Global Pet Food Market Overview
Pet Food Market Size was valued at USD 95.9 billion in 2022. The Pet Food market industry is projected to grow from USD 101.74 Billion in 2023 to USD 145.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023 - 2030).
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Increasing pet ownership: The number of pets owned around the world is on the rise. This is due to several factors, including urbanization, rising disposable incomes, and changing social values.
Humanization of pets: Pets are increasingly being seen as members of the family, and pet owners are willing to spend more money on their furry friends. This is driving demand for premium pet food products.
Growing awareness of pet health and nutrition: Pet owners are becoming more aware of the importance of feeding their pets a healthy and nutritious diet. This is driving demand for natural and organic pet food products.
Trends in the pet food market
Several trends are emerging in the pet food market, including:
Premiumization: Pet owners are increasingly willing to spend more money on premium pet food products. This is due to the humanization of pets and the growing awareness of pet health and nutrition.
Natural and organic: Pet owners are also increasingly demanding natural and organic pet food products. This is due to the growing awareness of the importance of feeding pets a healthy and nutritious diet.
Functional pet food: Functional pet food products are designed to address specific health concerns, such as allergies, weight loss, and joint health. These products are becoming increasingly popular as pet owners become more aware of the importance of preventive care.
Personalization: Pet owners are also increasingly demanding personalized pet food products. These products are tailored to the individual needs of each pet, based on factors such as age, breed, and health status.
Segment Analysis
The Global Pet Food Market has been segmented based Pet Type, Product Type, Distribution Channel
The Pet Food Market segmentation, based on pet type, includes cats, dogs, fish, and others. The dog segment held the majority share in 2022 in the Pet Food Market revenue. Dog weight maintenance and improvement have received more attention because of growing consumer awareness of pet health issues. Customers choose from a variety of foods that are offered and heavily rely on product brands. Manufacturers are constantly working to increase their overall profit margin by breaking into the market for premium food products.
The Pet Food Market segmentation, based on product type, includes dry food, wet food, and snacks & treats. The dry food segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period. This product category provides the crunch and chewing that animals need to maintain their general health. Dry food does not require freezing in the same way that canned food does. The high moisture content of this product type benefits the urinary tract as well as keeping pets hydrated. Hence, the rising demand for dry Pet Food positively impacts market growth.
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The Pet Food Market data has been bifurcated by distribution channels into store-based and non-store-based. The store-based segment dominated the market in 2022. The primary driver of this dominance is consumers' strong preference for shopping at big-box retailers because they have a wide variety of options for brands and prices there. It is anticipated that the appealing shelf arrangements in specialty pet food retail stores, along with the increased availability of exotic, custom-made, and premium food products for pet animals within these stores, will further accelerate the growth of the segment.
Regional Analysis
The Global Pet Food Market Size, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific Pet Food market accounted for USD 43.9 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The rising demand for high-end dog food is to blame for the regional market expansion. According to the Alltech Global Feed Survey, Asia Pacific saw a 3% increase in pet food production in 2021. Moreover, the China Pet Food market held the largest market share, and the India Pet Food market was the fastest-growing market in the Asia-Pacific region.
In India, the idea of caring for pets and owning them is a very urban phenomenon. As a result, the rate of urbanization has a significant impact on the market's growth. Infrastructure changes over the last 20 years indicate a very positive and quick movement in this direction. The overspending on pets that Indian consumers are prone to be gradually giving way to a sentiment of "pet humanization" and sensitization, trends that are amply supported by the sharp increase in adoption rates. Therefore, the market's growth is being significantly fueled by rising concerns about the health and nutrition of pets.
The North America Pet Food Market is held the second largest market in 2022. The growing consumer awareness of the positive effects on pet health and the trend toward the humanization of pets are the main drivers of the regional demand for pet food. It is also anticipated that the rising millennial trend of pet adoption will support market expansion. The American Pet Products Association (APPA) estimates that about 38% of Americans own cats, with an average of two cats per household.
Europe Pet Food market accounts for the third-largest market share due to the growing pet such as cats and dogs adoption and growing expenditure on pet care. The European Pet Food Industry Federation (FEDIAF) estimates that over 80 million households in Europe have at least one pet. Further, the Germany Pet Food market held the largest market share, and the UK Pet Food market was the fastest-growing market in the European region.
Key Findings of the Study
The Global Pet Food Market is expected to reach USD 145.15 billion by 2030, at a CAGR of 6.10% during the forecast period.
Asia-Pacific Pet Food market accounted for USD 43.9 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. The rising demand for high-end dog food is to blame for the regional market expansion.
The Pet Food Market Segmentation, based on pet type, includes cats, dogs, fish, and others. The dog segment held the majority share in 2022 in the Pet Food Market revenue.
Cargill Incorporated (US), Archer Daniels Midland Company (US), BASF SE (Germany), DuPont (US), and Ingredion Incorporated (US).
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