Pet Food Market Size, Share & Trends Analysis Report By Pet Type (Dog [Wet Food, Dry Food, Snacks/Treats], Cat [Wet Food, Dry Food, Snacks/Treats], Others), By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global pet food market size was valued at USD 99.1 billion in 2022 and is anticipated to exhibit a compound annual growth rate (CAGR) of 4.3% from 2023 to 2030. The demand for the product is anticipated to be driven by growing consumer inclination toward adoption of pets along with rising concerns regarding their health. Improvement in the overall digestion and performance of pet animals owing to the consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products which are available in the global market rarely vary. This, in turn, has prompted the manufacturers to include multi-functional and innovative ingredients in their products in order to curb such similarity bias. Convenience is likely to play a vital role in driving this industry, given the increased popularity of prepared pet food. The other segment being organic pet food, a recent and growing trend in the market.

Increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on the global market growth. On the other hand, low product penetration owing to its slightly high price may restrain the organic segment growth in the coming years as each and every household would not be able to purchase high priced products.

The market value chain is characterized by the presence of raw material suppliers, manufacturers, distributors, and end users. The raw materials which are used for the production include meat, meat byproducts, cereals, grains, and specialty proteins derived from animals, palatants, flavors & sweeteners, vitamins, minerals, and enzymes among others.

Manufacturers formulate these products in accordance with the standard nutritional requirements of domesticated animals. Meat-based raw materials are processed/rendered in order to separate protein components, water, and fat. The manufacturing process also entails grinding, cooking, and mixing the aforementioned raw materials with other ingredients.

The raw materials utilized in each pet food product segment are primarily commodities and agricultural-based products. Grains, fruits, and animal protein meals, among other ingredients, are procured from various suppliers. The cost, quality, and availability of these key ingredients have fluctuated in the past and are expected to fluctuate in the future as well. For instance, in March 2023, pet food prices in America rose by 15.1% YoY. Due to which the residents are considering giving away their pets. Such sudden and sharp increase in the prices of pet food can adversely affect the market growth.

Pet Type Insights

Dog pet type dominated the market with a revenue share of more than 41% in the year 2022. This is attributed to the growing adoption of dogs as a household pet and rising household expenditure towards healthy dog food due to increase in concerns of the owners about their dog health. Dogs are carnivorous species, and therefore, their meals are largely meat-based. For dogs, the requirement of carbohydrate content is relatively low which has driven the demand for the product with higher meat and lower starch content.

Dry dog food is mostly preferred by the owners throughout the world. It has its advantages in supporting a healthy oral system of the dog. More importantly, it is relatively more convenient and cost-effective as compared to that of the available wet food products. Another advantage of these products being it has a longer shelf-life, and it does not require refrigeration or a special storage facility. Free feeding is another advantage, and these factors are collectively expected to boost the segment growth in the coming years.

Cat food type accounted for the second largest revenue contributor globally. This is due to the increased concerns about the health and a balanced diet requirement for cats. Cats are strict carnivores and need high protein (derived from other animals) in their daily meal. Animal-based proteins are more popular when compared to plant-based proteins because they are reported to be better in quality and biological value. Therefore, poultry- (turkey and chicken) and rabbit-derived protein intake are preferred for cat diets in their daily meal.

Regional Insights

North America dominated the market with a revenue share of 43.11% in 2022. This is attributed to the rising consumer awareness regarding the beneficial impact of the product on the health along with the increasing trend of humanization of pets. The U.S. dominated the North American market in 2022 owing to high percentage of pet ownership along with the presence of a well-developed pet food industry.

The outbreak of the COVID-19 in the region has affected the supply of raw materials and ingredients and disrupted supply chains, especially in the U.S. Key factors, such as affected supply chain and logistics in the region and economic crisis, have hampered the product demand in North America in the first half of 2020. However, strong position held by the North American manufacturers and the availability of pet food and treat options domestically are estimated to trigger market growth in the near future.

Europe accounted for the second largest revenue share globally. This is because of humanization of pets and the increasing demand for premium food products, mainly organic, raw, and natural, depending upon the choice of customer. According to European Pet Food Industry Federation (FEDIAF), Europe is one of the largest markets for the pet food industry, accounting for approximately 30% of the total pet care and pet food sales across the globe.

Key Companies & Market Share Insights

The competitive landscape of this market is moderately consolidated with the presence of multinationals striving to fulfil high demand from large customer and end-user base. Key industry participants are inclined toward adopting new marketing strategies and using advanced technologies in order to strengthen their customer base and generate more revenue in the near future. In addition, companies are undertaking mergers and acquisitions as a part of their strategic initiatives. For example, in January 2022, Manna Pro acquired Oxbow Animal Health, a small animal pet brand that offers premium food, and supplements for rabbits, pigs, hamsters, and other pets.

Industry participants are inclined toward investing heavily in research and technology to advance processes and create new recipes, which are manufactured with varied and special ingredients. Key manufacturers are also focused on developing innovative formulas to offer diverse and high-quality food for pets and farm animals. Industry players also utilize raw materials with criteria in order to meet the demands, as well as regulations, in both domestic and international markets. Some prominent players in the global pet food market include:

• The J.M. Smucker Company

• Nestle Purina

• Mars, Incorporated

• LUPUS Alimentos

• Total Alimentos

• Hill’s Pet Nutrition, Inc.

• General Mills Inc.

• WellPet LLC

• The Hartz Mountain Corporation

Pet Food Market Report Scope

Global Pet Food Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global pet food market report on the basis of pet type, and region:

• Pet Type Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

  • Dog

    • Wet Food

    • Dry Food

    • Snacks/Treats

  • Cat

    • Wet Food

    • Dry Food

    • Snacks/Treats

  • Others

• Regional Outlook (Revenue, USD Million; Volume, Kilotons; 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Poland

    • Ukraine

    • Russia

    • Turkey

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

    • Indonesia

    • Malaysia

    • Vietnam

    • Thailand

    • Australia

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Middle East

    • South Africa