NEW YORK, May 6, 2024 /PRNewswire/ — The global pet food market size is estimated to grow by USD 35.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of about 5.71% during the forecast period.
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Technavio has announced its latest market research report titled Global Pet Food Market 2023-2027
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Report Attribute |
Details |
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Base Year |
2022 |
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Forecast period |
2023-2027 |
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Historic Data for |
2017 – 2021 |
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Segments Covered |
Product (Dry food, Wet food, and Snacks and treats) and Type (Dog food, Cat food, and Others)
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Key Companies Covered |
Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., and Unicharm Corp.
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Regions Covered |
North America, Europe, APAC, South America, and Middle East and Africa |
Key Trends Fueling Growth
Increasing demand for pet food with savory ingredients and smaller portions:
Many pet food vendors globally are expanding their product lines to include flavors with fresh ingredients. For example, Nestle Purina offers PRO PLAN SAVOR SHREDDED BLEND, a cat food line combining dry kibble and tender meat for varied texture. Hills Pet Nutrition provides Hills SCIENCE DIET SAVORY CHICKEN ENTREE for adult cats.
With the rise in small dog ownership, vendors are catering to this trend by offering smaller portions of dog food in dry and wet varieties. This trend is expected to continue as more pet owners opt for smaller breeds due to ease of care, especially among older individuals and urban dwellers. The introduction of these new products is anticipated to drive growth in the pet food market.
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Major Challenges:
Increasing instances of pet allergies among pet owners
Certain animals harbor harmful bacteria, like Campylobacter jejuni, which can transmit diseases to humans, particularly children. Additionally, furry and feathered creatures, notably cats and birds, trigger allergies in people. Proteins in pet saliva and urine can incite skin allergies in humans, affecting 15%-30% of allergy sufferers.
Dog dander, saliva, and urine often provoke immune system reactions, causing nasal and ocular membrane swelling, skin redness, rash, coughing, and asthma attacks. Consequently, pet adoption faces resistance, especially among those with weakened immune systems or asthma.
Such challenges deter the pet care product market’s growth, including pet food sales, during the projected period.
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Segmentation Overview
Product
1.1 Dry food
1.2 Wet food
1.3 Snacks and treats
Type
2.1 Dog food
2.2 Cat food
2.3 Others
Geography
3.1 North America
3.2 Europe
3.3 APAC
3.4 South America
3.5 Middle East and Africa
1.1 Dry food- The dry pet food market is set to grow significantly in the coming years due to its easy storage and transportability, offering cost savings for customers and minimal storage risks. With only 10% water content compared to 75% in wet food, dry pet food aids in maintaining pet oral hygiene and can be used in food puzzle toys for controlled intake. The rising number of pet owners globally, especially in emerging markets like India and Malaysia, will further drive growth.
While currently, demand for dry food exceeds that of wet food, the latter is expected to rise due to its high water content, ease of chewing, and increased satiety, particularly favored by owners of older pets with dental issues.
Despite its benefits, challenges such as high transportation costs and low durability may hinder the growth of the wet food segment. Dried dog food stands out with higher protein and fat content, perceived as tastier compared to wet alternatives, thus dominating the market for dog food.
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Analyst Review
In the dynamic pet food market, nutritious options are a priority for pet owners. Innovative ingredients, such as organic components and probiotics, enhance the flavors and essential nutrient profiles for cats and dogs. The demand for organic pet food continues to grow, with an increasing focus on meeting the dietary needs of various pets, including birds, small mammals, and rodents.
Customized and personalized products cater to specific animal-based and plant-based preferences. Stockpiling these premium pet foods ensures a consistent supply for pets. Obesity prevention and skin and coat health are essential considerations, leading to the development of a wide range of dry pet food, wet pet food, and snack treats. The pet humanization and pet premiumization trends fuel the market’s expansion, with a focus on catering to the unique needs of each pet species.
Market Overview
In the pet food market, various brands offer a wide range of products for our beloved animals. From dry to wet, organic to commercial, raw to cooked, and grain-free to high-protein diets, the choices are endless. Producers prioritize using high-quality ingredients, ensuring optimal nutrition for pets. Dogs and cats require different nutritional needs, so it’s essential to choose the right food for each species.
Probiotics and fiber are common additives to support digestive health. Pet owners must consider their pet’s age, breed, size, and health conditions when selecting a food. The pet food industry is continually innovating, offering new and improved formulas to cater to the diverse needs of pets.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Dry Food
Wet Food
Snacks And Treats
Type
Dog Food
Cat Food
Others
Geography
North America
Europe
APAC
South America
Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio