Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Pet Snacks and Treats Global Market Forecasts, 2023 to 2030" report has been added to ResearchAndMarkets.com's offering.
Global Pet Snacks and Treats Market: Pawsitive Growth Fueled by Humanization Trends
The global pet snacks and treats market is on a trajectory to reach a substantial valuation of USD 12.16 billion by 2030. This growth is projected to manifest at a commendable Compound Annual Growth Rate (CAGR) of 5.2% from 2023 to 2030.
As pet humanization becomes more prevalent, consumers are investing significantly in pet snacks and treats to ensure the vitality, health, and happiness of their furry companions. An evolving shift is observed, where pet owners are transitioning from conventional high-quality options to humanized pet foods. These alternatives address specific health concerns and boast a clean ingredient profile, devoid of unnatural preservatives or genetically modified components.
The American Pet Products Association's (APPA) 2021-2022 National Pet Owners Survey underscores this trend, revealing that approximately 85 million U.S. households, constituting up to 68% of all households, own pets. This resonates with the growth seen in various pet food segments, including health-conscious treats, specialized pet foods, premium snacks, and other premium selections.
The eatables segment stood out with a significant global revenue share in 2021 and is poised to maintain its dominance throughout the forecast period. Increasing awareness regarding pet food and treats with functional benefits, such as support for joint, skin, and coat health, aligns seamlessly with the expansion of this segment. Notably, the augmented production of cultured meat to cater to clean meat/treats for pets is poised to further drive the growth of this segment.
In 2021, the dogs segment commanded the largest revenue slice. The escalating adoption of dogs as cherished pets worldwide is set to create ample opportunities for key market players during the forecast period. The American Pet Products Association's 2021-2022 survey estimates that 69 million U.S. households are proud owners of a dog.
Landscape and Leading Players
The market exudes a consolidated nature, hosting a significant number of international players alongside a few regional contenders. Noteworthy names like Mars, Incorporated (and its affiliates); Nestle; SCHELL & KAMPETER, INC.; The J.M. Smucker Company; Hill's Pet Nutrition, Inc.; Addiction Foods; Wellness Pet Company; Spectrum Brands, Inc.; Unicharm Corporation; and Blue Buffalo Co., Ltd stand as prominent figures within the global industry.
Highlights from the Pet Snacks and Treats Market Report
- North America takes the lead with the largest revenue share of 33.7% in 2022. This is attributed to the surge in pet adoption, pet humanization, and heightened awareness regarding pet health.
- The chewables segment is set to make impressive strides with a rapid CAGR of 5.5% during the evaluation period. More pet owners are opting for chewable snacks and treats, recognizing their role in promoting healthy teeth.
- The online segment is poised to accelerate at the fastest CAGR of 5.3% in the upcoming years, driven by the availability of an extensive array of pet snacks and treats in the online realm.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 122 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $8.12 Billion |
| Forecasted Market Value (USD) by 2030 | $12.16 Billion |
| Compound Annual Growth Rate | 5.2% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Pet Snacks and Treats Market Variables, Trends & Scope
Chapter 4. Consumer Behavior Analysis
Chapter 5. Pet Snacks and Treats Market: Product Estimates & Trend Analysis
Chapter 6. Pet Snacks and Treats Market: Pet Type Estimates & Trend Analysis
Chapter 7. Pet Snacks and Treats Market: Distribution Channel Estimates & Trend Analysis
Chapter 8. Pet Snacks and Treats Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
Companies Mentioned
- Mars, Incorporated (and its Affiliates)
- Nestle
- 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.
For more information about this report visit https://www.researchandmarkets.com/r/crmq47
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