Pet Food Market Report

Market Overview:

The global pet food market size reached US$ 118.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 161.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.35% during 2023-2028. The rising demand for premium and natural pet nutrition, increasing pet ownership and humanization, and rapid expansion of e-commerce in developing nations are some of the major factors propelling the market.

Pet food refers to specially formulated nutritional products designed for the dietary needs of domestic animals, such as dogs, cats, and other pets. These products are manufactured to provide essential nutrients, vitamins, minerals, and proteins that cater to the specific health and wellness requirements of pets. Pet food can typically come in various forms, including dry kibble, wet canned food, and treats, each tailored to meet different dietary preferences and needs. With a focus on balanced nutrition, pet food aims to promote the overall well-being of animals, supporting their growth, energy levels, immune function, and maintaining healthy coats and teeth. As an essential aspect of responsible pet care, quality pet food helps owners ensure their pets enjoy a fulfilling and healthy life.

The escalating demand for premium and specialized pet food products that cater to specific dietary needs and preferences due to the increasing humanization of pets will stimulate the growth of the pet food market during the forecast period. Moreover, the rising desire of pet owners to provide their furry companions with nutritionally balanced and high-quality meals is positively influencing the market growth. Apart from this, the expanding global pet population, and rapid urbanization and changing lifestyles of individuals, has augmented the demand for convenient and ready-to-eat (RTE) pet food options. Additionally, the rising need for convenient pet nutrition solutions owing to the increasing number of people adopting pets and integrating them into their families, has catalyzed market growth. Furthermore, the rapid expansion of e-commerce and online retail platforms that improve the accessibility of pet food products, allowing consumers to explore a diverse range of options and make informed choices for their pets' diets, is contributing to market growth.

Pet Food Market Trends/Drivers:

Emerging pet humanization trend

The emerging trend of pet humanization stands as a significant driver in the pet food market. As pets are increasingly considered integral family members, owners seek to provide them with the best care possible, including nutrition. This shift in perception has led to a rise in demand for specialized pet food that addresses individual health needs and dietary preferences. Owners now prioritize products with premium ingredients that mirror human food trends, fostering a closer connection between their pets' diets and their own. This trend has reshaped the pet food industry, prompting manufacturers to create innovative formulations that cater to pets' overall well-being and specific health conditions. As a result, the market continues to witness an influx of tailored pet food options that align with this evolving consumer mindset.

Rising demand for premium and natural nutrition

The growing demand for premium and natural pet nutrition is another pivotal driver. With consumers showing heightened awareness about the quality of ingredients, pet food manufacturers are shifting toward incorporating wholesome and natural components into their products. The rising emphasis on transparency, coupled with a desire to avoid artificial additives, has prompted companies to offer high-quality options that align with consumers' values. This, in turn, has led to the emergence of products boasting natural, organic, and sustainably sourced ingredients, resonating with pet owners seeking to provide optimal nutrition for their beloved companions. As a result, pet food manufacturers are dedicating resources to research and development (R&D), working to strike a balance between nutritional excellence and adherence to consumer preferences.

Rapid Expansion of E-commerce Platforms

The rapid expansion of e-commerce platforms has revolutionized the way pet food is accessed and purchased. This driver has transformed the consumer experience by providing a convenient avenue to explore a wide array of pet food products, compare prices, and read reviews—all from the comfort of home. The enhanced convenience of doorstep delivery further aligns with this shift, especially for busy pet owners. E-commerce's growing influence has encouraged pet food manufacturers to establish online presences, adopt digital marketing strategies, and optimize product visibility across various platforms. This trend has catalyzed market growth, enabling both established brands and emerging players to tap into a global customer base and expand their market reach effectively. Manufacturers are also leveraging data analytics and online engagement to gain insights into consumer preferences, fostering product innovation in response to changing demand patterns.

Pet Food Industry Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pet food market report, along with forecasts at the global and regional levels for 2023-2028. 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.

Dog food refers to specially formulated and nutritionally balanced food products designed to meet the dietary needs of dogs. It encompasses a wide range of products, including dry kibble, wet canned food, and semi-moist options, all tailored to provide essential nutrients that support a dog's overall health and well-being. The escalating number of pet owners, coupled with a growing inclination toward pet companionship, has spurred a heightened demand for premium and tailored dog food options. This demand surge has prompted innovation in product formulations, including specialized diets and organic offerings, and has also triggered a shift toward online purchasing platforms. The dog food sector's ascendancy reflects the evolving preferences of pet owners, showcasing an increased emphasis on health, nutrition, and quality ingredients.

Moreover, the dog food market's consistent growth underscores the enduring nature of pet ownership, making it a steadfast driver of the pet food industry. The sector's adaptability to changing consumer preferences and its ability to introduce novel offerings further solidify its pivotal role in fueling the growth of the global pet food industry.

Breakup by Product Type:

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

Dry pet food represents the most popular product type

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 segm

Dry pet food holds substantial influence due to its convenience, longer shelf life, and cost-effectiveness, appealing to a wide range of pet owners. The demand for dry pet food has witnessed a significant rise owing to its easy storage, portion control benefits, and suitability for busy lifestyles. With an increasing focus on pet health and nutrition, manufacturers have innovated by incorporating essential nutrients into dry pet food formulations. This innovation aligns with the evolving preferences of pet owners, elevating dry pet food to a position of significance within the industry. As consumers seek trustworthy and expert-backed options, the role of dry pet food in driving market growth becomes even more prominent. Companies that emphasize quality, transparency, and nutrition in their dry pet food offerings stand to establish themselves as thought leaders in the pet food market, capitalizing on the segment's undeniable impact on consumer choices and market trends.

