Pet Food Market
Pet Food Market Trend, Opportunity, and Forecast Analysis, 2024-2032
Pet Food Market is segmented by Pet Type, and by Region. KDMI analyst foresees market revenue to cross USD 311.94 Billion by 2032 by growing with a CAGR of 4.9% during 2024-2032.
Pet Food Market Highlights
The global pet food market is expected to cross a value of USD 311.94 billion by the end of 2032. The market was valued at USD 105.4 billion in 2023 and is expected to expand at a CAGR of 4.9% between 2024-2032.
- Over the mid-term, the increasing adoption of pets is the primary factor anticipated to drive the global pet food market.
- The fluctuating price of raw materials is a major factor to challenge the market growth.
- The North America pet food market is projected to dominate the global market.
Pet Food Market: Report Scope |
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Base Year |
2023 |
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Base Year Market Size |
USD 105.4 Billion |
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Forecast Year |
2024-2032 |
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Forecast Year Market Size |
USD 311.94 Billion |
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CAGR Value |
4.9% |
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Pet Food Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Pet Food Market Segmentation |
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Pet Food Market Key Players |
The J.M. Smucker Company, Nestle Purina, Mars, Incorporated, LUPUS Alimentos, Total Alimentos, Hill’s Pet Nutrition, Inc., General Mills Inc., WellPet LLC, The Hartz Mountain Corporation, and others. |
Pet Food Market Outlook
Any commercial food product that is formulated and manufactured specifically for consumption by pets to provide them essential nutrients, vitamins, minerals and energy, as part of their dietary requirements, is known as pet food. These foods come in various forms and are usually formulated with a balanced combination of proteins, carbohydrates, fats, vitamins, and minerals.
According to our experts at KD Market Insights, one of the major factors anticipated to drive the growth of the global pet food market is the increasing adoption of pets. Our researchers have found that in the year 2023, more than 30% of the household owners owned a pet. The rise in the number of pet owners globally, particularly in urban areas and among younger demographics is therefore expected to raise the demand for high-quality pet food products so as to meet the nutritional needs of these companion animals, and in turn, contribute to the market growth. The J.M. Smucker Company, Nestle Purina, and Mars are some of the significant parties in the global market for pet food.
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Pet Food Market Drivers – Analyst’s Observation
According to the analysts at KD Market Insights, some key growth drivers for the global pet food market are:
- Growing Focus of Pet Owners on Maintaining Proper Health of Pets: The concern for zoonotic diseases around the globe is increasing rapidly. Our researchers have found that about 30% of dog population had the prevalence of heartworm, while in cats, the prevalence was 19%. Moreover, in the United States alone around 80% of dog parks had at least one dog test positive for intestinal parasites. With such growing concerns for zoonotic diseases, pet owners worldwide are becoming more health-conscious and proactive in managing their pets’ health and well-being. Such a factor is therefore expected to drive the demand for pet foods.
- Increasing Availability of Pet Foods in Online Marketplace: With the increasing proliferation of the internet and the expanding e-commerce industry globally, the manufacturers of pet foods are also taking the opportunity to place their products across different online marketplaces. Online retailing channels has offered consumers greater convenience, accessibility, and a wide selection of pet food products. Hence, the growing shift towards online shopping platforms for pet food products is therefore expected to contribute to the growth of the market in the coming years.
Which Probable Factors Could Hamper the Growing Pet Food Market Trend?
As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of pet food are:
- Stringent Regulatory Standards for Manufacturing Pet Foods: One of the major restraining factors associated with the growth of the global pet food market is the presence of stringent regulatory standards set by regulatory bodies for manufacturing pet food.
- Fluctuating Price of Raw Materials: The manufacturers of pet foods often witness fluctuations in commodity prices that are used to manufacture these products, and also experience supply chain disruptions, which hampers the overall availability of these products to its end-users. These challenges faced by the manufacturers of pet foods raises the overall cost of production, which is expected to limit the market growth in the coming years.
How is the Global Pet Food Market Segmented?
Our experts at KD Market Insights have segmented the global pet food market as:
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By Pet Type |
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By Region |
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What are the Probable Factors Influencing the North America Pet Food Market Forecast?
The North America pet food market is majorly driven by the presence of a strong number of pet owners, along with the rising trend towards humanization of pets. Our researchers have found that about 60% of the households in the United States alone owned a pet, and about 50% of the pet owners considered their pets as their human family member. On the other hand, the presence of numerous pet food manufacturers in the region, who are working continuously on innovating and diversifying their product offerings to meet the evolving needs and preferences of pet owners, is also expected to contribute to the market growth in the coming years.
As per our analysts at KD Market Insights, the following five players lead the North America pet food market growth:
- Mars Petcare Ic.
- Nestle Purina PetCare Company
- Hill’s Pet Nutrition, Inc.
- Blue Buffalo
- WellPet LLC
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Key Countries to Watch for in North America Pet Food Market |
Key Insights |
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United States Pet Food Market to Register the Largest Regional Market Share |
USD 87.94 Billion |
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Canada Pet Food Market to Grow with the Highest CAGR During 2024-2032 |
5.5% |
Which Key Players Top the Global Pet Food Market Share?
As per our analysts at KD Market Insights, the competitive landscape of global pet food market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with pet food market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global pet food market share:
- The J.M. Smucker Company
- Nestle Purina
- Mars, Incorporated
- LUPUS Alimentos
- Total Alimentos
- Hill’s Pet Nutrition, Inc.
- General Mills Inc.
- WellPet LLC
- The Hartz Mountain Corporation
What are the Recent Developments Observed in the Pet Food Market?
Over the years, the experts at KD Market Insights have been observing the recent developments associated with global pet food market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.
For instance, Manna Pro stated that it has successfully acquired Oxbow Animal Health. This acquisition would help the company in offering premium pet food and supplements for rabbits, pigs, hamsters, and other pets.
Further, Superlatus, Inc. shared that it has merged with TRxADE HEALTH, Inc. With this merger, the company would now offer plant-based and vegan pet food treats.
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- Publication date: 10th April 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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