Pet Food Market to Grow by USD 41 Billion (2024-2028) Driven by Rising Demand for Organic Products, AI-Powered Insights Highlight Market Trends – Technavio

NEW YORK, Nov. 12, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global pet food market size is estimated to grow by USD 41 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of about 6.15% during the forecast period. Growing demand for organic pet food is driving market growth, with a trend towards increasing demand for pet food with savory ingredients and smaller portions. However, increasing instances of pet allergies among pet owners poses a challenge.Key market players include 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, Unicharm Corp., and Wellness Pet Co. Inc..

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Key Market Trends Fueling Growth

The pet food market is thriving with trends focusing on nutritious food for domesticated animals. Innovative ingredients like organic, probiotics, and essential minerals and vitamins are in high demand. Nutritious foods for cats and dogs include meat, cereals, grains, and specialty proteins. Essential components like water, fat, and palatants are crucial. Meat byproducts, fruits, and animal protein meals are common commodities. Prices for pet food vary based on ingredients and pet type. Dog health requires high protein, balanced diets with animal-based proteins or plant-based proteins like poultry, rabbit-derived protein, or cereals. Shelf-life and special storage facilities are essential for wet food products. Pet owners prioritize their pets’ health, leading to an increase in premium pet food and pet humanization. Millennials, especially, are driving the pet premiumization trend. Health concerns include joint disease, obesity, and skin and coat issues. Commercial foods cater to standard nutritional requirements, while some prefer home-cooked food. Pet population growth, including cats, dogs, birds, small mammals, rodents, and ornamental fish, fuels the market. Pet expenditure on supplies, vet care, grooming, daycare, and pet food is on the rise. Offline and online stores offer dry and wet pet food, snack treats, and customized or personalized products. Middle-class populations are fueling the pet ownership culture, leading to increased demand for premium products. Animal feeds and high-priced products cater to various species and dietary needs. 

The pet food market is witnessing an upward trend with vendors introducing new savory ingredient offerings for both cats and dogs. Nestle SA, a major player, has launched PRO PLAN SAVOR SHREDDED BLEND, a specialty cat food line featuring a combination of hard kibble and tender meat. This trend is anticipated to grow significantly as more companies introduce savory pet food varieties during the forecast period. Additionally, the rising popularity of small dog breeds necessitates the production of smaller portions to cater to their specific needs. 

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Market Challenges

• The pet food market faces several challenges in providing domesticated animals with nutritious food. Meeting the standard nutritional requirements of cats and dogs, including essential ingredients like proteins, fats, vitamins, minerals, and probiotics, requires innovative ingredients and flavors. Organic pet food and specialty proteins, such as meat, meat byproducts, cereals, and grains, are popular choices. However, ensuring a balanced diet for carnivorous species like cats and dogs, while catering to the dietary needs of other pets like birds, small mammals, and ornamental fish, can be complex. Manufacturing processes like grinding, cooking, and mixing commodities and agricultural-based products, such as fruits and animal protein meals, require careful consideration. Shelf-life and special storage facilities are crucial for maintaining the quality of pet food. Pet owners’ preferences for premium pet food, home-cooked food, and personalized products have led to an increase in pet expenditure. Health concerns, such as obesity, joint disease, and diabetes, necessitate nutritious foods with appropriate carbohydrate content. Pricing, vet care, and pet adoption are also significant factors influencing the pet food market. The market includes commercial foods, offline and online stores, and customized products for various pet types and sizes. Millennials’ pet humanization and premiumization trends have led to a growing demand for high-priced, high-quality products. The market also includes animal-based and plant-based pet food, with fish meal, poultry meal, and animal meal being common animal sources. Understanding the nutrient profile of each ingredient is essential for producing a balanced and healthy pet food.
• Animals, particularly cats and birds, can carry harmful bacteria such as Campylobacter jejuni, leading to diseases like cryptosporidiosis that can be transmitted to humans, especially children. Allergic reactions to pets are also common, with approximately 15%-30% of asthma and allergic rhinitis cases caused by allergens from dogs or cats. These allergens include proteins in their saliva, urine, and dander, which can cause skin irritation, swelling, itching, and respiratory symptoms in sensitive individuals. Symptoms may include redness of the skin, rashes, coughing, and asthma attacks. Protecting both animals and humans from potential health risks requires proper hygiene practices and consideration for those with allergies.

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Segment Overview 

This pet food market report extensively covers market segmentation by

1. 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- Dry pet food is currently more popular among pet owners compared to wet pet food. This trend is driven by several advantages. Firstly, dry pet food is convenient to store and transport due to its solid form. The ease of storage and transportation leads to cost savings for customers. Secondly, dry pet food promotes oral hygiene in pets by encouraging chewing and scraping of the teeth. Thirdly, dry pet food can be used in food puzzle toys, allowing for controlled feeding and mental stimulation. With the increasing number of pet owners worldwide, particularly in developing regions like India and Malaysia, the demand for dry pet food is expected to rise, boosting the growth of the dry food segment in the global pet food market.

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Research Analysis

The pet food market is thriving as pet humanization and premiumization continue to shape consumer preferences. Nutritious food made with innovative ingredients is in high demand, with organic options gaining popularity. Flavors and essential ingredients like probiotics, antioxidants, and animal-based or plant-based proteins cater to the diverse dietary needs of cats, dogs, birds, small mammals, and rodents. Commercial foods offer convenience, while home-cooked meals provide customized nutrition. Pet owners seek out dry and wet pet food, snack treats, and stockpiling essentials for their beloved companions. The market also addresses specific health concerns, such as obesity, skin and coat issues, and offers personalized products to meet individual animal needs.

Market Research Overview

Pet food market is a dynamic industry that focuses on providing nutritious and innovative solutions for the health and well-being of domesticated animals, including cats and dogs. The market offers a wide range of options, from organic and meat-based to plant-based and grain-inclusive formulas. Essential ingredients such as probiotics, antioxidants, and essential vitamins and minerals are often included to support the standard nutritional requirements of these animals. Flavors and palatants are used to make the food appealing to pets, while sweeteners are added to enhance taste. Meat, meat byproducts, cereals, grains, specialty proteins, and agricultural-based products are common ingredients in pet food. The market caters to the dietary needs of various species, including cats, dogs, birds, small mammals, rodents, ornamental fish, and even reptiles. Pet food prices can vary based on the quality and type of ingredients used, with premium and customized products often commanding higher prices. Pet owners are increasingly concerned with their pets’ health, leading to a trend towards premium pet food, home-cooked meals, and personalized products. The market also offers a range of options for pets with specific health concerns, such as joint disease, lack of exercise, high blood pressure, diabetes, obesity, and skin and coat issues. The pet food market is a significant industry, with a large and growing population of cats and dogs, as well as birds, small mammals, rodents, and ornamental fish. The market includes commercial foods, as well as offerings from offline and online stores, hypermarkets, specialty stores, and online channels. The market is driven by factors such as pet humanization, pet premiumization, and the increasing middle-class population. The production process for pet food involves grinding, cooking, and mixing ingredients, with a focus on maintaining the nutrient profile and shelf-life of the final product. Animal-based and plant-based proteins, such as poultry, rabbit-derived protein, fish meal, and poultry meal, are used to meet the high protein requirements of carnivorous species. The market also offers a range of snack treats and animal feeds for various species. The pet food market is a complex and diverse industry that is constantly evolving to meet the changing needs and preferences of pet owners. With a focus on innovation, quality, and sustainability, it is poised for continued growth in the coming years.

Table of Contents:

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 Company Landscape

11 Company 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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