Dublin, May 20, 2024 (GLOBE NEWSWIRE) -- The "Pet Foods - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Pet Foods Market to Reach $177.1 Billion by 2030
The global pet foods market, valued at US$126.8 Billion in 2023, is anticipated to expand to US$177.1 Billion by the year 2030. A Compound Annual Growth Rate (CAGR) of 4.9% is forecast over the period from 2023-2030.
Veterinary diets are gaining importance due to increased awareness of pet health needs. There is also a rising preference for raw animal protein in pet diets, reflecting broader trends in human food consumption. Cell-cultured meat is emerging as a futuristic approach, potentially revolutionizing the market.
The segment of Dry Pet Food is predicted to experience substantial growth, with expectations to achieve a 5.3% CAGR, culminating in a US$107.1 Billion market size by 2030. Concurrently, the Wet & Canned Pet Foods segment is projected to advance at a 4.3% CAGR throughout the upcoming seven years.
Labeling plays an increasingly crucial role in driving sales, as consumers look for transparency and quality assurances. To stay competitive, manufacturers are launching novel products that cater to these evolving consumer preferences and market demands.
Geographic Market Analysis
Developing countries present strong prospects for the pet food market, driven by a rising pet population and significant growth opportunities. The global pet food market is expected to see key competitors' market shares defined by 2024. Pet health and wellness have become an overriding theme, with premiumization intensifying as consumers seek high-quality products for their pets.
In the United States, the pet foods market is estimated to reach US$33.4 Billion in 2023. Following suit, China, the world's second largest economy, is on course to attain a market size of US$39.6 Billion by 2030, progressing at a 7.7% CAGR from 2023 to 2030. Other significant markets include Japan and Canada, which are expected to grow at CAGRs of 2.8% and 3.9%, respectively, over the 2023-2030 period.
Within the European domain, Germany is predicted to undergo an approximate 3.4% CAGR. The Asia-Pacific region, with contributions from nations like Australia, India, and South Korea, is projected to reach US$24.2 Billion by 2030.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 222 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $126.8 Billion |
| Forecasted Market Value (USD) by 2030 | $177.1 Billion |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Pet Foods: An Industry Driven by Passion for Pets
- Market Outlook
- Developing Countries Offer Strong Prospects
- Rise in Pet Population and Growth Opportunities Ahead
- Recent Market Activity
- Pet Foods - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Pet Health & Wellness: An Overriding Theme
- Premiumization Intensifies in Pet Foods
- Veterinary Diets Gain Importance
- Rise in Preference for Raw Animal Protein
- Cell Cultured Meat, A Futuristic Approach
- Increasing Role of Labeling in Driving Sales
- Manufacturers Launch Novel Products to Stay Competitive
- Humanization of Pet Foods: A Major Trend
- Nutrigenomics Gain Place in Product Innovations
- Use of Sustainably Farmed Ingredients on Rise
- Artisan and Gourmet Pet Treats Rise in Popularity
- Issues Encountered in Traditional Pet Food Paves Way for Organic Foods
- Customized Pet Food Gains Traction
- Interest in Raw Food on Rise
- Inclusion of Whole Ingredients in Pet Foods Gains Traction
- Rising Demand for Pet Nutraceuticals Adds New Growth
- Higher Moisture Content in Pet Foods Adds to Health Benefits
- Dry Food Preferred Over Wet
- Adaptive Technologies, Future of Pet Food Processing
- Packaging Trends for Pet Foods
FOCUS ON SELECT PLAYERS(Total 99 Featured)
- Affinity Petcare SA
- Aller Petfood LLC
- Barking Heads & Meowing Heads Pet Food UK Ltd.
- BHJ A/S (Denmark)
- C&D Foods Ltd.
- Diamond Pet Foods, Inc.
- Heristo AG
- Hill`s Pet Nutrition, Inc.
- INABA PETFOOD Co., Ltd.
- LUPUS Alimentos
- Mars, Inc.
- Nestle Purina PetCare Company
- The J.M. Smucker Company
- Total Alimentos SA
- Tuffy`s Pet Foods Inc.
- Unicharm
- Yantai China Pet Foods Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/gntyfu
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