The global pet food market is forecasted to achieve a size of USD 117,691.2 million by 2023. Over the period from 2023 to 2033, sales of pet food worldwide are expected to surge at a 6.4% CAGR, surpassing USD 220,477.1 million by 2033.
The demand for frozen and freeze-dried pet food market is rising as a result of evolving lifestyles around the world. Consumers’ attitudes regarding pet health are also evolving, which is driving demand for pet foods.
One of the key factors for the growth in demand for specially-formulated pet foods is an increased awareness of pet health. The global market for pet foods is expanding as a result of rising advertisements, pet health awareness campaigns, and celebrity endorsements.
The immune and digestive systems are greatly strengthened by grain-free pet food. This food also contributes to the maintenance of a healthy, smooth, and shiny coat with supple skin. Grain-free pet food producers are spending money on research & development to create high-quality foods and to boost the nutritional quality of pet food.
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Formulas without grains have a special P.B.F. (Prebiotic Balanced Fiber) blend for healthy digestion. The gut is crucial for the body’s built-in defense against sickness, so keeping it healthy can help keep pets healthy as well.
Food allergies and sensitivities can affect a pet’s health and well-being, and it is possible that the pet owners are unaware of the allergy. The market for pet food is being driven by increasingly aware owners who are educating themselves on their pets’ niche requirements, food and health-wise.
Key Players Invest in Research & Development as the Ultimate Growth Strategy:
As the market develops and the consumer base strengthens, manufacturers have to upgrade the technology to meet the increasing demand of the market. Innovation is being introduced in the market producing lab-grown meat. This technology can strengthen the market with the population demanding cruelty-free protein alternatives.
Key Takeaways:
- The global pet food market is valued to reach US$ 1,17,691.2 million by 2023 and is projected to surpass US$ 2,20,477.1 million by 2033.
- North America is expected to emerge as the key region as it is anticipated to reach a market valuation of US$ 39,773.4 million surging at 4.1% CAGR by 2033.
- The global pet food industry is projected to surge at a CAGR of 6.4% by 2033.
- Europe is projected to show positive growth and is anticipated to command a 26.0% global share to reach a US$ 50,603.3 million valuation by 2023.
- China is anticipated to exhibit a CAGR of 11.9% during the forecast period.
Who is Winning?
- Mars Incorporated
- Nestlà Purina PetCare
- The J.M Smucker Company
- Colgate Palmolive Company
- Affinity Petcare SA
- Freshpet
- Nutro Products Inc.
- ADM (Total Alimentos SA)
- Fromm Family Foods LLC.
- Dave’s Pet Food
For companies to further increase their market presence in regional and international marketplaces, the key industry players are concentrating on utilizing alternative distribution channels, such as online sales channels.
The majority of the key players are emphasizing acquiring smaller players, while small businesses need to invest heavily in research & development to expand globally and develop new products.
For instance:
- In May 2020, Bond Pet Foods, Inc. launched an innovative and sustainable dog food product. The company collaborated with biotechnology to develop the protein-packed dog treat bar, a portable and convenient food bar that is free from animal products.
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Key Segmentation:
By Product Type:
- Kibble/Dry
- Baked
- Coated
- Extruded
- Dehydrated Food
- Chews and Treats
- Dog
- Pastes
- Cream Snacks/ Creames
- Crunchy Snacks
- Chew Sticks
- Tablets
- Biscuits
- Jerky
- Rawhide
- Cats
- Pastes
- Creames/Cream Snacks
- Crunchy Snacks
- Chew Sticks
- Tablets
- Biscuits
- cat Milk/Milk Snacks
- Freeze-Dried Raw
- Wet Food
- Frozen
- Raw Food
- Powder
- Freeze-Dried Food
By Source:
- Animal-derived
- Fish
- Chicken
- Duck
- Beef
- Pork
- Vension/Game
- Lamb
- Turkey
- Plant-derived
- Insect-derived
- Crickets
- Mealworms
- Black soldier flies
By Nature:
- Organic
- Monoprotein
- Conventional
By Pet Type:
- Cat
- Senior
- Kitten
- Dog
- Adult
- Puppy
- Senior
- Birds
- Others (Hamsters, Rabbits, etc.)
By Region:
- North America
- Europe
- South Asia
- Latin America
- East Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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