Pet Food Market Expected Growth to 2030 to Guide Trends

Posted on 2022-05-25 by researchinsights in Industrial // 0 Comments

San Francisco, California , USA, May 25, 2022 — /EPR Network/ —

Pet Food Industry Overview

The global pet food market size was valued at USD 94.76 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.4% from 2022 to 2030.

Increasing consumer awareness regarding natural and organic pet food products has forced the manufacturers to shift their focus from synthetic to natural products which has acted as one of the major forces impacting the global market.

The COVID-19 pandemic had an adverse effect on supply networks. The pet food sector suffered in terms of supply and cash flow due to restrictions in the movement of raw materials. Pet food demand, on the other hand, grew steadily in many parts of the world as individuals adopted more pets in response to a growing desire for the company during the lockdown. To meet this requirement, market players turned their focus from brick-and-mortar stores to e-commerce platforms.

Gather more insights about the market drivers, restrains and growth of the Global Pet Food Market

Convenience benefits related to dry organic and natural pet food are projected to drive the product demand. Unlike most conventional pet foods, organic and natural pet foods are being used on a large scale.

Growing dog food demand along with higher traction in the premium pet food segment is anticipated to drive the pet food market over the forecast period. Dry food is witnessing rapid growth in demand as compared to other product counterparts owing to its convenience in terms of storage and feeding pets without creating a mess. This is positively influencing urban consumers to increasingly opt for dry pet food.

Canned food is more palatable to dogs and cats as this product type contains proteins, fats, and a few carbohydrates. Wet/canned pet food is easy to digest and thus limits the backyard cleaning activity to a minimal. The higher digestibility offered by wet food makes it preferable for cats and dogs with illnesses and those that are finicky eaters.

The rising trend of dog adoption as a companion for families is projected to propel the product demand. Particularly dogs are witnessing an upward trend in terms of the concept of humanization of pets. This has resulted in an increased number of people owning dogs and feeding them premium food. Furthermore, rapid urbanization is among the key factors driving the market.

According to recent estimates from the Pet Food Manufacturers Association, 3.2 million homes in the U.K. have adopted a pet since the outbreak began (Paley,2021). Pet-owning households presently number 17 million in the U.S. The previously stagnating levels of pet ownership in the last five years have risen to 57 percent in May 2021 (Mintel,2021).

Young people have accounted for a large portion of the increase in pet owners. Over half of new pandemic pet parents are between the ages of 16 and 34. Current pet owners are another important driver of pet purchase, with 42% of them getting a new pet since the lockdown. During COVID-19, 74 percent of pet owners said that their pet had benefited them with their mental health.

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