Pet Food Market Size, Industry Trends, Share, Growth and Report 2024-2032

Written by Nitin Sharma  »  Updated on: July 09th, 2024

Pet Food Market Size, Industry Trends, Share, Growth and Report 2024-2032

IMARC Group, a leading market research company, has recently released a report titled “ Pet Food Market Report by Pet Type (Dog Food, Cat Food, and Others), Product Type (Dry Pet Food, Wet and Canned Pet Food, Snacks and Treats), Pricing Type (Mass Products, Premium Products), Ingredient Type (Animal Derived, Plant Derived), Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Stores, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the pet food market share, trends, size, and industry growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global pet food market size reached US$ 125.1 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 189.6 Billion by 2032, exhibiting a growth rate (CAGR) of 4.6% during 2024-2032.

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Global Pet Food Market Trends:

The increasing demand for eco-friendly and sustainable pet food products, leading to the popularity of products made from sustainably sourced ingredients, is fueling the market growth. In addition to this, the rising emphasis on transparency and traceability in the pet food industry, as pet owners seek more information about the origins and quality of ingredients used in their pets' food, is strengthening the market growth.

Besides this, the growing popularity of pet food products that are designed for specific health conditions and dietary requirements as pets face various health issues, such as allergies, obesity, and digestive problems, is enhancing the market growth.

Factors Affecting the Growth of the Pet Food Industry:

• Increasing Pet Ownership and Humanization of Pets:

The rising trend of pet ownership across the globe, boosting the demand for pet food products, is one of the major factors bolstering the market growth. Along with this, the rising humanization of pets, leading to a shift in consumer attitudes as pet owners are willing to spend more on high-quality and nutritious food options, is acting as a growth-inducing factor. In addition to this, the increasing production and consumption of premium and super-premium pet food products, which offer enhanced nutritional benefits, is contributing to the market growth. In line with this, the growing demand for products among owners that mirror their dietary preferences, such as organic, non-genetically modified organism (GMO), and grain-free options, is fueling the market growth.

Rapid Innovations in Pet Food Products:

The rising innovation within the pet food industry is another crucial factor driving the market growth. Moreover, the development of new and improved formulations by manufacturers to meet the evolving preferences of pet owners is catalyzing the market growth. This includes the introduction of functional ingredients that offer additional health benefits, such as probiotics, antioxidants, and omega fatty acids. Furthermore, the rising interest in alternative protein sources, including insect-based proteins and plant-based diets, which cater to the growing demand for sustainable and environmentally friendly products, is boosting the market growth. Apart from this, the advent of technology in food processing and packaging that enables the creation of fresher and more nutritious pet food products with extended shelf life is driving the market growth.

• Expansion of E-commerce and Direct-to-Consumer (DTC) Sales:

The widespread expansion of e-commerce and direct-to-consumer sales channels is positively impacting the market growth. Apart from this, the heightened convenience of online shopping, coupled with the availability of a wide range of products that make it easier for pet owners to access the food their pets need, is fostering the market growth. Moreover, e-commerce platforms offer various advantages, including detailed product descriptions, customer reviews, and the ability to compare prices, which facilitate informed purchasing decisions. Additionally, the growing popularity of subscription-based models for pet food delivery that ensure a steady supply of pet food without the need for frequent shopping trips is enhancing the market growth.

Pet Food Market Report Segmentation:

By Pet Type:

• Dog Food

• Cat Food

• Others

Dog food represented the largest segment due to the higher population of dogs and their greater nutritional requirements compared to other pets.

By Pricing Type:

• Mass Products

• Premium Products

Mass products accounted for the largest market share as they cater to the broadest consumer base, providing affordable and widely accessible options for pet owners.

By Product Type:

• Dry Pet Food

• Wet and Canned Pet Food

• Snacks and Treats

Dry pet food accounted for the largest market share due to its convenience, longer shelf life, and ease of storage compared to wet or fresh food alternatives.

By Ingredient Type:

• Animal Derived

• Plant Derived

Animal derived represented the largest segment due to the high protein needs of pets, which are typically met through animal-based ingredients, and the preference for meat-based diets.

By Distribution Channel:

• Supermarkets and Hypermarkets

• Specialty Stores

• Online Stores

• Others

Supermarkets and hypermarkets constituted the largest segment as they offer a wide variety of pet food brands and products under one roof, providing convenience and competitive pricing for consumers.

Regional Insights:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

North America's dominance in the pet food market is attributed to its high pet ownership rates, substantial disposable income, and strong consumer demand for premium and specialized pet food products.

Competitive Landscape with Key Players:

The competitive landscape of the pet food market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

• Mars Petcare Inc.

• Nestlé Purina Pet Care (Nestlé SA)

• Hill's Pet Nutrition

• The J.M. Smucker Company

Ask Analyst for Customized Report:

Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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