexible return and exchange policies, thereby providing a positive impact on the market. Furthermore, governments across various countries are taking initiatives to promote the use of healthy and safe ingredients that improve the overall wellness of pets. They are also promoting the need for transparency in pet food ingredients, which is fueling the market growth. Looking forward, the market is expected to grow at a CAGR of 5.35% during the forecast period (2023-2028).

Market Summary:

Based on the pet type, the market has been segmented into dog food, cat food, and others. Currently, dog food dominates the market, holding the largest market share.
On the basis of the product type, the market has been classified into dry pet food, wet and canned pet food, and snacks and treats. Among these, dry pet food represents the most popular product type.
The market has been categorized based on the pricing type into mass and premium products. At present, mass products account for the majority of the overall market share.
On the basis of the ingredient type, the market has been segregated into animal and plant derived pet food. Animal derived pet food is the leading segment across the globe.
Based on the distribution channel, the majority of the pet food is distributed through supermarkets and hypermarkets.
Region-wise, North America holds the leading position in the market. Other major regions include Asia Pacific, Europe, Latin America, and Middle East and Africa.
The competitive landscape of the market has been examined, with some of the key players being Mars Pet care Inc., Nestle Purina Pet Care (Nestlé SA), Hill’s Pet Nutrition Inc., and The J.M. Smucker Company.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion, Million Tons
Segment Coverage	Pet Type, Product Type, Pricing Type, Ingredient Type, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Mars Petcare Inc., Nestlé Purina Pet Care (Nestlé SA), Hill's Pet Nutrition and The J.M. Smucker Company
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
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Global Pet Food Market to Grow at 5.35% During 2023-2028, Bolstered by Rising Pet Humanization Trend

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