Global Pet Food Market Size to grow USD 170.11 Billion by 2030 | CAGR of 4.50%Category: Agriculture
Global Pet Food Market Size is expected to be worth USD 112.13 Billion in 2021 and is estimated to reach up to USD 170.11 Billion by 2030, at a compound annual growth rate (CAGR) of 4.50% from 2021 to 2030. as per the latest research report by Spherical Insights & Consulting.
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To address the needs of diverse animal species and age groups, the key worldwide market participants are focusing their efforts on creating a wide range of pet food products. Recently, businesses like General Mills, Nestle, and Mars Inc. have introduced luxury food products to grab consumers' attention and satisfy the needs of expanding pets. To make better use of the planet's resources, Nestle Purina, for instance, created pet food based on alternative proteins in November 2020. Among the choices are insects and plant proteins from fava beans and millet. Similar to this, General Mills, Inc. declared that their new cat food would go on sale in March 2021.
Browse key industry insights spread across 240 pages with 95 market data tables and figures & charts from the report Global Pet Food Market Size, Share & Trends, COVID-19 Impact Analysis Report, By Animal Type (Dog, Cat, and Others), By Form (Dry, Wet, Semi-moist, and Others), By Source (Animal-based, Plant-based, and Others), By Distribution Channel (Supermarkets/Hypermarkets, Specialty Pet Food Stores, Online and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030 in detail along with the table of contents https://www.sphericalinsights.com/reports/pet-food-market
Convenience advantages are anticipated to be the primary driver of demand for dry organic and natural pet food. Contrary to the majority of traditional pet feeds, organic and natural pet foods are frequently used. The demand for dog food is anticipated to expand over the anticipated time period, and the premium pet food segment is anticipated to gain ground. Dry dog food is significantly more in demand than its competitors due to its simplicity in storage and ability to be fed to dogs without creating a mess. Urban consumers, who are increasingly choosing dry pet food, will benefit from this.
The increase in pet ownership has been mostly attributed to young people. More than half of new pandemic pet parents are between the ages of 16 and 34. Current pet owners are another important factor in pet purchases; 42% of them have acquired a new animal after the lockdown. During COVID-19, 74% of pet owners said their animal companions had improved their mental health.
COVID-19 has an extremely damaging effect on the food industry's supply chain. The pet food business originally experienced supply and cash flow issues as a result of restrictions on the movement of raw materials. On the other side, demand for pet food grew progressively over the world as more individuals adopted pets in response to a growing need for company during the lockdown. To meet this need, market players have switched their attention away from physical storefronts and toward e-commerce platforms, increasing their investments in the creation of their own websites. On the other side, as more individuals adopted pets in reaction to a greater desire for company during the lockdown, pet food consumption steadily climbed in many parts of the world. Participants in the market are attempting to meet this need.
One of the main market drivers is expected to be the rising prevalence of pet ownership worldwide, particularly in emerging nations. Rising urbanization and the humanization of pets are pushing pet owners to choose wholesome and high-quality food for their animals, which is further accelerating the market's growth rate.
Consumers' increased per capita incomes are encouraging them to spend money on organic and healthy pet food items to improve the health of their pets. Additionally, the simple accessibility of goods in a variety of price ranges is aiding the global market's expansion. They provide customers with a variety of options and financial statuses.
To meet the needs of diverse species of animals belonging to various age groups, the major players in the global market are concentrating on releasing a variety of pet food products. The global market is expected to be driven by this. Companies including General Mills, Nestle, and Mars Inc. have launched luxury food items in recent years to attract customers' attention and meet the requirements of expanding pets. For instance, in an effort to better utilize the resources of the planet, Nestle Purina introduced pet food in November 2020 that is based on alternative proteins. Insects and millet and fava bean proteins are included in the variety. Similar to that, General Mills, Inc. declared the release of its new cat food in March 2021.
The market is divided into two categories according on the source: animal-based and plant-based. Because animal sources are so readily available, the animal-based category is predicted to hold a hefty market share in the global pet food market. Pet food industry has always made substantial use of animal products. All across the world, cat and dog diets are frequently made using fish meal, chicken meal, and animal meal.
The market is divided into supermarkets/hypermarkets and internet based on distribution channel. Because they are easily accessible and preferred by customers who prefer to touch and inspect products before purchasing, supermarkets and hypermarkets are predicted to hold the lion's share of the worldwide pet food business. This dominance can be used to explain why a considerable portion of consumers choose to purchase goods from large retail locations where they have a wide range of brand and price options. The segment is projected to grow due to the enticing shelf arrangements in specialty pet food retail stores and the increased availability of unusual, custom-made, and premium pet food products in these stores. Due to the enormous popularity of e-commerce platforms, the online sector anticipates over the following few years. The Covid-19 outbreak has greatly increased revenues in the e-commerce industry.
The global pet food market is competitive, with a number of global & regional players operating. Some of the key players in the market includes Mars Incorporated, Nestle S.A., Colgate-Palmolive Company, The J.M. General Mills, Inc., Smucker Company, Diamond Pet Foods, Tiernahrung Deuerer GmbH, Heristo AG, Merrick Pet Care, Inc., WellPet LLC, The Hartz Mountain Corporation, Hill’s Pet Nutrition, Inc, Lupus Alimentos, Total Alimentos SA, Blue Buffalo Pet Products, Inc., and others.
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North America is anticipated to have the largest market share of the worldwide market for pet food due to the presence of important figures and the rise in pet adoption in American households. Around 85 million American families, or about 67 percent of all households, own pets, according to a poll conducted by the American Pet Products Association (APPA). However, Europe is anticipated to see the greatest growth rate throughout the projected period of the global pet food market due to the rising cost of healthy pet food as a result of the trend toward pet humanization. Additionally, European pet owners want more transparency in the ingredients of pet food products.
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