Pet Food Market Size Share & Growth Report, 2024

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 global pet food market market share, trends, size, and industry trends 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 consumer awareness about pet health, leading to a demand for supplements and fortified foods, along with the trend of adopting exotic and less common pets, which requires specialized food products to cater to their unique dietary needs is aiding in market expansion.

Furthermore, the growing trend of pet adoption from shelters and rescue organizations, which raises awareness and demand for proper pet nutrition is providing an impetus to the market growth. Apart from this, escalating health concerns among pet owners about their pets' diets propel the market toward more specialized and health-focused pet food options, boosting market growth.

Factors Affecting the Growth of the Pet Food Industry:

• Humanization of pets:

As pets are increasingly seen as members of the family, owners are more willing to invest in premium and specialized pet foods that promise better health, wellness, and even specific dietary benefits for their animals. This trend is especially prominent in developed countries, where disposable incomes are higher and there is a greater emphasis on pet well-being. Pet owners are looking for foods that are not only nutritious but also cater to specific needs such as age, breed, health conditions, and lifestyle.

This shift towards human-grade ingredients and formulations that resemble human food has led to a surge in demand for organic, natural, and high-quality pet food products.

• Increasing pet ownership:

The increasing rate of pet ownership globally contributes significantly to the growth of the pet food market. Rapid urbanization, changing family structures, and a growing awareness of the psychological and health benefits of pet companionship strengthen the market growth. In urban areas, where space for keeping pets may be limited, smaller pets such as cats and small dog breeds are particularly popular, leading to a diverse range of pet food products tailored for these pets.

Additionally, in many societies, pets are increasingly seen as substitutes for children, which further drives the demand for premium pet care products. This increase in pet ownership is not confined to developed countries but is also observed in emerging markets where rising middle-class incomes and changing lifestyles support higher spending on pets.

• Advancements in pet nutrition:

Pet food manufacturers are investing heavily in research and development (R&D) to create products that meet the latest nutritional standards and cater to the evolving needs of pets. This includes the development of functional foods that provide additional health benefits, such as improving joint health, enhancing coat condition, and supporting digestive health. The focus on personalized nutrition, which tailors pet diets based on their specific health needs and conditions, is also gaining traction. These advancements are driven by an increasing body of scientific research that highlights the importance of balanced nutrition in maintaining pet health and longevity.

Moreover, the rise of veterinary-recommended diets and therapeutic pet foods is indicative of the growing intersection between pet nutrition and veterinary science which is driving the market growth.

Pet Food Market Report Segmentation:

By Pet Type:

• Dog Food

• Cat Food

• Others

Dog food represents the largest segment since dog owners generally spend more on their pets and seek a wider variety of specialized food products.

By Pricing Type:

• Mass Products

• Premium Products

Mass products account for the majority of the market share because they offer affordability and accessibility, appealing to a broader consumer base.

By Product Type:

• Dry Pet Food

• Wet and Canned Pet Food

• Snacks and Treats

Dry pet food dominates the market as it is convenient, has a longer shelf life, and is cost-effective for pet owners.

By Ingredient Type:

• Animal Derived

• Plant Derived

Animal-derived stores represent the largest market segment due to their high protein content and nutritional benefits.

By Distribution Channel:

• Supermarkets and Hypermarkets

• Specialty Stores

• Online Stores

• Others

Supermarkets and hypermarkets dominate the market as they provide a wide range of products, attracting various pet owners.

Regional Insights:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

North America leads the market with its high pet ownership rates and significant disposable income driving substantial spending on pet food.

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

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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’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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