NEWARK, Del, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The pet snacks and treats market size is poised for significant growth and is expected to reach from US$ 13,684.5 million in 2024 to US$ 22,215.1 million by 2034. The pet snacks and treats sales are set to record a CAGR of 5.0% from 2024 to 2034.
Key Forces Shaping the Future of the Pet Snacks and Treats Market :
- Pet owners prioritize quality over affordability and focus on tasty and nutritious food and natural supplements.
- The pet parents in the digital generation prefer to shop online. The accessibility of products on e-commerce platforms and marketing strategies through social media is driving its sales.
- Millennials are open to new and cutting-edge products, unlike older generations. These reasons fuel dog treat market expansion because they are willing to spend money on high-quality pet products.
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Hurdles in the Global Pet Treats Industry:
- Pricey snacks made from various products make buying these treats difficult for lower-income groups. Therefore, growth in the market is going to be inhibited by the high cost of many premium, sturdy products despite their accessibility.
- Extensive regulations can hinder the growth of the pet snacks and treats market growth. The policies enacted by Western nations pose a challenge to pet treat market expansion. It is anticipated that the stringent commercialization of these goods can stifle market expansion.
Catalysts of Growth in Asia Pacific’s Pet Treats Industry:
- The growing trend of pet ownership and increased knowledge of pet nutrition and health is fueling the growth of the Asia Pacific market.
- Pet owners' growing disposable income and viewing their pets as family members stimulate pet treat demand.
Shaping Market Trends in North America Pet Treats:
- The cat snacks industry is dominated by North America, which has a well-established pet care sector and a strong emphasis on the welfare of pets.
- The North America pet treats market dynamics are shaped by premiumization as consumers look for natural, high-quality treats that also serve a purpose for their pets.
- In North America, e-commerce is widespread and offers customers easy access to an enormous array of pet snacks and treats.
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Insights into Europe Market Dynamics of Dog Treats Products:
- The pet humanization trend and the demand for sustainable and organic products are propelling Europe's steady pet treat market growth.
- There is a growing need for healthy, portion-controlled treats in the Europe pet snacks and treats industry due to growing awareness of pet obesity and the value of preventive healthcare.
- Pet owners in Europe are interested in new protein sources for their pets and prefer locally sourced ingredients.
“Opportunities emerge in the dynamic market as consumer pet snacks consumption trends shift toward premium and health-conscious alternatives. The industry's capacity for innovation is underlined, and companies are urged to adapt to the changing needs of pet owners. Sustained growth in the lucrative pet chew treats sector depends on maintaining product offerings' agility and capitalizing on developing market dynamics.” - Opines Sneha Verghese, Senior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
Key Takeaways :
- The dog segment in the pet type category to grab a share of 42.8% from 2024 to 2034.
- In the distribution channel category, the specialty pet store segment acquired a market share of 87.3% between 2024 and 2034.
- The United States pet snacks and treats sales are anticipated to surge at a CAGR of 4.4% in 2024.
- Germany pet snacks and treats market is to develop at a CAGR of 3.5% in 2024.
- The France pet snacks and treats industry is expected to accelerate a CAGR of 4.4% between 2024 and 2034.
- China pet snack and treat sales are expected to surge at a CAGR of 9.1% until 2034.
- India pet snacks and treats industry is anticipated to boost at a CAGR of 6.4% in 2024.
Competitive Landscape:
The dog treats market is distinguished by the existence of a few sizable multinational corporations that are established all over the world. Nestlà Purina is anticipated to be the market leader among all of these. Other significant pet snacks and treats vendors concentrate on research and development to create high-quality products with broader applications.
Recent Developments:
- Hill's Pet Nutrition acquired Nutriamo's manufacturing facility in May 2022. With this acquisition, Hill's hoped to help open Europe's first facility for canned pets. The acquisition was a crucial step in the global supply chain strategy to meet pet parents' growing demand for science-based nutrition.
- Hill's Pet Nutrition introduced the ground-breaking Weight Management & Active Mobility pet food in March 2022. The solution has been clinically proven to help dogs achieve and maintain a healthy weight while providing increased mobility support.
Vital Pet Snacks and Treats Market Manufacturers :
- Mars, Incorporated and its Affiliates
- Nestlé
- SCHELL & KAMPETER, INC.
- The J.M. Smucker Company
- Hill's Pet Nutrition, Inc.
- Addiction Foods
- Wellness Pet Company
- Spectrum Brands, Inc.
- Unicharm Corporation
- Blue Buffalo Co., Ltd
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Key Segmentation of pet snacks and treats market
By Product:
- Eatables
- Chewables
By Pet Type:
- Dogs
- Cats
- Others
By Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Pet Stores
- Online
- Others
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Authored by:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments about Consumer Retail Goods.
Her work primarily focuses on facilitating strategic decisions, planning and managing cross-functional business operations technology projects, and driving successful implementations. She has helped create insightful, relevant analyses of Food and beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore Wide-Ranging Coverage of FMI's of Consumer Product Market Domain :
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- The United Kingdom pet grooming market demand is estimated to surpass a valuation of US$ 553.1 million in 2023, registering growth at 5.7% CAGR during the forecast period (2023 to 2033). Sales in the market are projected to surpass US$ 960.4 million by the end of 2033.
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- The pet treat market share is expected to be valued at US$ 70.1 Billion in 2022. Sales are projected to increase at a CAGR of 5.7% during the forecast period, to reach a value of US$ 122.1 Billion by 2032.
- The dog food market analysis value is expected to reach US$ 45,631 million in 2023. Future Market Insights (FMI) estimates that the global sales of dog food is likely to have a valuation of US$ 81,224.9 million by 2033, growing at a CAGR of 6% over that period.
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