According to the latest report by IMARC Group, titled “Pet Food Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global pet food market size reached US$ 102.7 Billion in 2019. Pet food refers to the commercially available food that is formulated for consumption by pet animals. It is usually prepared using a mix of agricultural and animal-feed grade ingredients, which include meat, fish, cereals, vegetables, and feed grain by-products. These foods are a rich source of essential minerals, vitamins, proteins and carbohydrates that are essential for meeting the dietary and nutritional requirements of pets. Their consumption is associated with improving metabolism, regulating digestion and boosting immunity while enhancing the quality of the pet’s skin and coat. Several manufacturers are now introducing pet food in smaller, disposable, single-serve containers to offer convenience to the pets as well as the owners.
Note: 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 market is primarily driven by a significant rise in cat and dog ownership rates on the global level, along with the rising trend of pet humanization among owners. The growing awareness regarding pet health has encouraged key players to introduce fortified variants in the market, such as multigrain, grain-free and gluten-free foods, which assist in maintaining a healthy weight and improving the life expectancy of pets. The market is further driven by the growing preference for premium product variants prepared with natural raw materials and flavorings. Along with this, the easy availability of pet food products that are devoid of pesticides, preservatives and genetically modified organisms (GMOs) is also creating a positive outlook for the market. Furthermore, proliferating online retail channels, which offer enhanced convenience at a better price point, along with flexible return and exchange policies, is also driving the market. On account of the aforementioned factors, the market is projected to exhibit moderate growth during the forecast period (2020-2025).
- On the basis of the pet type, dog food currently exhibits a clear dominance in the market, followed by cat food and others.
- Based on the product type, dry pet food represents the most preferred segment. The other products include wet and canned pet food, and snacks and treats.
- The market has been divided based on the pricing type into mass and premium products. Among these, premium products hold the leading share in the market.
- Based on the ingredient type, the market has been bifurcated into animal- and plant-derived pet food, wherein animal-derived ingredients account for a majority of the total market share.
- On the basis of the distribution channel, the market has been classified into supermarkets and hypermarkets, specialty stores, online and others. Currently, supermarkets and hypermarkets dominate the market.
- On the geographical front, 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 in the report with the detailed profiles of the key players. Some of these players include Mars, Incorporated, Nestlé Purina PetCare Company, Hill's Pet Nutrition, Inc., The Procter & Gamble Company, and The J.M. Smucker Company.
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