Global Pet Food Market - WishTree Insight

Global Pet Food Market by Animal Type (Dogs, Cats, and Others), Source (Animal and Plant), Form (Snacks & Treats, Dry Pet Food, Wet Pet Food), Distribution Channel (Online Channels, Supermarkets & Hypermarkets, Speciality Pet Food Stores, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Pet Food market size was valued at USD 112.31 billion in 2021 and is expected to surpass USD 170.1 billion by 2031, expanding at a CAGR of 6.2 % during the forecast period, 2021–2031. The market's growth is attributed to the rising pet adoption, and increasing empathy towards pets.

INTRODUCTION

Pet Food is animal feed intended for consumption by pet animals. It is specific to the type of animals such as dog food, cat food, fish food, and other animal pets. People working from home during the lockdown used the opportunity to get a family pet. It is seen that people who have pets suffer less from problems. the increase in pet adoption, change in strategies by pet food manufacturers, and rising demand for premium pet food have positively impacted the global pet food market.

Market Trends, Drivers, Restraints, and Opportunities

• Rising pet ownership across developing economies are driving the market growth.
• Increasing innovation by pet food manufacturers is expected to positively influence the market.
• Personalized pet food is gaining rapid traction in the global market.
• Stringent regulations associated with pet food are expected to hamper the market growth.

Scope of the Report

Market Segment Insights

The dog segment is projected to register a considerable CAGR

Based on type, the pet food market is divided into dogs, cats, and others. The dog segment is expected to expand rapidly during the forecast period. The growth of the segment is attributed to the high expenditure associated with the maintenance and well-being of dogs is expected to drive the market However, the cat and another segment are anticipated to hold a key share of the market in the coming years owing to low-maintenance animal and human-friendly nature.

The animal source food segment is expected to expand at a rapid pace

Based on source, the pet food market is divided into animal and plant. The animal-source food segment is expected to expand rapidly during the forecast period due to its high nutrient profile and easy availability. Poultry meals, fish meals, and animal meals are used to manufacture pet food worldwide. However, the plant-based food segment is anticipated to hold a steady share of the market in the coming years owing to its popularity.

The dry pet food segment is projected to register a considerable CAGR

On the basis of form, the pet food market is segregated into snacks & treats, dry pet food, and wet pet food. The dry pet food segment is projected to register a considerable CAGR during the forecast period owing to the high convenience and higher shelf-life compared to wet food. The food is cheap and affordable. On the other hand, the snacks & treats segment is anticipated to account for a major market share during the forecast period owing to its taste and high quality.

The active participation of market players in this segment is expected to drive the market significantly.

The supermarket & hypermarket segment is projected to register a considerable CAGR

On the basis of distribution channels, the pet food market is segregated into online channels, supermarkets & hypermarkets, specialty pet food stores, and others. The supermarket & hypermarket segment is projected to register a considerable CAGR during the forecast period owing to high consumer preference for buying products from large retail stores as it offers ample choices. On the other hand, the online segment is anticipated to account for a major market share during the forecast period due to the increasing inclination of millennials toward online purchasing.

The North American region is anticipated to constitute a key market share

In terms of regions, the pet food market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period owing to the high adoption of pets. However, the market in Europe is anticipated to expand at a rapid pace during the forecast period. The growth of the market in the region is driven by the high spending on sustainable and safe pets due to the pet humanization trend. Followed by Latin America Asia Pacific is expected to be the fastest-growing region in the global pet food market. Countries from this region are the major contributors generating revenue across the region.

Competitive Landscape

Key players competing in the Pet Food market are Colgate-Palmolive Company (U.S.); Nestle S.A. (Switzerland); Merrick Pet Care, Inc. (U.S.); Mars Incorporated (U.S.); Tiernahrung Deuerer GmbH (Germany); The J.M.Smucker Company (U.S.); Heristo AG (Germany).

FAQs

How much is the market worth?

The Pet Food market size was valued at USD 112.31 billion in 2021 and is expected to surpass USD 170.1 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.2%.

What are the key drivers of the market?

The market's growth is attributed to the rising pet adoption, and increasing empathy towards pets.

What segments are covered in the Pet Food report?

The segments covered in the report are type (dogs, cats, and others), source (animal and plant), form (snacks & treats, dry pet food, wet pet food), distribution channel (online channels, supermarkets & hypermarkets, specialty pet food stores, and others).

Mention the key players in the market.

Colgate-Palmolive Company (U.S.); Nestle S.A. (Switzerland); Merrick Pet Care, Inc. (U.S.); Mars Incorporated (U.S.); Tiernahrung Deuerer GmbH (Germany); The J.M.Smucker Company (U.S.); Heristo AG (Germany).