Wilmington, Delaware, United States, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The pet food market was valued at US$ 97 billion in 2019. The market is projected to be worth US$ 168.3 billion by 2029, at a CAGR of 6%, according to the analysis.
The pet food market has witnessed significant growth and transformation in recent years, reflecting the increasing importance of pets in people's lives. This industry encompasses a wide range of products, including dry kibble, canned food, treats, and specialized diets. It caters to various pet species and health requirements.
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Pet owners today are conscious about the nutritional needs of their animals, driving the demand for premium and organic pet food options. The market is also influenced by trends such as the humanization of pets, with owners seeking pet foods with natural ingredients, and specific health benefits.
E-commerce has revolutionized the way pet food is distributed and purchased, providing convenience and a vast array of options for consumers. Sustainability and eco-friendly packaging have become crucial concerns for pet food manufacturers and consumers, leading to the development of eco-conscious products.
The pet food market's growth is not limited to developed countries. Emerging markets are experiencing a surge in pet ownership, boosting the demand for quality pet food products. As a result, the industry continues to innovate, offering diverse choices and ensuring the well-being of pets worldwide.
Key Takeaways from the Market Study
- In terms of animal type, the cats and dogs segment accounted for a combined share of around 80% of the global market in 2019.
- The organic nature segment of the pet food market is likely to reach a value of US$ 23.5 billion by 2029.
- The market in North America is poised to develop at a CAGR of 6.2% until 2029.
- The market in Asia Pacific is anticipated to expand at a CAGR of 5.9% until 2029.
- The United States held a market share of 40% of North America in 2019.
Global Pet Food Market- Key Drivers and Trends
- Pet owners are increasingly willing to invest in high-quality, premium pet food products. Health-conscious pet owners seek nutritious options, leading to the rise of specialized diets, natural ingredients, and functional additives catering to specific health needs.
- There is a growing interest in alternative protein sources for pet food, such as plant-based, insect-based, or lab-grown proteins.
- Pets are increasingly seen as family members, leading to an increasing focus on pet wellness. This trend has led to the demand for gourmet and artisanal pet food, and functional treats.
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Regional Landscape of the Pet Food Market
- North America boasts a high rate of pet ownership, with dogs and cats being the most popular pets. This widespread pet ownership creates a substantial demand for pet food products, driving market growth.
- North America has rigorous regulations and quality standards for pet food products. Pet food manufacturers must adhere to these standards, ensuring the safety and quality of the products available in the market. This regulatory environment builds trust among consumers, encouraging them to invest in commercial pet food options.
- Urbanization and increasing disposable incomes have led to a rise in pet ownership as economies in the Asia Pacific region continue to grow. As many people move to urban areas and adopt pets, the demand for convenient and high-quality pet food products has surged.
- There has been a shift in pet feeding habits with the influence of Western culture. Pet owners in Asia Pacific countries are increasingly adopting commercial pet food products, moving away from traditional homemade diets. This shift has led to a growing market for various types of pet food.
Competitive Landscape
The pet food market boasts a competitive landscape with numerous global and regional players. Key multinational companies are offering a wide range of products. Several regional players cater to specific markets with unique offerings. A few key players operating in the pet food market include
- Evanger’s Dog & Cat Food Company, Inc.
- Mars and Incorporated.
- Nestlé Purina PetCare Affinity Petcare SA
- Nutro Products Inc.
- Hill's Pet Nutrition
- Lafeber Co.
- 4Legs Pet Food Company
- Champion Petfoods
- Betagro Public Company Limited
- Fromm Family Foods LLC.
- Dave's Pet Food
- Boulder Dog Food Company L.L.C.
Key Market Developments
- Manna Pro purchased Oxbow Animal Health, a small animal pet company that provides quality food and nutrients for rabbits, pigs, hamsters, and other pets, in January 2022.
- Wiggles, pet food business in India, broadened its line of product offerings in August 2022 by introducing EveryDawg, a new dog meal. EveryDawg is a tasty and healthy dry dog food that is sugar and gluten-free and safe for all dog breeds.
Key Segments Covered
By Animal Type
- Cats
- Dogs
- Birds
- Others (Hamsters, Rabbit, etc.)
By Nature
- Organic
- Conventional
By Product
- Wet Food
- Dry Food
- Treats &Chews
- Others (Frozen, Raw Food, etc.)
By Region
- North America
- Latin America
- Europe
- Asia Pacific
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