Pet Food Market Analysis & Forecast (2024-2030)"
Market Growth and Forecast (2023-2030)
- The global pet food market is expected to reach USD 145.15 billion by 2030, registering a steady Compound Annual Growth Rate (CAGR) of 6.10% from 2023.
- While data prior to 2023 isn't explicitly provided, this report offers insights into the market's future trajectory.
Key Players
- The report identifies Cargill Incorporated (US), Archer Daniels Midland Company (US), BASF SE (Germany), DuPont (US), and Ingredion Incorporated (US) as major players in the global pet food market.
Market Segmentation
- Pet Type: The market is segmented by pet type, with dogs holding the dominant share in 2022. Rising pet health awareness and diverse food options are driving growth in this segment.
- Product Type: Dry food leads the market, followed by wet food and snacks & treats. Dry food's convenience and health benefits contribute to its dominance.
- Distribution Channel: Store-based retail remains the leader due to consumer preference for wider brand and price options at big-box stores. Specialty pet stores are also gaining traction with their focus on exotic, custom-made, and premium pet food.
Regional Analysis
- Asia-Pacific: This region held a significant market share in 2022 (USD 43.9 billion) and is projected for strong CAGR growth. Rising demand for premium dog food, particularly in China and India, fuels this expansion.
- India's growing urbanization, pet ownership trends, and increasing pet care expenditure are propelling market growth.
- North America: The second-largest market, driven by rising awareness of pet health benefits and pet humanization trends. The significant millennial pet adoption trend is another growth factor.
- Europe: Accounts for the third-largest market share due to rising pet ownership (cats & dogs) and growing pet care spending. Germany holds the largest market share within Europe, with the UK experiencing the fastest growth.
Key Takeaways
- The global pet food market share is experiencing steady growth due to factors like rising pet ownership, increasing disposable income for pet care, and growing awareness of pet health.
- Asia-Pacific and North America are leading the market, with Europe following closely.
- Premiumization, humanization of pets, and convenience are key trends shaping the market.
Note: While this report focuses on the 2023-2030 forecast, it incorporates insights from previous years (2018-2022) through discussions of pet ownership trends, market segmentation, and regional growth factors.
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