Market Overview
The global pet food market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during the forecast period.
Fortune Business Insights™ has deep-dived into these insights in its latest research report, titled, “Pet Food Market, 2024-2032.”
According to the analysis, leading companies have upped investments in pet foods, following the trend for pet ownership. For instance, Mars Petcare stated that the combined sales of cat and dog treats rose by 6.5% in the 12 weeks between February and May 2020. Prevailing trends suggest bullish demand for pet food globally.
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Report Coverage
The report has been prepared painstakingly through quantitative and qualitative assessments to offer a comprehensive view of the market. Notably, a host of primary interviews has been conducted with major stakeholders and suppliers. Primary data has been collated through questionnaires, telephonic conversations and emails. Moreover, the report also includes secondary sources, such as government websites, SEC filings and press releases.
Segmentation
In terms of animal type, the market is segmented into cats, dogs and others.
Based on form, the industry is segregated into snacks & treats, wet pet food and dry pet food.
On the basis of source, the market is fragmented into plant and animal.
With respect to distribution channel, the industry is segmented into specialty pet food stores, supermarkets/hypermarkets, online channels and others.
In terms of geography, the market includes North America, Asia Pacific, Europe, Middle East & Africa and South America.
Drivers and Restraints
Buoyant Demand for Pet Humanization and Premium Food Products to Foster Growth
Investors predict that the market for pet food will experience significant growth over the next few years, mainly because more people are choosing to have pets. Top companies are expected to look for chances to expand into both developing and developed countries. The widespread availability of these products, along with the increasing income per person, will be crucial in encouraging more people to buy them. Additionally, the introduction of high-end pet food could have a global impact. For example, in November 2020, Nestle Purina launched pet food that uses alternative proteins to help conserve resources. There might also be a noticeable increase in investments in high-quality pet food products in the coming years, which could be positive for the company's future.
However, rigorous regulations could limit product commercialization, along with lower acceptance of premium pet food will continue to hinder the industry growth.
Source: https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554
Trends Shaping the Pet Food Market