Pet Food Market Growth Will Escalate Rapidly by 2030

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.

 

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.

 

Browse through Grand View Research’s Animal Feed and Feed Additives Industry Research Reports.

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Pet Food Market Segmentation

Grand View Research has segmented the global pet food market based on type, animal, and region:

 

  • Pet Foods Type Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
    • Dry Food
    • Wet Food
    • Snacks/Treats

 

  • Pet Foods Animal Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
    • Dog
    • Cat
    • Others

 

  • Pet Foods Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2017 – 2030)
  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Africa

 

Market Share Insights

  • March 2021: The U.S. base leading pet food manufacturer, Mars, Inc., invested USD 200 million to expand its Royal Canin plant in Lebanon.
  • December 2020: Nestle Purina Petcare declared to put money USD 550 million to expand its pet food manufacturing facility in Georgia.

 

Key Companies profiled:

Some prominent players in pet food market include,

  • The J.M. Smucker Company
  • The Hartz Mountain Corporation
  • Mars Incorporated
  • Hill’s Pet Nutrition, Inc
  • Nestlé Purina
  • Lupus Alimentos
  • Total Alimentos SA
  • Blue Buffalo Pet Products, Inc.
  • WellPet LLC
  • Diamond Pet Foods

 

Order a free sample PDF of the Pet Food Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

 

 

 

 

 

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