What Has Been the Growth of the Pet Food Market So Far?
The pet food market has seen considerable growth due to a variety of factors.
• The size of the pet food market has seen significant expansion in the last few years. It is projected to escalate from $73.85 billion in 2024 to $79.2 billion in 2025, with a compound annual growth rate (CAGR) of 7.2%.
The historical growth can be credited to higher pet expenditure, a rise in pet ownership among gen z and gen y adults, and the development of emerging markets.
What Is the Forecasted Market Size and Growth Rate for The Pet Food Market?
The pet food market is expected to maintain its strong growth trajectory in upcoming years.
• The sector of pet food is predicted to experience remarkable growth in the upcoming years, with its market value expected to skyrocket to $105.69 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.5%.
A surge in the demand for premium and organic pet food, the impact of digital and social media marketing, an uptick in stockpiling of pet food, a rise in feeding stray and abandoned animals, and an increase in pet ownership are factors contributing to this projected growth. Key trends for the forecast period encompass investments in infrastructure to make high-quality, grain-free dog food, provision of premium pet food products, the use of ecommerce for product sales, the adoption of automated technologies, focusing on personalized food products based on the customer’s preferences, an emphasis on manufacturing pet food with organic ingredients, efforts to build a larger subscriber base, investments in CBD-infused pet food for product differentiation, and an emphasis on enhancing online sales channels alongside investments in R&D for the development of new, improved premium products.
Which Key Drivers Are Propelling Th Pet Food Market's Growth?
The expansion of the pet food production sector is propelled by the projected steady economic growth in myriad developed and developing nations. Reports from the International Monetary Fund (IMF) suggest that the global GDP growth hit 3.3% in 2020 and escalated to 3.4% the following year. The rebounding of commodity prices following a substantial plummet in the past duration is anticipated to further aid the growth of the market. Stable growth is also anticipated in the economies of developed countries over the projected timeline. Additionally, it is expected that emerging markets will maintain a marginal speed over developed markets within the same timeline. With stable economic growth comes an anticipated hike in investments in end-user markets, which in turn will catalyze the market's growth over the forecast period.
What Are The Main Segments Of The Global Pet Food Market?
The pet food market covered in this report is segmented –
1) By Type: Dog Food, Cat Food, Other Pet Food
2) By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
3`) By Distribution Channel: Specialized Pet Shops, Internet Sales, Hypermarkets, Other Distribution Channels
Subsegments:
1) By Dog Food: Dry Dog Food (Kibble), Wet Dog Food (Canned), Treats And Chews, Specialized Diets
2) By Cat Food: Dry Cat Food (Kibble), Wet Cat Food (Canned), Treats And Snacks, Specialized Diets
3) By Other Pet Food: Food For Small Pets, Food For Birds, Food For Reptiles And Fish
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What Emerging Trends Are Influencing The Growth Of The Pet Food Market Landscape?
Major participants in the pet food market, such as AI-powering dog food companies, are striving to bring forth innovative solutions. These solutions aim to offer personalized nutrition, meticulously crafted to align with the unique dietary requirements of individual pets. This AI-enabled dog food entails the use of high-end artificial intelligence algorithms and meticulous data analysis to arrive at the specialized pet nutrition composition. For instance, in January 2024, PawCo Foods, a prominent U.S. enterprise that runs a subscription-based food platform, unveiled two plant-based dog food products, namely, InstaBites and LuxBites. InstaBites provide a fresh, shelf-stable substitute that merges the convenience of kibble with high-grade nutrition. On the other hand, LuxBites are a high-end fresh food suffused with postbiotics and fermented protein to boost gut health and immunity. Both products incorporate PawCo's exclusive GreenMeat, the inaugural completely plant-based meat crafted for dogs and employ artificial intelligence to fine-tune nutrition and enhance taste.
Who Are the Key Players in the Pet Food Market?
Major companies operating in the pet food market include:
• Mars. Incorporated
• Nestle S.A.
• The J.M. Smucker Company
• Colgate-Palmolive Company
• Diamond Pet Foods Inc.
• General Mills. Inc.
• Archer Daniels Midland Company
• Saturn Petcare GMBH
• Unicharm Corporation
• Tiernahrung Deuerer GmbH
• Marukan Co. Ltd.
• Riverd Corporation Inc.
• Nippon Pet Food Co. Ltd.
• Glenand Group
• Luscious
• Pedigree
• Yantai China Pet Foods Co. Ltd.
• Real Pet Food Company
• Fressnapf
• Monge & C. Spa
• Pet Food UK
• Burgess Pet Care
• GA Pet Food Partners
• Tekro
• Brit
• Marp Pet Food
• Partner in Pet Food
• Hill's Pet Nutrition
• Nutreco
• Canadian Jerky Company Ltd.
• Corey Nutrition Company Inc.
• Elmira Pet Products Ltd.
• Malta Cleyton
• Brazilian Pet Foods S/A
• Diana Pet Food Brasil (SPF)
• Neovia Group Brazil
• Natural Pet Foods
• Premier Pet
• Bio-Pet Ltd.
• Tropikal Pet
• Cagatay Pet Food
• African Gazelle Products
• Maneli Pets
• RCL Foods
• Martin & Martin Pty Ltd
• PROMEAL
What Is The Most Dominant Region In The Pet Food Market?
North America was the largest region in the pet food market in 2024. Western Europe was the second-largest region in the pet food market. The regions covered in the pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
