The global pet food market, valued at $87.27 billion in 2020, is projected to reach $133.43 billion by 2030, growing at a CAGR of 4.6% from 2021 to 2030, according to a new report by Allied Market Research.
The surge in pet ownership worldwide, driven by rising disposable incomes, is a key factor fueling the market’s expansion. Trends such as the growing prevalence of nuclear families, increasing pet humanization, and heightened awareness of pet health are major contributors to this growth. However, challenges such as rising pet obesity and pet food recalls may impede market growth. Despite these challenges, the increase in pet ownership in developing countries and the rise in e-commerce sales present significant opportunities.
Market Segmentation
The pet food market is segmented by pet type, food type, sales channel, and region.
Pet Type:
- Dogs
- Cats
- Other Pets
Dogs generated the highest revenue in 2020, driven by the need for companionship and security among nuclear families.
Food Type:
- Dry Food
- Wet Food
- Treats & Snacks
- Others
Dry food holds the largest market share due to its convenience, ease of storage, and affordability.
Sales Channel:
- Supermarkets & Hypermarkets
- Specialized Pet Shops
- Online Sales Channels
- Others
Regions:
- North America
- Europe
- Asia-Pacific
- LAMEA
North America led the market in 2020 and is expected to maintain its dominance throughout the forecast period.
Key Trends and Opportunities
The increasing disposable incomes in urban areas have led to higher pet ownership and more spending on pets, including dogs, cats, and fish. Multinational companies are expanding their presence in various regions to capitalize on this trend. For example, Perfect Companion from Thailand has established a new factory in Zhenjiang province.
Emerging flavor trends, such as the adoption of beef in both dry and wet food categories, alongside the already popular chicken flavor, are notable. The market is also witnessing a demand for natural, organic, and nutritious food due to their grain-free properties and health benefits for pets.
Population growth, rising incomes in developing countries, and urbanization have collectively boosted global pet food production. The trend towards pet humanization has led consumers to prefer premium pet food products to minimize health risks. This shift offers lucrative opportunities for producers to manufacture therapeutic and nutritional pet foods, enhancing their market share.
While cats are preferred over dogs due to their smaller size and ease of care, cat food, particularly wet cat food, is poised for faster growth. Wet cat food offers higher nutrition and benefits for oral and dental health.
Consumer Behavior and Market Drivers
Pet owners are increasingly treating their pets as family members, providing them with functional food, breed-specific, and age-specific items. This trend has spurred demand for unique, natural, organic, and flavorful ingredients. Manufacturers are responding by producing organic and healthy pet food products.
The market’s growth is driven by rapid pet humanization, increasing pet ownership, and the demand for therapeutic foods. As pet owners focus more on their pets’ health, weight, and fitness, the demand for premium and super-premium pet food products has surged, particularly in regions like Italy, where pet owners believe these products offer better health benefits for their pets.
In summary, the global pet food market is poised for significant growth, driven by rising pet ownership, increased disposable incomes, and a focus on pet health and nutrition. As the trend towards premium pet food continues, manufacturers have ample opportunities to expand and innovate within this dynamic market.
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