The global pet food market size reached approximately USD 112.96 billion in 2023. With a projected growth rate of 4.8% between 2024 and 2032, the market is expected to reach a value of around USD 172.27 billion by 2032. This robust growth is driven by increasing pet ownership worldwide, a growing focus on pet nutrition, and the rising trend of treating pets as family members.

Key Takeaways

  1. Ready-to-Eat, Easy-to-Serve, and Portion-Controlled Products: These are becoming increasingly popular among pet owners due to their convenience and efficiency.

  2. Eco-Friendly Practices and Ethical Production: Consumers are increasingly considering sustainability and ethical factors when purchasing pet food.

  3. Growth in the UK Pet Food Market: The UK's market is expanding due to the rising adoption of pets, including dogs, cats, and birds.

Market Definition and Composition

Pet food is any commercial feed prepared and distributed for pet consumption. It is often specific to the type of animal, such as dog food or cat food, and can include leftovers from the human food industry through a process called rendering. Ingredients vary by animal type and can include meat, grains, cereals, vitamins, and minerals.

Market Dynamics

Drivers

  • Increasing Pet Ownership: More people worldwide are adopting pets, leading to higher demand for pet food.
  • Focus on Pet Nutrition: Owners are willing to spend more on high-quality, nutritious food to ensure their pets' health and well-being.
  • Humanization of Pets: Pets are increasingly treated as family members, driving demand for premium, human-grade pet food products.

Restraints

  • High Cost of Premium Products: The cost of high-quality and organic pet food can be prohibitive for some consumers.
  • Regulatory Challenges: Stringent regulations regarding pet food ingredients and production processes can hinder market growth.

Key Trends and Developments

Shift Towards Organic and Nutritious Pet Food

There is a growing demand for organic and nutritious pet food products as consumers become more aware of the importance of a healthy diet for their pets' growth and overall well-being.

Popularity of Personalized Pet Food Solutions

Manufacturers are developing products tailored to specific breeds, ages, and sizes of pets. These personalized solutions are often available in single-serve, disposable containers, making feeding more convenient for pet owners.

Rise in Online Availability

The online shopping trend is significant in the pet food market. It offers convenience, a wider product selection, and often competitive pricing, attracting a growing number of consumers.

Growth of Animal Welfare Organizations

Organizations like PETA and various government initiatives to enhance animal health are boosting the pet food market. Increased awareness and support for animal welfare lead to higher demand for quality pet food products.

Recent Industry Developments

  • Riverlands Foods Limited: In February 2024, the company introduced a new advanced canning facility in Canterbury, designed to produce 30 million cans of premium cat and dog food annually.
  • Pet Choice: Also in February 2024, Pet Choice allocated USD 500,000 to a comprehensive multi-channel marketing initiative to boost recognition of its Webbox Naturals dog and cat food line.
  • VAFO Group: In January 2024, VAFO Group announced the acquisition of Dagsmark Petfood, a Finnish company known for high-end pet foods.
  • The Allana Group: In September 2023, the company committed INR 200 crore to establish a pet food manufacturing plant in India to meet the rising demand for quality pet food driven by increasing pet ownership.

Market Segmentation

The “Pet Food Market Report and Forecast 2024-2032” offers a detailed analysis based on the following segments:

Pet Type

  • Dog Food
  • Cat Food
  • Others

Product Type

  • Dry Pet Food
  • Wet and Canned Pet Food
  • Snacks and Treats

Pricing Type

  • Mass Products
  • Premium Products

Ingredient Type

  • Animal Derived
  • Plant Derived

Distribution Channel

  • Supermarkets and Hypermarkets
  • Specialty Stores
  • Online Stores
  • Others

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Segment Analysis

Dog Food

Dog food maintains its dominance in the market due to the rising global dog ownership. Factors like the rise in nuclear families, a growing elderly population seeking companionship, and the emotional support provided by dogs contribute to this trend. Dog owners are increasingly seeking high-quality, premium dog food options, including organic and natural products, as well as diets tailored to specific breeds, ages, and health conditions.

Cat Food

Cat food also holds a substantial market share as cats are the second most popular pets worldwide. Their independent nature and suitability for indoor living make them a preferred choice for urban dwellers. The increasing knowledge about cats' dietary needs and the impact of diet on health and longevity drives demand for specialized cat food that addresses health issues like hairball control, weight management, urinary health, and food allergies.

Dry Pet Food

Dry pet food is favored for its ease of storage and longer shelf-life. It is more economical than wet or fresh food options and offers a wide range of products tailored to specific dietary needs and preferences, such as grain-free, high-protein, and breed-specific formulas.

Wet and Canned Pet Food

Wet and canned pet foods are considered healthier for pets as they prevent dehydration and are highly palatable, especially for picky eaters or pets with decreased appetite due to illness or aging.

Competitive Landscape

The market is competitive, with major players focusing on producing organic pet food products to gain a competitive edge. Key players include:

  • Mars, Incorporated: Known for its diverse portfolio, including famous confectionery brands and pet food products.
  • Nestlé S.A.: The world's largest food and beverage company, with a vast portfolio including leading global pet food brands.
  • Hill's Pet Nutrition, Inc.: Renowned for its science-based therapeutic pet foods, often recommended by veterinarians.
  • The J.M. Smucker Company: Offers a wide range of pet foods, snacks, and other products.

Other notable players include General Mills Inc., Diamond Pet Foods, Simmons Foods, Inc., Alphia, Inc., Unicharm Corporation, Thai Union Group PCL, and Tiernahrung Deuerer GmbH.

Regional Analysis

North America

North America dominates the market, with the US being a significant contributor. Factors driving growth include growing consumer knowledge about the benefits of quality pet food, the tendency to humanize pets, and the rising trend of pet adoption among millennials.

Europe

Europe has one of the highest rates of pet ownership globally, with significant populations of pets in countries like Russia, Germany, the UK, and France. The continent's strict regulations regarding pet food production and labeling ensure that consumers have access to high-quality, traceable, and compliant products.

Asia Pacific

The Asia Pacific region is experiencing rapid growth in the pet food market due to increasing pet ownership and rising disposable incomes. Countries like China, Japan, and India are key markets in the region.

Latin America

Latin America is also seeing growth in the pet food market, driven by increasing pet adoption and a growing middle-class population willing to spend on premium pet food products.

Middle East and Africa

The Middle East and Africa region is emerging as a significant market for pet food, with rising pet ownership and increasing awareness about pet nutrition.

The global pet food market is poised for significant growth in the coming years, driven by increasing pet ownership, a focus on pet nutrition, and the trend of humanizing pets. With advancements in production techniques and a shift towards organic and personalized pet food solutions, the market is set to expand further. Key players are investing in new facilities and marketing initiatives to meet the rising demand and gain a competitive edge. As consumers continue to seek high-quality, nutritious pet food products, the market will witness robust growth and diversification across various segments and regions.