Pet Food Market Size, Share & Industry Analysis By Animal Type (Dogs, Cats, and Others), By Form (Dry Pet Food, Wet Pet Food, and Snacks & Treats), By Distribution Channel (Supermarket/Hypermarket, Specialty Stores, Online Channel, and Others), By Source (Animal and Plant), and Regional Forecast, 2024-2032

The global pet food market size was valued at USD 120.87 billion in 2023 and is projected to grow from USD 126.66 billion in 2024 to USD 193.65 billion by 2032, exhibiting a CAGR of 5.45% during (2024-2032). North America dominated the pet food market with a market share of 42.55% in 2023. Moreover, the pet food market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 59.76 billion by 2032, driven by high pet ownership and a rising trend of pet humanization.

Pet food products are found in different forms in the global market, such as dry, wet, and snack treats. These products can be animal-based or plant-based. The sales of these products are carried through several distribution channels, such as hypermarkets/supermarkets, specialty stores, online channels, and others. With the rising pet population globally, the market has displayed significant growth in recent years. In addition to increasing pet humanization, the market is expected to show rapid growth during the forecast period.

The COVID-19 pandemic was one of the significant factors that fueled the growth of the market, owing to the rapid growth in pet adoption. In addition, the stockpiling of pet food due to the increased panic among individuals as a result of the lockdown and several government regulations increased sales. For instance, as per executive vice president and chief financial officer of Purina François-Xavier Roger, pet care product sales observed a double-digit growth in 2020, from which pet food is a leading segment owing to the increase in pet adoption during the pandemic. The new development in products by manufacturers and the launch of innovative product ranges are said to create new opportunities further. However, owing to the stringent regulations imposed by several government bodies, especially in the Western market, the market growth was restrained.

PET FOOD MARKET TRENDS

Personalization of Pet Food to Propel Market Growth

In recent times, owing to the rising pet humanization, pet owners are becoming more conscious of the ingredients in pet food. Thus, pet owners are more interested in controlling what their pets consume and how many times. This increasing consciousness among pet owners related to the consumption pattern of their pets is due to the rising awareness of diseases that are caused by pets concerning their food consumption pattern. Thus, customized and personalized products have shown promising growth with the rising demand among pet owners for products that are designed to target a specific factor or disease, such as obesity, skin and coat, and others. For instance, in July 2023, Petcurean, a Canada-based premium pet food manufacturer, announced the launch of its new customized food products under the brand Go! Solutions. These new products include Sensitivities Limited Ingredient Grain-Free Insect for dogs with sensitivity and allergies and Go! Solutions Skin + Coat Care, which is made for dogs to improve skin health and coat texture.

GROWTH FACTORS

Increasing Pet Ownership Globally is Driving Market Growth

Pet ownership has been steadily increasing globally in recent times, especially in emerging economies. The rapid demographic changes, rising income levels, and the pandemic have been a few of the significant factors that have fueled the growth in pet ownership globally. For instance, according to the Pet Health of Animals Organization, around 2 million people adopted a pet during the COVID-19 lockdown in the U.K., and about 1 million people adopted pets in Australia during the same period.

The growth of pet ownership has been more evident in emerging economies, such as Latin America, Asia Pacific, the Middle East & Africa, and Eastern Europe. This rapid growth in pet adoption/ownership in these emerging economies is due to the expansion of the middle-class population, which is one of the significant factors that positively influence the emergence of pet adoption/ownership in these economies. For instance, as per Dr. Wolfgang Dohne, a Senior Vice President at the Federation of European Companion Animal Veterinary Associations, disposable income is one of the significant factors that drives pet ownership. Hence, the fast-advancing countries in Asia Pacific and Eastern Europe have been recording rapid growth in pet ownership. In addition, according to the Pet Health of Animals Organization, from 2014 to 2019, China recorded a 113% growth in pet ownership. In contrast, South Korea recorded a 50% growth in pet ownership.

