THE PET FOODS MARKET IS PROJECTED TO REACH USD 126.87 BILLION, GROWING AT A RATE OF 4.7%, ACCORDING TO INTROSPECTIVE MARKET RESEARCH

June 14 20:50 2024
THE PET FOODS MARKET IS PROJECTED TO REACH USD 126.87 BILLION, GROWING AT A RATE OF 4.7%, ACCORDING TO INTROSPECTIVE MARKET RESEARCH
Pet food is an animal food in the form of whole food, snacks, dry food and wet food for consumption by pets. The pet food market includes sales of goods and services by entities associated with manufacturing cat and dog food and other animal food from ingredients such as grains, oilseed, mill products and meat products.

Global Pet Foods Market size was valued at USD 83.92 Bn in 2023 and is expected to reach USD 126.87 Bn by 2032, at a CAGR of 4.7%.

Pune, 14, June 2024: The Global Pet Foods Market was valued at USD 83.92 billion in 2023 and is expected to reach USD 126.87 billion by 2032, with a CAGR of 4.7%. Pet food is animal food intended for pet consumption, which includes complete food, snacks, dry food and wet food. The pet food market includes the sale of goods and services by parties involved in the manufacture of cat and dog food and other animal foods from raw materials such as grains, oilseeds, ground products and meat products. In addition, this industry includes companies that produce dog food, cat food and other animal products.

Pet foods are special foods made to meet the nutritional requirements and regulations of domestic animals and can be made from either plant or animal food ingredients. Pet foods are made with unique shapes and attractive colors to convince the owners and special aromas are added to enrich the taste so that animals can eat the food easily, which will lead to market growth during the forecast period.

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Pet Foods Key Competitors include:

Wagg Foods Ltd , Kriser’s Natural Pet, Wellness Pet Company, Gambol Pet Group Co., LTD , Yantai China Pet Foods Co., Ltd. (“Wanpy”), Butcher’s Pet Care, Royal Canin SAS, BRF, Nisshin Seifun Group Inc., Affinity Petcare, General Mills, Mars and other major players.

Pet Foods Market Dynamics 

Market growth is fueled by increasing demand for high-quality and organic pet food. Pet owners often think of their pets as part of the family and want money to be spent on the best pet products and services, so they buy organic and premium products for cats, dogs and more. Additionally, organic foods contain no artificial colors, flavors, antibiotics, synthetic hormones, toxic pesticides or preservatives, while premium pet foods contain higher-quality ingredients than conventional pet foods. Major players in the premium pet food industry develop diets based on the animal’s nutritional needs. For example, high-brand companies offer food specially prepared for growing puppies, large and small breed dogs, lactating and pregnant dogs and the elderly.

Invest in producing high-quality grain-free dog food, provide high-quality food for pets, use e-commerce platforms to sell products online, apply automation technologies to maximize production efficiency, and focus on providing personalized food according to customer needs. Expected to grow in the coming years in pet food production using organic ingredients, focusing on acquiring more subscribers, investing in CBD pet food to differentiate products and increasing online sales channels.

Pet Foods Market Regional Insights 

North America dominated the Pet food market in 2023 and is expected to continue its dominance over the forecast period. Awareness of the benefits of quality pet foods, population growth and pet health concerns due to the trend of humanization of pets and increasing taste in pet foods are the major factors leading to the projected growth of the market in the region. time period

The emerging development of the nuclear family in European countries and rapid economic and social changes may be related to trends in pet ownership. In addition, the pet food market closely overshadows the expected growth of the pet food market in the future. Increasing pet ownership and increasing per capita sales revenue are the main factors driving the demand for pet food in the Latin American region. In the Middle East and Africa, the growth rate of the pet market is slow due to the lack of knowledge about the benefits of pets, and the growth rate is expected in the coming years.

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Pet Foods Market Segment Analysis      

By Pet Type

  • Dogs
  • Cats
  • Others

Based on the component, the market is segmented into Dogs, Cats, and Others. Dogs are expected to dominate the Pet Foods Market during the forecast period. Dogs make up the largest part of the pet population worldwide. Thus, the dog segment has an important dominant position in the world market. For example, according to the Organization for Animal Health, dogs are the most important pets in the world. One of the three houses have a dog as a pet. In addition, the market for plant-based and higher quality dog ​​food is driven by high spending on dog care and welfare, as the pet owner’s awareness of food borne illnesses has increased. The launch of dog treats and nutritious food is another important reason for the growth of the segment.

By Food Type

  • Dry Food
  • Wet Food
  • Snacks
  • Treats
  • Nutritious Food

By Distribution Channel

  • Specialized Pet Stores
  • Supermarkets
  • Online
  • Others

GLOBAL PET FOODS MARKET BY REGION

  • NORTH AMERICA
    • USA
    • Canada
    • Mexico
    • EASTERN EUROPE
      • Russia
      • Bulgaria
      • The Czech Republic
      • Hungary
      • Poland
      • Romania
      • Rest Of Eastern Europe
      • WESTERN EUROPE
        • Germany
        • United Kingdom
        • France
        • The Netherlands
        • Italy
        • Spain
        • Rest Of Western Europe
        • ASIA PACIFIC
          • China
          • India
          • Japan
          • South Korea
          • Malaysia
          • Thailand
          • Vietnam
          • The Philippines
          • Australia
          • New-Zealand
          • Rest Of APAC
          • MIDDLE EAST & AFRICA
            • Turkey
            • Bahrain
            • Kuwait
            • Saudi Arabia
            • Qatar
            • UAE
            • Israel
            • South Africa
            • SOUTH AMERICA
              • Brazil
              • Argentina
              • Rest of South America

Key questions answered in the Pet Foods Market report are:

  1. Which market segment dominated the global Pet Foods market in 2023?
  2. What are the current global trends in the Pet Foods market?
  3. What future industry applications and trends are emerging in the Pet Foods market?
  4. What growth strategies are companies adopting to expand their presence in the Pet Foods market?
  5. Who are the leading companies in the Pet Foods market, and what are their product portfolios?
  6. What are the primary challenges that the Pet Foods market may face in the future?
  7. Which region had the largest share of the Pet Foods market in 2023?
  8. How is the regulatory environment influencing the Pet Foods market?

Key Offerings:

  • Market Size, Share, Size & Forecast by Different Segments | 2024−2032
  • Pet Foods Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
  • Market Trend Analysis
  • Pestle Analysis
  • Porter’s Five Forces Analysis
  • Industry Value Chain Analysis
  • Ecosystem
  • Regulatory Landscape
  • Price Trend Analysis
  • Patent Analysis
  • Technology Evolution
  • Investment Pockets
  • Pet Foods Market Segmentation
  • Competitive Landscape – Profiles of selected key players in a strategic perspective
  • Competitive landscape – Competitive Benchmarking, Pet Foods Market Share by Manufacturer (2023), Industry BCG Matrix, Heat Map Analysis, Mergers & Acquisitions
  • Analyst Viewpoint and Conclusion

Introspective Market Research, a prominent Food and Beverages research firm, has released the following reports:

  • Dog Food Market, the dog Food Market Size Was Valued at USD 51.79 billion in 2023 and is Projected to Reach USD 92.99 Million by 2032, Growing at a CAGR of 6.72% From 2024 to 2032.
  • Animal Feed Dietary Fiber Market, Global Animal Feed Dietary Fiber Market Size Was Valued at USD 5.36 Billion in 2023 and is Projected to Reach USD 8.74 Billion by 2032, Growing at a CAGR of 5.58% From 2024-2032.

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