Pune, Jan. 12, 2024 (GLOBE NEWSWIRE) -- The global pet food market size was USD 632.23 billion in 2022 and is expected to register a rapid CAGR of 5% over the forecast period. Key factors such as rapid urbanization, rising adoption of companion animals across the globe, and growing awareness about the importance of balancing pet nutrition and health are expected to drive global market growth.
Over the years, there has been a rapid increase in the adoption of various types of companion animals due to rapid urbanization and a growing inclination towards pet humanization. Dogs, cats, rodents, birds, fish, and reptiles are some of the common pets seen in most households. Pet owners treat these like their family and take care of their well-being just like humans. One of the most important aspects of pet care is pet nutrition.
Pet food plays a crucial role in ensuring that pets receive sufficient nutrients required to thrive, maintain optimal health, and live long happy lives. Pet food comes in various types such as dry kibbles, canned/wet food, semi-moist, raw, or freeze-dried that is given to each pet depending on its nutritional requirement, age, breed, activity level, and health condition. Pet food ingredients can vary widely depending on the type and brand. Common ingredients that are usually included are meat, poultry, fish, grains, vegetables, fruits, vitamins, and minerals.
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Key factors such as growing demand for premium and specialized pet food products, rising availability of a wide range of pet food on e-commerce sites and stores, and increasing disposable income are expected to drive global market growth during the forecast period. In addition, many pet food manufacturers are collaborating with other companies and investing in R&D activities to develop novel formulations and products. This is also expected to boost global market growth going ahead.
However, changing consumer preferences and trends with the growing emphasis on organic and premium food for their pets can be challenging for many manufacturers. In addition, stringent regularity compliance and increasing availability of counterfeit products due to high prices of certain pet food products are expected to hamper overall market growth during the forecast period.
Key Highlights of the Report:
- Among the distribution channels, the specialty pet food stores segment is expected to register rapid growth between 2023 and 2032. This growth can be attributed to increasing number of specialty pet food stores worldwide, rising availability of various types of pet food products across these stores, high preference for purchase from these stores due to presence of expertise and knowledgeable staff, and other factors like customer loyalty, trust, and engagement.
- The Asia Pacific market is expected to register robust revenue CAGR over the forecast period owing to rapid urbanization, rising adoption of various types of pets across the region, high focus on pet nutrition and overall health, and rising investments in R&D activities to develop novel and innovative pet food products.
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- The J.M Smucker Company, Nestle Purina, Mars, Incorporated, LUPUS Alimentos, Total Alimentos, Hill’s Pet Nutrition, Inc., WellPell LLC, The Hartz Mountain Corporation, Nestle, SA., and Colgate-Palmolive Company are some key players in the global market.
- In October 2023, Prime100, a 100% Australian-made, and owned pet nutrition brand partnered with Tetra Pack, a leading F&B packaging and processing company to launch sustainable pet food products.
- In August 2022, Pet food startup PawCo announced the launch of the first pet food prepared from plant-based meat.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2022 |
| Historical Data | 2018-2021 |
| Forecast Period | 2023-2032 |
| Segments Covered: | Animal Type, Form, Source, Distribution Channel and Region |
| By Animal Type | Dogs, Cats, Fish, Birds, Others |
| By Form | Dry Food, Wet Food, Snacks and Treats, Others |
| By Source | Animal, Plant |
| By Distribution Channel | Supermarkets/Hypermarkets, Specialty Pet Food Stores, Online Channels, Others |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info |
|
| Key Players | The J.M Smucker Company, Nestle Purina, Mars, Incorporated, LUPUS Alimentos, Total Alimentos, Hill’s Pet Nutrition, Inc., WellPell LLC, The Hartz Mountain Corporation, Nestle, SA., Colgate-Palmolive Company, Diamond Pet Food, Merrick Pet Care, Inc. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
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Competitive Landscape:
The global Pet Food market is extremely competitive, comprising several key regional and global players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- The J.M Smucker Company
- Nestle Purina
- Mars, Incorporated
- LUPUS Alimentos
- Total Alimentos
- Hill’s Pet Nutrition, Inc.
- WellPell LLC
- The Hartz Mountain Corporation
- Nestle, SA.
- Colgate-Palmolive Company
- Diamond Pet Food
- Merrick Pet Care, Inc.
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The global pet food market has been segmented based on animal type, form, source, distribution channel, and region:
By Animal Type:
- Dogs
- Cats
- Rodents
- Fish
- Birds
- Others
By Form:
- Dry Food
- Wet Food
- Snacks and Treats
- Others
By Source:
- Animal
- Plant
By Distribution Channel:
- Supermarkets/Hypermarkets
- Specialty Pet Food Stores
- Online Channels
- Others
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
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