The latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” finds that the global pet food market size reached US$ 108 Billion in 2020. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 4.3% during the forecast period (2021-2026).
- 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. They are followed by specialty stores, online stores, and others.
- 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 Petcare Inc., Nestle Purina PetCare (Nestlé SA), Hill’s Pet Nutrition Inc., and The J.M. Smucker Company.
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