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. People used the lockdown as an opportunity to work from home and acquire a family pet. Numerous studies have revealed that because pets keep people company, pet owners report less problems like loneliness and despair. In the first few months of 2020, dog breeders and rescue organizations reported an upsurge in inquiries from people wishing to adopt dogs. In the 12 weeks from February to May 2020, the overall sales of cat and dog treats climbed by 6.5 percent, according to research released by Mars Petcare, a well-known pet food manufacturer. This indicates the pet food industry's growth, which is expected to continue in the wake of the pandemic.
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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.
Customized Pet Food is Gaining Traction in the Globe Propel Market growth
The idea of customized pet food products is gaining popularity in developed areas and is anticipated to do the same in emerging markets in the coming years. As pet owners become more aware of the food, they are giving their pets, personalization of pet food items has a lot of potential to increase tremendously. A tremendous potential opportunity exists for brands or businesses that provide specially made and tailored food items for pet animals as pet owners are leaning toward having better control over the components used in the manufacturing of pet food products. Additionally, there is a lot of opportunity for tailored food items because some of them are effective in treating certain pet problems like obesity and dry skin.
Growing Pet Ownership in Developing Countries
Pet humanization is a term that is increasingly used to describe how pet owners want to give their animals human-like experiences or products. Pet owners seek pet food that offers nutritional benefits, premium ingredients, increased digestibility, and animal safety since they view their pets as members of their families. The demand for premium pet food with a high nutritional content is benefiting from this trend. A higher awareness of wholesome eating practices is the result of the humanization of pets.
Serious Regulatory Affairs Concerns Associated with Pet Foods
One of the food categories that is most strictly regulated is pet food, especially in western markets. In industrialized markets, pet animal foods are thoroughly scrutinized at every level, from the ingredients used to prepare the food to sales and marketing. The intense scrutiny involved in commercialization may be a major barrier to the market's growth. A further factor that may limit market expansion in some developing economies is the decreased acceptance of premium or expensive pet foods.
Global Pet Food Market Report Coverage
|Market Size in 2021:||USD 112.13 Billion|
|Forecast Period 2021-2030 CAGR:||4.50%|
|2030 Value Projection:||USD 170.11 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||229|
|Tables, Charts & Figures:||119|
|Segments covered:||By Animal Type, By Form, By Source, By Distribution, By Region, COVID-19 Impact Analysis|
|Companies Covered:||Mars Incorporated, Nestle S.A., The J.M. Smucker Company, Colgate-Palmolive Company, General Mills, Inc., Diamond Pet Foods, Heristo AG, Tiernahrung Deuerer GmbH, 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., Others|
|Growth Drivers:||1) Customized Pet Food is Gaining Traction in the Globe Propel Market growth 2) Growing Pet Ownership in Developing Countries|
|Pitfalls & Challenges:||Serious Regulatory Affairs Concerns Associated with Pet Foods|
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The global pet food market is segmented by Animal Type, Form, Source, Distribution Channel, and Region. Based on the Animal Type, the market is categorized into Dog, Cat, and Others. Based on Form, the market is categorized into Dry, Wet, and Semi-Moist. Based on Source, the market is categorized into Animal-Based, Plant-Based, and Others. Based on Distribution Channel, the market is categorized into Supermarkets/Hypermarkets, Specialty Pet Food Stores, Online, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
By Animal Type Insight
Based on animal type, is categorized into dog, cat, and others. Due to growing consumer awareness of pet health, which has led to a greater focus on maintaining and improving dogs' general health, the dog segment is anticipated to dominate the worldwide pet food industry. Customers select from a selection of foods and give product brands a high priority. The goal of producers is to expand into the market for upscale food products and raise their overall profit margin.
By Form Insight
Markets are divided into Dry, Wet, and Semi-Moist categories based on form. Due to the increased simplicity with which it can be stored and served to pets without leaving a mess, the dry range segment is anticipated to dominate market share of the global pet food market. Urban consumers, who are increasingly choosing dry pet food, will benefit from this. useful for providing dogs with the proper dental care by preventing plaque buildup and minimizing tartar accumulation on the animal's teeth. Additionally, this product category gives animals the crunch and chewing they need to maintain their general health. Food that is not canned has to be frozen less than food that is canned. Furthermore, compared to wet form products, dry form ones are more practical and have a longer shelf life.
MARKET SEGMENTATION: BY REGION
The Global Pet Food Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
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). The market for wholesome pet food is growing due to North American consumers' good attitudes regarding pet humanization and their widespread acceptance of it. Governments in North America have adopted price support mechanisms and favorable trade policies, all of which help the industry grow. The demand for pet food ingredients is increasing as more people own dogs and cats as pets.
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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. The biggest market in Europe is the United Kingdom, followed by Germany and France. Seventy-two percent of pet owners in the UK consider themselves to be pet parents, according to the Mars Petcare State of the Pet Nation poll. Additionally, quality and natural pet food is preferred by pet owners in the UK, which also contributes to the increased usage of pet food.
- Mars Incorporated
- Nestle S.A.
- The J.M. Smucker Company
- Colgate-Palmolive Company
- General Mills, Inc.
- Diamond Pet Foods
- Heristo AG
- Tiernahrung Deuerer GmbH
- 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.
- March 2021, Mars Incorporated committed $200 million to the expansion of its Royal Canin facility in Lebanon. To increase its production capacity, the company will install five new corporate lines.
- December 2020, Nestle S.A. has announced plans to invest USD 550 million to increase the size of its Georgia pet food manufacturing facility.
The scope of the report includes a detailed study of regional markets for Global Pet Food Market. The global pet food market is segmented by Animal Type (Dog, Cat, and Others), by Form (Dry, Wet, and Semi-moist), by Source (Animal-based, Plant-based, and others), by Distribution Channel (Supermarkets/Hypermarkets, Specialty Pet Food Stores, Online and Others) and Region. It shows the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Pet Food Market.
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