India, 31st Jul 2024 – The Global Pet Food Market was valued at USD 120.3 billion in 2022 and is projected to grow to USD 179.0 billion by 2031, with a compound annual growth rate (CAGR) of 5.1% from 2024 to 2031 according to DataM Intelligence latest study. Pet food is formulated by combining various ingredients to deliver essential nutrients, including proteins, carbohydrates, fats, vitamins, and minerals.
Key Industry Insights & Findings from the Report:
The pet food market is projected to reach USD 127.21 billion by 2031, growing at a CAGR of 5.6% from 2024 to 2031. This growth is driven by increasing pet ownership and rising demand for premium pet food products.
Based on product type, the dry food segment accounted for the highest revenue share in 2022, due to its convenience and longer shelf life.
North America held the largest market share in 2022, attributed to the high expenditure on pet care in the region.
The rising trend of natural and organic pet food products is expected to significantly boost market growth.
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The pet food market has experienced significant growth due to increasing pet ownership and the rising humanization of pets, where pets are increasingly considered family members. This market encompasses a wide range of products, including dry food, wet food, treats, and specialized diets formulated for various pets such as dogs, cats, birds, and exotic animals. The
demand for premium and organic pet foods is on the rise as pet owners seek high-quality, nutritious options that cater to their pets’ health needs. Innovations in pet food, such as the inclusion of novel ingredients, grain-free formulations, and health-specific diets, are driving market growth. Additionally, the growth of e-commerce platforms has made it easier for consumers to access a diverse range of pet food products. The market is influenced by trends in pet health, nutrition, and changing consumer preferences towards natural and sustainable ingredients.
Key Industry Insights & Findings from the Report:
The pet food market is projected to reach USD 127.21 billion by 2031, growing at a CAGR of 5.6% from 2024 to 2031. This growth is driven by increasing pet ownership and rising demand for premium pet food products.
Based on product type, the dry food segment accounted for the highest revenue share in 2022, due to its convenience and longer shelf life.
North America held the largest market share in 2022, attributed to the high expenditure on pet care in the region.
The rising trend of natural and organic pet food products is expected to significantly boost market growth.
Pet Food Market is Segmented:
By Product:
Wet Pet Food
Dry Pet Food
Veterinary Diets
By Price:
Economic
Premium
Super Premium
By Application:
Dog
Cat
Bird
Others
By Distribution Channel:
Specialty Pet Shops
Hyper Markets/Super Markets
Online, others
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East
Africa
Key Players in the Pet Food Market:
Big Heart Pet Brands
Blue Buffalo
Deuerer
Heristo AG
Hill’s Pet Nutrition
Laroy Group
Mars Petcare Inc
Nestlé Purina PetCare
Spectrum Brands / United Pet Group
Unicharm Corp
Exploring the Evolving Pet Food Market: Trends and Innovations
Postbiotic Pet Food Market: One of the emerging trends is the growth of the postbiotic pet food market. Postbiotics, which are beneficial compounds produced by probiotics, are being incorporated into pet foods to enhance gut health and overall well-being.
Functional Pet Food Market: The functional pet food market is also gaining traction. Functional pet foods are designed to address specific health issues or enhance pet wellness.
Organic Pet Food Market: The organic pet food market is expanding as more consumers demand natural and organically sourced ingredients. Organic pet foods are produced without synthetic chemicals, hormones, or GMOs, aligning with a broader trend towards healthier and environmentally friendly options. This market segment is growing as pet owners become more conscious of the ingredients in their pets’ diets.
Freeze-Dried Pet Food Market: Another significant trend is the rise of the freeze-dried pet food market. Freeze-dried pet foods offer convenience and nutritional benefits, preserving the natural flavors and nutrients of raw ingredients. This method of food preservation maintains the quality of pet food while providing a long shelf life, making it an attractive option for pet owners seeking high-quality, easy-to-store food.
High Protein Pet Food Market: The high protein pet food market is flourishing as pet owners increasingly recognize the benefits of protein-rich diets for their pets. High protein pet foods support muscle development, energy levels, and overall health, particularly for active or working animals.
Plant-Based Pet Food Market: The plant-based pet food market is emerging as an alternative for pet owners interested in vegetarian or vegan diets for their pets. Plant-based pet foods are formulated to provide essential nutrients from non-animal sources, catering to those who prefer a more sustainable or ethical approach to pet nutrition.
Grain-Free Pet Food Market: The grain-free pet food market continues to grow in response to concerns about grain allergies or sensitivities in pets. Grain-free formulas replace traditional grains with alternative carbohydrate sources, such as sweet potatoes or peas, and are popular among pet owners seeking to avoid potential allergens.
Frozen Pet Food Market: Frozen pet food is gaining popularity due to its convenience and nutritional value. The frozen pet food market offers products that maintain the integrity of fresh ingredients, providing pets with high-quality meals that are easy to prepare and store.
Human-Grade Pet Food Market: The human-grade pet food market is evolving as pet owners seek foods that meet the same standards as human food. Human-grade pet foods are made from ingredients that are fit for human consumption, reflecting a commitment to quality and safety in pet nutrition.
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