Dublin, March 27, 2024 (GLOBE NEWSWIRE) -- The "Animal And Pet Food Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The animal and pet food market has grown strongly in recent years. It will grow from $324.85 billion in 2023 to $352.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth witnessed in the historical period can be ascribed to several contributing factors, including an increase in pet ownership, a growing focus on animal health and well-being, the popularity of premium and specialty pet products, the presence of retail distribution channels, and recommendations from veterinarians.
The market is expected to see strong growth in the next few years. It will grow to $476.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. Anticipated growth in the forecast period can be attributed to factors such as pet owners becoming increasingly health-conscious, a rising demand for sustainability and eco-friendly pet products, a surge in customized and personalized pet diets, the prominence of digital marketing and e-commerce, and the expansion of the global pet food market. Noteworthy trends in this forecast period encompass the adoption of grain-free and limited ingredient diets, formulations prioritizing high protein content and a meat-first approach, the popularity of natural and organic pet food, exploration of alternative protein sources, and the development of functional and nutrient-enriched pet products.
The anticipated growth in the animal and pet food market is bolstered by the forecast of stable economic expansion across various developed and developing nations. As per the International Monetary Fund (IMF), global GDP growth attained 3.3% in 2020 and further increased to 3.4% in 2021. Moreover, the expected recovery in commodity prices, following a notable decline in the historical period, is poised to contribute to market growth. Developed economies are also projected to maintain a steady growth trajectory throughout the forecast period. Furthermore, emerging markets are expected to exhibit slightly more rapid growth compared to developed markets during the forecast period. This anticipated stability in economic growth is set to stimulate investments in the end-user markets, thereby propelling the market's expansion in the coming years.
The growing trend of pet adoption is expected to be a driving force behind the expansion of the animal and pet food market in the future. For example, data from March 2022, sourced from Bankrate LLC, a US-based publisher supported by advertising, reveals that approximately 2 million dogs and 2.1 million cats are adopted each year, with over 3 million pets entering shelters annually. This surge in pet adoption is a driving force behind the growth of the animal and pet food market.
Major pet food manufacturing companies are increasingly integrating automation technologies into their operations, incorporating advanced production lines and software solutions to enhance safety and operational efficiency. These technologies are employed to automate various processes, including formulation, extrusion, batching, drying, coating, and liquid delivery, resulting in cost-effective production and consistent product quality. As an illustration, Champion Petfoods, a Canadian pet food producer, has implemented video-monitored production lines, utilizing Rockwell hardware and software systems to connect cooking processes. Furthermore, the company employs bulk bins, conveying systems, votator heat exchangers, and advanced extrusion and drying systems. Similarly, the pet food manufacturing plant operated by United Pet Group in St. Louis has harnessed FactoryTalk software from Rockwell Automation, leading to a 10% reduction in overtime and a 15% increase in labor efficiency. These automation technologies are playing a crucial role in improving the pet food manufacturing process.
Major players in the animal and pet food market are focusing on introducing advanced products, such as Whiskas wet cat food, to meet the increasing demand for pet food. Whiskas wet cat food is a range of products specially designed to provide cats with a balanced and nutritious diet. For instance, in June 2021, Mars Inc., a US-based food company, introduced wet cat food products under its Whiskas brand in India. These products are crafted using high-quality ingredients like real meat, fish, and poultry, and they are enriched with essential vitamins and minerals. Whiskas Wet Cat Food is not only easy for cats to digest but is also rich in protein and moisture, making it a nutritionally balanced option. Furthermore, it is supplemented with the necessary vitamins and minerals to ensure the well-being of pets. This represents a strategic move by companies to cater to the growing demand for high-quality pet food.
Asia-Pacific was the largest region in the animal and pet food market in 2023. Western Europe was the second-largest in the animal and pet food market. The regions covered in the animal and pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Report Scope
Markets Covered:
1) By Type: Pet Food; Animal Food
2) By Ingredients: Animal Derivatives; Plant Derivatives; Synthetic
3) By Distribution Channel: Supermarkets/Hypermarkets; Convenience Stores; E-Commerce; Other Distribution Channels
Subsegments Covered: Dog And Cat Food; Other Pet Food; Poultry Feed; Cattle Feed; Aquaculture Feed; Other Animal Food
Key Companies Mentioned: Cargill Incorporated; Nestle S.A.; New Hope Liuhe Co. Ltd.; Charoen Pokphand Foods PCL; Bunge Limited
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
- Cargill Incorporated
- Nestle SA
- New Hope Liuhe Co. Ltd.
- Charoen Pokphand Foods PCL
- Bunge Limited
- Diamond Pet Foods Inc.
- Mitsui & Co. Ltd.
- CJ Cheiljedang Corp.
- Land O'Lakes Inc.
- J.M. Smucker Company
- Hill's Pet Nutrition Inc.
- Blue Buffalo Co. Ltd.
- SCHELL & KAMPETER INC.
- Wellness Pet LLC
- Sunshine Mills Inc.
- Merrick Pet Care
- Ainsworth Pet Nutrition, LLC
- Simmons Foods Inc.
- Tuffy's Pet Foods Inc.
- Natures Menu Ltd.
- American Nutrition Inc.
- Alphia
- ADM Animal Nutrition Inc.
- NutriSource Pet Foods
- Mid America Pet Food
- KENT Corporation
- KLN Family Brands
- Nurture Farms
- United Pet Group Inc.
- Eagle Mountain Pet Food
- VICTOR Premium Pet Food
- Royal Canin SAS
- IAMS Pet Food
- Eukanuba
For more information about this report visit https://www.researchandmarkets.com/r/8fyu5i
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