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.

Mass-produced pet food products, characterized by their affordability, convenience, and widespread availability, cater to a broad spectrum of pet owners seeking practical and budget-friendly options. The mass market appeal of these products is rooted in their ability to cater to the diverse needs of pets while aligning with the preferences of cost-conscious consumers. With pet ownership on the rise and an increasing number of households welcoming pets as companions, mass-produced pet food fulfills the essential dietary requirements of pets and serves as a pivotal entry point for new pet owners. As a result, this segment contributes substantially to overall market growth, driving innovation and competitiveness among manufacturers striving to balance quality, nutrition, and affordability.

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 pricing 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.

Animal-derived ingredients, sourced from various animal proteins such as chicken, beef, fish, and more, hold significant nutritional value and are central to formulating balanced and biologically appropriate diets for pets. The inherent preference of pets for animal-based proteins, coupled with the growing emphasis on protein quality and natural diets, underscores the pivotal role of animal-derived ingredients in driving consumer choices. Moreover, the rising awareness of the health benefits associated with these ingredients, such as promoting muscle development and supporting overall vitality, elevates their importance. As pet owners increasingly seek transparency and high-quality ingredients in their pets' diets, manufacturers have a unique opportunity to establish themselves as authoritative figures by sourcing and incorporating premium animal-derived components. The utilization of animal-derived ingredients resonates with pet owners' quest for optimal nutrition, making it a key driver in driving the market growth.

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 retail giants that offer unparalleled accessibility to a wide array of pet food products, providing pet owners with convenient one-stop shopping destinations. The strategic placement of pet food aisles within these establishments capitalizes on foot traffic, ensuring maximum exposure to products and fostering consumer engagement.

Moreover, the diverse product offerings in supermarkets and hypermarkets cater to varying pet preferences and dietary needs, making them ideal platforms for both mass-produced and specialized pet food options. The expanding reach of these retail channels enhances the product visibility and drives consumer choices, enabling pet food companies to leverage this influence, thereby propelling market growth. The extensive presence of various pet food products variants in supermarkets and hypermarkets is a key driving force behind the growth and accessibility of the pet food market.

Breakup by Region:

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

North America exhibits a clear dominance in the market

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

North America stands at the forefront of propelling the pet food market's growth, fueled by its remarkable combination of a substantial and continuously expanding pet ownership rate, coupled with an elevated consciousness surrounding pet well-being and optimal nutrition. This region stands as a hub of robust demand for top-tier pet food products that emphasize quality and health. The evolving consumer proclivity for premium, naturally sourced, and tailored offerings harmonize seamlessly with the dynamic market forces in North America, infusing a spirit of innovation into product development and fostering a competitive milieu. The region's well-structured distribution networks, encompassing specialized pet stores and seamlessly integrated e-commerce platforms, further bolster accessibility and availability for consumers. Moreover, the rising economic stability and the emerging trend of considering pets in North America as valued family members have catalyzed the market growth.

Competitive Landscape:

Key players in the pet food industry are consistently driving innovation to meet evolving consumer demands. Moreover, various advancements in personalized nutrition are driving the market growth, with companies developing tailored diets based on a pet's age, breed, and health requirements. Novel protein sources, such as insect-based and plant-based options, are gaining traction as sustainable alternatives. Additionally, the integration of advanced manufacturing technologies, such as 3D printing, is enabling the creation of intricate textures and shapes that enhance both palatability and oral health benefits. These industry players are also embracing blockchain and traceability solutions to provide transparent sourcing information, assuring consumers of ingredient authenticity and quality. Such innovations collectively reflect the industry's commitment to addressing pet owners' concerns while fostering responsible and cutting-edge practices in the pet food landscape.

The market research report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

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

Recent Developments:

• In August 2023, Mars, Incorporated, a renowned family-owned conglomerate recognized globally for its expertise in confectionery, food, and pet care products and services, proudly declares the successful culmination of its acquisition of Kevin’s Natural Foods, a thriving enterprise dedicated to crafting nourishing and wholesome meals. This strategic move marks a significant step forward as Kevin’s Natural Foods has now become an integral part of the distinguished Mars Food & Nutrition segment.
• In August 2023, Nestlé SA expanded its portfolio of plant-based products to give consumers more options for nutritious, tasty alternatives to meat. With a commitment to catering to diverse dietary preferences and evolving tastes, the company has embarked on a journey to diversify its portfolio. In a remarkable stride toward this vision, Nestlé has unveiled a new series of shelf-stable plant-based cooking solutions in Chile, proudly presented under the Maggi Veg brand, which proudly holds vegan certification.
• In August 2022, The J.M. Smucker Co., a prominent and well-established presence in the consumer goods sector, took a momentous step by disclosing its first-quarter earnings report, offering a comprehensive glimpse into its financial performance for the initial quarter of the fiscal year. This disclosure underscores the company's commitment to transparency and accountability, providing investors, analysts, and stakeholders with essential insights into its revenue, profitability, and operational trends.

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 2017-2028.
• 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 assist 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.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.