Innovative Trends and Future Projections Unveiled in the Pet Food Industry 2023-2030
Pet Food Industry | Forecast 2030
The economic value generated by the pet food industry was estimated at approximately USD 99.10 billion in 2022. This economic output is an amalgamation of basic pet food categories, namely, dog food, cat food, and others.
The pet food market is growing at a higher pace owing to proliferating demand for probiotics and other supplements to enhance the GI tract, immunity, and stool quality of pets. Increasing digestive and performance capacities of pets due to healthy food consumption is also expected to boost market growth in the upcoming years. In addition, increasing consumer awareness regarding the importance of giving appropriate feed to pets and improving their overall health are among the key factors fueling the product demand.
Access the Global Pet Food Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
According to the American Pet Products Association, Inc., 67% of the U.S. household population owns at least a single pet, further categorizing it into dogs and cats that are owned by 63.4 million and 42.7 million households, respectively. The survey provided an estimation of the total amount, which is USD 99 billion spent on pets in the U.S. Among these, USD 38.4 billion is spent on pet food followed by USD 30.2 billion on vet care, USD 19.8 billion on supplies and OTC medicines, and USD 10.7 billion on services such as grooming, boarding, training, insurance, and pet sitting services. Online private channels such as Chewy.com and Amazon are endorsing their own brands to disrupt the market and eradicate middlemen margins.
Dog Food Market insights
The global dog food market size was estimated at USD 41.44 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. This is attributed to the increasing awareness among consumers about the importance of providing balanced and nutritional food to pets. They are seeking products that cater to their pets' specific dietary needs and health requirements.Factors, such as product quality, pricing, brand reputation, innovation, distribution, and marketing strategies, drive the competition in the global market. Companies consistently invest in research and development to introduce enhanced formulations that align with the changing demands of pet owners. Moreover, they prioritize expanding their market presence through various distribution channels, encompassing specialty stores, supermarkets, and online platforms.
Dog food is uniquely formulated to cater to the precise dietary requirements and nutritional needs of household dogs. Its primary objective is to provide essential nutrients, vitamins, and minerals, promoting the overall health and well-being of dogs. The market offers a wide variety of products, including dry kibble, wet canned products, semi-moist treats, freeze-dried, and raw alternatives. High-quality dog food typically includes a balance of proteins, carbohydrates, fats, fiber, and other essential nutrients to meet a dog's energy requirements, promote muscle and bone health, support the immune system, and maintain healthy skin and coat. Dog food is available in different formulations tailored to specific life stages, such as puppy, adult, and senior, as well as specialized diets for dogs with specific health conditions or dietary preferences.
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Cat Food Market insights
The global cat food market size was estimated at USD 31.28 billion in 2022 and is anticipated to grow at a compounded annual growth rate (CAGR) of 4.4% from 2023 to 2030. The growth of the product market is attributed to the growing ownership of cats, the humanization of pets, and a growing awareness of the importance of pet nutrition worldwide. Additionally, the rise of e-commerce and the availability of cat food online has made it easier for pet owners to find and purchase products that cater to their pet's specific needs.
Cat food is a specially formulated type of pet food designed specifically for the dietary needs of cats. They are obligate carnivores, and thus require a diet that is high in protein and fats from animal sources. Therefore, it typically includes meat-based protein sources such as chicken, turkey, fish, or beef. In addition to protein, it also contains other essential nutrients such as minerals, vitamins, and fats to maintain good overall health and meet cats' dietary needs. These nutrients are particularly important for the growth and development of kittens and the maintenance of adult’s health.
Pet Food Market insights
The global pet food market size was estimated at USD 103.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. The demand for products is anticipated to be driven by growing consumer inclination toward the adoption of pets along with rising concerns regarding their health. Improvement in overall digestion and performance of pet animals owing to consumption of nutritious food is also likely to boost market growth in the forecast period. The pet food products that are available in the global market rarely vary. This, in turn, has prompted manufacturers to include multi-functional and innovative ingredients in their products to curb such similarity bias. Convenience is likely to play a vital role in driving this industry, given the increased popularity of prepared pet food. The other segment is organic pet food, a recent and growing trend in the market.
Increasing availability of organic products in a variety of flavors and the inclusion of essential ingredients such as probiotics and antioxidants are factors that are likely to induce a positive impact on global market growth. On the other hand, low product penetration owing to its slightly high price may restrain organic segment growth in the coming years as every household would not be able to purchase high-priced products.
Go through the table of content of Pet Food Industry Data Book to get a better understanding of the Coverage & Scope of the study
Company Profiles
- The J.M. Smucker Company
- The Hartz Mountain Corporation
- Mars, Incorporated
- Hill’s Pet Nutrition, Inc.
- Nestlé Purina
- LUPUS Alimentos
- Total Alimentos
- General Mills Inc.
- WellPet LLC
Competitive Insights
- The competitive landscape of the pet food market is moderately consolidated with the presence of multinational companies striving to fulfill high demand from large customer and end-user base.
- Key industry players are increasingly embracing innovative marketing strategies and leveraging advanced technologies to enhance their revenue generation and expand their customer base in the foreseeable future.
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