Pet Food Market size is set to grow by USD 41 billion from 2024-2028, Growing demand for organic pet food boost the market, Technavio

NEW YORK, July 24, 2024 /PRNewswire/ -- The global pet food market size is estimated to grow by USD 41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 6.15% during the forecast period. Growing demand for organic pet food is driving market growth, with a trend towards increasing demand for pet food with savory ingredients and smaller portions. However, increasing instances of pet allergies among pet owners poses a challenge. Key market players include Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Unicharm Corp., and Wellness Pet Co. Inc..

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Market Driver

The global pet food market is witnessing an upward trend with vendors introducing new savory ingredients in their pet food lines. Nestle SA (Nestle Purina) is one such example with its PRO PLAN SAVOR SHREDDED BLEND, featuring a mix of hard kibble and tender meat for cats. This trend is expected to continue as more vendors launch savory varieties, catering to the increasing preference for flavorful pet food. Additionally, the rise in popularity of smaller dog breeds is leading vendors to offer smaller portions in both dry and wet pet food. This trend is anticipated to gain momentum during the forecast period, contributing to the growth of the global pet food market.

Pet owners are increasingly prioritizing the dietary needs of their furry friends, leading to a surge in demand for home-cooked food and premium pet products. The global pet population, including dogs, cats, birds, small mammals, rodents, and ornamental fish, continues to grow. Millennials are driving pet expenditure with their love for pets and concern for their health. Body size, oral system health, and specific dietary requirements influence the choice of pet food. Market trends include stockpiling of pet products, customized and personalized offerings, and obesity prevention. Premium pet food, pet grooming, pet daycare, and pet walking services are popular. Offline stores, hypermarkets, specialty stores, and online channels cater to diverse consumer preferences. Dry pet food, wet pet food, snack treats, and animal-based or plant-based options are available. High-priced products with long shelf-life, such as animal meal-based and plant-based sources, are in demand. Health concerns, such as obesity and skin and coat issues, are key considerations. Pet ownership culture is on the rise, fueling demand for pet products and services.

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Market Challenges

• The pet food market faces challenges due to health concerns associated with pet ownership. Harmful bacteria like Campylobacter jejuni, transmitted through animals, can cause diseases such as cryptosporidiosis, posing health risks to humans, particularly children. Allergies to pets, particularly cats and dogs, are a significant issue. Approximately 15%-30% of allergies, including asthma and allergic rhinitis, are caused by pet dander, saliva, or urine. These allergens can cause symptoms like swelling, itching, redness, rashes, coughing, and asthma attacks. Individuals with weakened immune systems or existing diseases like asthma are advised against pet adoption. These health concerns limit pet adoption and negatively impact sales of pet care products, including pet food, thereby hindering the growth of the global pet food market during the forecast period.
• The pet food market faces several challenges in providing optimal nutrition for domesticated animals. Sweeteners, vitamins, minerals, enzymes, and standard nutritional requirements must be balanced in pet foods. Sourcing commodities like grains, fruits, and animal protein meals can impact pricing and availability. For carnivorous species like dogs, protein components from water, fat, and animal-based sources are crucial. Shelf life and special storage facilities are necessary for wet food products. Balanced diets are essential for pet health, with high protein requirements for active animals. Pricing pressures increase due to rising vet care costs for conditions like joint disease, lack of exercise, overfeeding, high blood pressure, and diabetes. Commercial pet foods must offer nutritious options to meet the premiumization and pet humanization trends. Pet adoption continues to grow, increasing demand for a wide range of pet food types and supplies.

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Segment Overview

This pet food market report extensively covers market segmentation by

1. Product
• 1.1 Dry food
• 1.2 Wet food
• 1.3 Snacks and treats
2. Type
• 2.1 Dog food
• 2.2 Cat food
• 2.3 Others
3. Geography
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Dry food- The pet food market is a significant business sector, catering to the nutritional needs of various pets. It includes dry, wet, and raw food products. Major players in this industry include Nestle Purina, Mars Inc., and Colgate-Palmolive. Consumers prioritize high-quality ingredients and health benefits when choosing pet food. The market size is expected to grow due to increasing pet ownership and rising awareness about pet health. Companies invest in research and development to launch innovative products. The market is competitive, with companies focusing on pricing strategies and marketing efforts to attract customers.

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The Fresh Pet Food Market in the US is experiencing rapid growth due to increasing pet humanization and demand for high-quality, nutritious pet meals. Meanwhile, the Pet Food Market in Taiwan is expanding as pet ownership rises, and consumers seek premium and specialized pet food products. Globally, the Pet Care Market is booming, driven by advancements in pet health products, grooming services, and innovative pet technologies, reflecting the growing importance of pets in households worldwide. This trend underscores the significant potential for growth and innovation in the pet care industry.

Research Analysis

Pet Food Market: Nourishing the Health and Happiness of Cats and Dogs (and More)! The pet food market is thriving as pet humanization and premiumization continue to rise. Pet owners seek out nutritious food for their furry friends, with innovative ingredients like probiotics, antioxidants, and essential nutrients becoming increasingly popular. Organic pet food is another trend, as pet owners prioritize the health and wellbeing of their cats, dogs, birds, small mammals, and rodents. Flavors and personalized products cater to pets' unique dietary needs and preferences. Commercial foods offer convenience, while home-cooked meals provide a customized approach. The market includes a wide range of options, from dry and wet pet food to snack treats, animal-based and plant-based formulas, and more. As obesity becomes a concern for many pets, the focus on essential nutrients and balanced nutrient profiles is crucial. The pet food industry continues to evolve, offering customized and personalized products to meet the diverse needs of pets and their owners. Stockpiling and long-term planning are also factors in the market, ensuring pets receive the best possible care.

Market Research Overview

Pet food market is a dynamic and growing industry that focuses on providing nutritious and innovative options for domesticated animals such as cats and dogs. The market offers a variety of food types, including organic, meat-based, and grain-based, each with essential ingredients like probiotics, antioxidants, vitamins, minerals, enzymes, and amino acids to ensure standard nutritional requirements are met. Flavors and palatants are also essential to entice pets to eat. Manufacturing processes include grinding, cooking, and mixing of commodities like meat, meat byproducts, cereals, grains, specialty proteins, and agricultural-based products. Fruits, animal protein meals, and vegetable byproducts are also used as ingredients. Pet food prices vary based on the type of food, with dry dog food and wet food products having different shelf lives and storage requirements. Specialty foods cater to specific dietary needs, such as those for cats, carnivorous species, and animals with health concerns like joint disease, lack of exercise, overfeeding, high blood pressure, and diabetes. Pet owners increasingly prioritize their pets' health and wellbeing, leading to the trend of pet humanization and premiumization. This has resulted in an increase in pet expenditure on nutritious foods, vet care, pet products, pet grooming, pet daycare, and pet walking. The market also caters to birds, small mammals, rodents, and ornamental fish, with food options tailored to their specific dietary needs and body sizes. Millennials are a significant demographic in the pet food market due to their strong attachment to their pets and willingness to spend on high-quality products.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Product
• Dry Food
• Wet Food
• Snacks And Treats
• Type
• Dog Food
• Cat Food
• Others
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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