Rapid Growth in Pet Humanization is Driving the Global Market Growth

The global market has observed a significant shift in pet ownership culture in recent years. One of the important cultural changes is increasing pet humanization. Pet humanization is where the companion or pet is considered a human by its owner. Thus, pet humanization has increased the demand for premium products for pets as individuals are more inclined to spend more on healthy and high-quality food products for their pets. The rising pet humanization is due to increased pet ownership by millennials. For instance, as per the Pet Health of Animals Organization, around one-fourth of pet owners are millennials in the U.S. Furthermore, as per Alex Douzet, the CEO of Pumpkin Pet Insurance, an insurance company for pets based in the U.S., millennial couples before having a child prefer to adopt a pet. Thus, as pet ownership has become a training wheel before having a child, pet owners have become more health conscious toward their pets and are looking for healthy food products for pets. Premium food products have recorded a rapid growth in traction in recent years and are said to drive market growth further.

RESTRAINING FACTORS

Stringent Regulations Implemented by Governments to Restrain Market Growth

Food products made for pets are highly regulated feed products, especially in developed countries, such as the U.S. and other European countries. In these developed markets, the examinations conducted on animal feeds are highly stringent throughout the supply chains, starting from the ingredients utilized in the production to their sales and marketing. Thus, owing to the strict regulations associated with commercialization can be a significant restraining factor as it increases the cost of developing new products. Therefore, further restraining market growth by increasing the similarity between products contributes to increasing market competitiveness. Moreover, lower acceptance of premium or high-priced products across some developing markets can also be an obstacle to the market's growth.

SEGMENTATION

By Animal Type Analysis

Growing Launch of Dog Treats to Propel Dog Segment Growth

Based on animal type, the market is classified into dogs, cats, and others.

Dogs have the highest share of the total pet population across the globe. Thus, the dog segment has significant dominance in the global market. For instance, as per the Health for Animals Organization, dogs are the most considerable pet animal globally. Out of three, one house has a dog as a pet. Moreover, high expenditure associated with the maintenance and well-being of dogs is driving the market for plant-based and higher-quality dog food due to the rising awareness among pet owners of diseases related to food consumption. The launch of dog treats and nutrition-rich food is another significant reason contributing to the segment's growth.

By Form Analysis

Higher Demand for Dry Pet Food Among Dog Owners to Fuel Segment Growth

Based on form, the market is segmented into dry, wet, and snacks & treats.

Dry pet food dominated the global market owing to the higher share of dogs in the total pet population. The dry form is the most preferred option by pet owners, especially among dog owners. This higher demand for dry pet food is associated with higher convenience and shelf-life as compared to wet food. Furthermore, dry food is one of the most preferred food forms among dog owners owing to the health benefits associated with dry dog food, such as a healthy oral system. In addition, dry dog food is cost-effective as compared to wet food. Thus, dry dog food has a significantly higher share in the global market.

The snack & treats segment is emerging as an exotic option for various pets due to their delicious taste and higher quality. This segment is expected to grow significantly in the forthcoming years owing to the active participation of market players in launching a variety of multipurpose and healthy snacks and treat options for dogs, cats, and other pets.

By Distribution Channel Analysis

Higher Convenience Associated with Supermarkets/Hypermarkets to Fuel Market Growth

By distribution channel, the market is categorized into supermarket/hypermarket, specialty stores, online channel, and others.

The supermarket/hypermarket segment holds a dominant share of pet food sales globally. The higher share of supermarkets/hypermarkets is owed to the higher preference among consumers as they offer more increased convenience in terms of choices for several brands and prices.

The unique arrangement in specialty pet stores contributes to convenience. In addition, specialty stores do offer significant choices with the availability of exotic, custom-designed, and premium food products for pet animals within these stores, which are expected to boost the growth of the segment further.

The online channel is expected to show significant growth in the forecast period, attributed to the increasing inclination of millennials toward online purchasing. The high convenience offered by online channels, such as doorstep delivery, along with the rising collaboration of industry giants with retail e-commerce players, are expected to fuel the segment’s growth. For instance, in February 2023, Nestle announced that Purina PetCare was one of the significantly growing segments in the company, with e-commerce and specialty stores holding the highest growth rate. 

By Source Analysis

Animal Source Segment Steers Market Growth Owing to its Increased Popularity and Wide Availability

On the basis of source, the market is sub-segmented into animal and plant based sources.

The animal source segment leads the market. Traditionally, an animal source has been extensively used to manufacture pet foods. Fish meal, poultry meal, and animal meal are widely used to manufacture cat and dog foods across the globe. The popularity of animal-sourced feed is also high due to its strong nutrient profile and easy availability of animal sources.

