What is the global market size of the Pet Food Market?

Global Pet Food Market size was valued at USD 95.1 billion in 2021 and is poised to grow from USD 99.1 billion in 2022 to USD 139.29 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).

Who are the key vendors in the Global Pet Food Market?

The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions. 'Mars Petcare Inc.', 'Nestlé Purina PetCare', 'Hill's Pet Nutrition Inc.', 'Blue Buffalo Co., Ltd.', 'The J.M. Smucker Company', 'Diamond Pet Foods Inc.', 'Deuerer GmbH', 'Nutriara Alimentos Ltda', 'WellPet LLC', 'Merrick Pet Care', 'Diamond Pet Foods Inc.', 'Sunshine Mills, Inc.', 'Ainsworth Pet Nutrition', 'Agrolimen SA', 'InVivo NSA', 'Big Heart Pet Brands', 'Unicharm Corp.', 'Doane Pet Care', 'C&D Foods Holdings Ltd.', 'Colgate-Palmolive Co.'

What is the key driver of the Global Pet Food Market?

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.

What is the key market trend for the Global Pet Food Market?

Pets are increasingly being treated as members of the family by their owners. This trend in pet humanization has boosted pet expenditure while increasing demand for safe and nutritional pet health products. The concept of personalized 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 potentials 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 ingredients used in the manufacturing of pet food products.

Which region accounted for the largest share in the Global Pet Food Market?

North America currently holds the majority share in the global Pet Food Market and the region is predicted to lead the market throughout the forecast period. One of the key factors in the region's supremacy is the high rate of pet adoption in American households. A poll by the American Pet Products Association (APPA) found that around 85 million American families, or 67% of all households in the country, have pets. The adoption of pet humanization and the favorable public perception of it in North America are fostering market expansion for wholesome pet food products.

Pet Food Market Size, Share, Growth Analysis, By Pet Type(Dogs, Cats, Others), By Food Type(Dry Food, Wet Food, Treats & Snacks and Others), By Sales Channel(Supermarkets & Hypermarkets, Specialized Pet Shops, Online Sales Channel and Others), By Region - Industry Forecast 2024-2031

Report ID: SQMIG30K2044 | Region: Global | Published Date: August, 2024
Pages: 157 | Tables: 89 | Figures: 76

Pet Food Market News

In August 2024, with recyclable packaging and sustainable sourcing, Nestlé Purina Petcare has come out with their new line of environmentally friendly pet foods. Through this program, the company aims to meet consumers’ ever increasing thirst for eco-friendly goods while still maintaining the highest standards of pet nutrition.
In June 2024, The up-to-date and new digital platform has been introduced by Mars Petcare with an advanced range of individualised pet food. This platform enhances nutritional accuracy and forges specific diet plans by relying on pet medical information which in turn meet the special health requirements of each dog through AI based evaluations.
In July 2024, A premium brand of grain-free pet foods was added to the J.M. Smucker Company's inventory. With premium, nutrient-dense ingredients, this innovation satisfies the growing trend of grain-free meals among pet owners looking to address dietary sensitivities and enhance overall canine health.

Pet Food Market Report Snapshots

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Global Pet Food Market size was valued at USD 95.1 Billion in 2022 poised to grow from USD 99.1 Billion in 2023 to USD 139.29 Billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

Many large companies competing for market share with a range of product offerings define the competitive landscape of the global pet food market. A few of the top global businesses that propel innovation in high-end and speciality pet food products include J.M. Smucker Company, Nestlé Purina Petcare, and Mars Petcare. Finally, Royal Canin and Hill’s Pet Nutrition are examples of firms that can be said to influence market dynamics through emphasizing custom nutrition and health-oriented products. The market is very active with continuous product developments and strategic expansions. 'Mars Incorporated (US) ', 'Nestlé Purina PetCare (Nestle S.A.) (Switzerland) ', 'Hill's Pet Nutrition Inc. (US) ', 'The J.M. Smucker Company (US) ', 'Diamond Pet Foods Inc. (US) ', 'Tiernahrung Deuerer GmbH (Germany) ', 'General Mills, Inc. (US) ', 'WellPet LLC (US) ', 'Sunshine Mills, Inc. (US) ', 'Royal Canin (US) ', 'Agrolimen SA (US) ', 'Drools Pet Food (India) ', 'Merrick Pet Care, Inc. (US) ', 'Unicharm Corp. (Japan) ', 'Heristo AG (Germany) '

A major factor driving the global pet food market is the worldwide trend of pet humanization, in which animals are viewed more and more as members of the family. Thus, there is an elevated demand for premium, organic and healthy pet foods due to the emergence of such social change, where owners are trying to give their pets the best care and feeding possible.

Customized Recipes and Specialized Diets for Enhanced Pet Health: Among the significant strategies that businesses use are differentiation strategies, which set them apart from similar companies in the pet food industry. These organizations are trying to differentiate themselves with respect to pet food products by creating recipes specifically designed for different dietary requirements or to tackle various health problems facing animals. Similarly, other businesses focus on grain-free or hypoallergenic diets; these pet goods are intended for pet owners whose animals have food sensitivity issues.

The global pet food market is dominated by North America due to its high rates of pet ownership, robust economy and strong culture for pet humanization where pets are seen as family members. The region’s already established pet food industry gains from continuous advancements in premium, organic and health-oriented products to meet the complexities of owners’ requirements. The industry is growing due to North America's sophisticated distribution networks, extensive retail presence, and large investments in pet wellness. North America's dominant position in the global pet food market is further supported by regulatory support and consumer preference for premium, safe pet food products.

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Pet Food Market Size, Share, Growth Analysis, By Pet Type(Dogs, Cats, Others), By Food Type(Dry Food, Wet Food, Treats & Snacks and Others), By Sales Channel(Supermarkets & Hypermarkets, Specialized Pet Shops, Online Sales Channel and Others), By Region - Industry Forecast 2024-2031

Pet Food Market News

Pet Food Market Report Snapshots

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What is the global market size of Pet Food Market?

Who are the key vendors in the Pet Food Market?

What is the key driver of Pet Food Market?

What is the key market trend for Pet Food Market?

Which region accounted for the largest share in Pet Food Market?

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