Pet Food Market Overview
The global pet food market is anticipated to reach USD 145.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.10% during the forecast period (2023-2030), according to a report published by Market Research Future (MRFR). The growing trend of pet adoption, rising disposable incomes, and increasing awareness of the importance of pet nutrition are the key factors driving the growth of the pet food market.
The pet food market is segmented by type, form, application, and region. By type, the market is divided into dry pet food, wet pet food, and treats. Dry pet food is the largest segment, accounting for over 60% of the market share. By form, the market is classified into pellets, kibbles, and wet food. By application, the market is divided into cats and dogs, with cats holding the larger share. By region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Factors Driving Market Growth
Growing Pet Adoption: The increasing number of pet-owning households is a major driver of the pet food market. People are increasingly adopting pets as companions, leading to a higher demand for pet food.
Rising Disposable Incomes: As disposable incomes rise, people are willing to spend more on their pets, including on high-quality pet food.
Increasing Awareness of Pet Nutrition: Pet owners are becoming more aware of the importance of proper pet nutrition and are seeking out pet food that meets their pets’ specific needs.
Premiumization: The demand for premium pet food is on the rise as pet owners look for products that are made with high-quality ingredients and offer specific health benefits.
E-commerce: The growth of e-commerce is providing pet owners with more convenient and affordable options for purchasing pet food.
North America is expected to remain the largest pet food market during the forecast period, followed by Europe. Asia Pacific is also expected to witness significant growth, driven by the region’s large and growing pet-owning population.
The pet food market is characterized by the presence of a large number of both multinational and regional players. Some of the key players in the market include Mars Petcare Inc., Nestlé Purina PetCare, Hill’s Pet Nutrition, Inc., Blue Buffalo Pet Products, Inc., and JBS S.A.
The pet food market is expected to continue to grow in the coming years, driven by the factors mentioned above. The market is also expected to benefit from the development of new and innovative pet food products, such as personalized pet food and functional pet food.
MRFR’s report on the pet food market is based on extensive primary and secondary research. The primary research includes interviews with industry experts, market participants, and consumers. The secondary research includes data from market reports, government reports, and industry publications.
- The global pet food market share is expected to reach USD 145.15 billion by 2030.
- The market is expected to grow at a CAGR of 6.10% from 2023 to 2030.
- Dry pet food is the largest segment, accounting for over 60% of the market share.
- North America is expected to remain the largest market during the forecast period.
- The market is expected to benefit from the development of new and innovative pet food products.