The growing popularity of plant-based products and vegetarianism among pet owners is expected to propel the growth of plant-sourced pet food in the forthcoming years.

REGIONAL INSIGHTS

Based on region, the market is studied across North America, Europe, Asia Pacific, South America, and the rest of the world.

North America holds a dominant pet food market share and is expected to fuel market growth in the forecast period. The dominance of the region is owed to the significant share of pet owners in the U.S. For instance, as per the American Pet Products Association (APPA) survey, about 85 million U.S. households, which constitute approximately 67% of U.S. households, own a pet. Furthermore, the country has displayed significant growth in pet humanization, and its wide adoption is encouraging the growth of nutritious and natural foods manufactured for pet animals.

Europe pet food market has grown significantly due to the rising pet humanization and increased spending on sustainable and safe pet food. The U.K. is one of the largest markets in Europe, followed by Germany and France for pet food and treats. For instance, as per the Mars Petcare State of the Pet Nation, 72% of the U.K.'s pet owners consider themselves pet parents.

The rapid growth in pet adoption/ownership in developing markets, such as China, India, South Korea, Japan, and others, has made Asia Pacific one of the fastest-growing regions in the global market, followed by South America. In addition, Japan is one of the leading importers of prepared dog and cat food worldwide. 

Brazil is the second-largest market in the world after the U.S. The dominance of Brazil in the South American market is due to high pet ownership, a growing focus on pet health, and increased spending on natural, high-quality pet foods. Additionally, Brazil has the most diverse pet population in the world. Hence, small families, childless couples, and singles living in apartments prefer birds and fish, along with dogs and cats as pets.

The rising adoption of companion animals and a higher focus on quality products drive pet food market growth in the Middle East & Africa. The growing middle-class population in Africa also supports the development of the region.

LIST OF KEY COMPANIES IN PET FOOD MARKET

Key Players Focus on Product Development in New Geographies to Stay Competitive Drives Market Expansion

The global market is consolidated, with five significant players holding more than 60% of the market share. These market players, such as Nestle Purina Petcare, Colgate-Palmolive, and The J.M. Smucker Company, are rigorously increasing their market share and establishing dominance in the global market. Mars Incorporated holds the majority share of the global market, as well as in several other regional markets. The companies have been adopting strategies, such as innovative product launches, brand strengthening, mergers and acquisitions, and online distribution of their products to increase their customer base and lead the global market. In the past years, Mars Incorporated has acquired several reputed brands, such as Natura and Eukanuba. Moreover, it has actively involved itself in online retail sales by collaborating with e-commerce giants, such as Alibaba Group.

Some of the Key Companies Profiled in the Report:

• Mars Incorporated (U.S.)


• Nestle S.A. (Switzerland)


• The J.M. Smucker Company (U.S.)


• Colgate-Palmolive Company (U.S.)


• General Mills, Inc. (U.S.)


• Diamond Pet Foods (U.S.)


• Heristo AG (Germany)


• Tiernahrung Deuerer GmbH (Germany)


• Merrick Pet Care, Inc. (U.S.)


• WellPet LLC (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• October 2023: Scientific Remedies, one of the well-known animal health companies, announced its collaboration with Affinity Petcare, one of the known pet food companies based in Spain, with the launch of its all-new brand, Affinity Advance in India.


• December 2022: Mankind Pharma announced that it had entered the pet food market by launching its all-new PetStar dog food. The product comes in several forms, including dry, wet, and treats. The company aims to create a pet care ecosystem in the coming years and is starting with pet food.


• September 2021: Freshpet (FRPT), a well-known fresh dog food company, announced the launch of its all-new vegetarian dog food, Spring & Sprout. With the launch of this new product, the company aims to increase its market share in the U.S. and Europe's rapidly growing plant-based markets.


• March 2021: Mars, Inc., a leading pet food manufacturer based in the U.S., invested USD 200 million to expand its Royal Canin plant in Lebanon. The company will add five new corporation lines to double the production capacity.


• December 2020: Nestle Purina Petcare announced it would invest USD 550 million to expand its pet food manufacturing facility in Georgia.

REPORT COVERAGE

The market research report provides a detailed analysis of the market and focuses on key aspects such as leading companies, market analysis by animal type, form, distribution channel, and source. Besides this, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation