Pet Food Market Size Worth USD 151.70 Billion in 2032 | Emergen Research

Vancouver, Dec. 19, 2023 (GLOBE NEWSWIRE) -- The global pet food market size was USD 99.10 Billion in 2022 and is expected to register a steady revenue CAGR of 4.3% during the forecast period, according to latest analysis by Emergen Research. Rising trend of individuals adopting pets, as well as increasing awareness about importance of caring for their health are key factors driving market revenue growth. Owners of pets are concerned not only about their physical health but also about their mental wellbeing. Manufacturers are also focusing on launching new food products that can help dogs reduce stress and anxiety, which is rising demand for pet food.

Furthermore, owing to the fact that plant-based foods are readily digestible, hypoallergenic, and intrinsically anti-inflammatory, these help to improve the immune systems of dogs, reduce their risk of sickness, and lower need to lick and scratch. Around 20% of all meat and fish produced worldwide is used for animal feed. Pet owners can save many animal lives by feeding them a plant-based diet. For instance, if pets start eating plant-based diets, they can prevent the average lifetime consumption of 500 chickens by a Beagle. For instance, on 4 August 2022, PawCo, a pet food startup announced the launch of proprietary dog food made from plant-based ingredients, which is a plant-based item that is intended only for use in pet food A range of fruit and vegetables are combined with plant-based protein in its product options such as peanut butter, apples, green mix, carrots, blueberries, and veggies. Such factors are rising demand for various pet foods and thus are expected to drive market revenue growth globally during the forecast period.

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Scope of Research

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Major Companies and Competitive Landscape

The global pet food market is moderately fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective pet food solutions. Some major players included in the global pet food market report are:

• The J.M. Smucker Company
• The Hartz Mountain Corporation
• Mars, Incorporated
• Hill's Pet Nutrition, Inc.
• Nestlé
• General Mills Inc.
• Wellness Pet Company
• Merrick Pet Care
• Tiernahrung Deuerer GmbH
• Heristo aktiengesellschaft

Strategic Development

• On 30 June 2023, Nestlé Purina PetCare announced the launch of a new supplement which is expected to target mobility in dogs. For dogs and pups of all breeds and sizes, the new Joint Care supplement aims to maintain mobility, healthy cartilage, and joints. The new supplement is a part of the Purina Pro Plan line of veterinary supplements. The soft chewable supplement took over two years to develop and was created by a team of researchers and veterinarians at Purina. Joint Care, the product made of collagen, glucosamine, hyaluronic acid, chondroitin sulfate, and Omega 3 fatty acids, aims to maintain regular daily exercise in dogs as they age as well as a typical inflammatory reaction in the joints. This supplement is advised for dogs and puppies that are prone to joint health difficulties.

• On 21 December 2022, Mankind Pharma announced the product launch in pet care segment along with the launch of its pet food brand, PetStar Dog Food. The business will market and distribute treats, dry food, and gravy under the PetStar brand. The food products will be produced in the UK in accordance with British Retail Consortium Global criteria (BRCGS's) criteria for quality and safety. By providing pet food, medication, supplements, and grooming goods, the firm also wants to create and support the ecosystem of pet care. The business introduced its products in Jaipur, and it plans to do the same in Delhi on 22 December 2022. It intends to sell its products at a few chosen counters and on a few chosen offline and online channels.

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Some Key Highlights From the Report

• The dog segment is expected to account for largest revenue share in the global pet food market over the forecast period. This is due to increasing adoption of dogs into households and concern among pet parents about their dogs' health ar. Americans began adopting millions of dogs even during COVID-19 owing to the negative effects of social isolation, which is rising demand for various types of pet food in the market. In addition, increasing pet-friendly countries such as Georgia, Virginia, and Colorado, as a result of rising concerns among pet owners is also expected to drive revenue growth of this segment during the forecast period.
• The dry pet food segment is expected to register steadily fast revenue growth rate in the global pet food market over the forecast period. Dry food diets for cats have the added benefit of improving their oral health. Dryness encourages chewing before swallowing, which enhances digestion and keeps teeth clean. In comparison to wet food, dry diets are easier to portion out in preparation and would not spoil if left out all day. In addition, dry food is simpler to incorporate into slow feeders and food puzzles that may enhance a dog's quality of life by stimulating their minds. Pet owners are choosing dry food over wet food because of the longer shelf life and lower need for specialized storage facilities. Such factors are rising demand for dry pet food, thus expected to drive revenue growth of this segment during the forecast period.
• The plant source segment is expected to account for significantly large revenue share in the global pet food market during the forecast period. This is due to rising demand for plant-based pet food as a result of rising environmental awareness and sustainability concerns among consumers. The environmental impact of feeding a pet dog food sourced from animals for a year is similar to driving 3,677 kilometers, which is being replaced by food derived from plants. Pets can dramatically reduce the suffering of animals on factory farms worldwide by eating more plant-based meals and by consuming less meat, dairy, and eggs. Choosing to replace meat, dairy, and eggs with plant-based proteins even once a week can increase energy and stave off illness.
• The North America market accounted for largest revenue share in the global pet food market in 2022. Thus is due to rising concern for health benefits, such as hydration, improved digestion, and additional nutrition intake of pet dogs, which is encouraging manufacturers for launching food products accordingly. Also, changing lifestyle trend of adopting pets is further rising demand for pet foods in this region. For instance, on 27 June 2023, PetPlate, human-grade dog food brand announced the product launch of FreshBaked, a new dry formulation of gently-baked and crunchy clusters. Similar to its current FreshCooked dinners, the new recipe uses human-grade, readily visible components and was created with nutrition and flavor in mind. Two flavors of the new FreshBaked recipes are available, grain-free Roost Rulin' Chicken Nugget Recipe and Trail Blazin' Beef Morsels Recipe.

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Emergen Research has segmented the global pet food market on the basis of pet type, product type, specialty, source, distribution channel, and region:

• Pet Type Outlook (Revenue, USD Billion; 2019-2032)
  • Dogs
  • Cats
  • Birds
  • Fish
  • Small Mammals (Hamsters and Guinea Pigs)
  • Reptiles
  • Horses
  • Others
• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Dry Food (Kibble)
  • Wet Food
    1. Canned
    2. Pouches
  • Treats
  • Snacks
  • Frozen/Raw Diets
• Specialty Outlook (Revenue, USD Billion; 2019-2032)
  • Weight Management
  • Dental Care
  • Joint Health
  • Skin and Coat Support
  • Digestive Health
  • Others
• Source Outlook (Revenue, USD Billion; 2019-2032)
  • Animal
  • Plant
• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)
  • Supermarkets/Hypermarkets
  • Specialty Pet Food Stores
  • Online Channel
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of Middle East & Africa

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