Global pet food market size valued at US$120.87B in 2023, and is projected to grow from US$126.66B in 2024 to US$193.65B by 2032, exhibiting a CAGR of 5.45% during the forecast period: Fortune Business Insights

March 8, 2024 (press release) –

The global pet food market size was valued at USD 120.87 billion in 2023. The market 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 the forecast period.

Fortune Business Insights™ presents this information in its report titled, “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”.

Pet food products are found in various forms in the market, including dry, wet, and snack treats. Animal-based or plant-based food products are available for dogs, cats, and other pets. The sales of pet products are made via many distribution channels, including specialty stores, hypermarkets/supermarkets, online channels, and others. Increasing pet humanization globally is expected to boost market growth during the forecast period.

The market was positively impacted during the COVID-19 pandemic. The market’s growth is attributed to the rising pet food stock owing to the increased panic among individuals due to the COVID-19 lockdowns, and many government regulations increased the sales of the products that augmented market growth.

HelloFresh Launched the Pets Table to Expand in the Pet Food Industry

In August 2023, HelloFresh, one of the leading meal kit companies based in Germany and having operations across 18 countries, launched The Pets Table, a new premium pet food brand. The Pets Table food products are produced in collaboration with veterinarians.

Rising Pet Ownership in the Emerging Economies Drive Market Growth

The increasing pet ownership globally, particularly in emerging economies, drives the pet food market growth. The rising income levels, rapid changes in demographics, and the COVID-19 pandemic are the other factors that significantly drive pet ownership growth globally. The increase in pet ownership has been evident in emerging economies, including Asia Pacific, Latin America, Eastern Europe, and the Middle East & Africa.

However, the stringent regulations related to commercialization can be a significant factor impeding market expansion as it raises the costs of new product development.

Growing Key Players Focus on Innovative Product Launches to Boost Market Growth

The market consists of key players, including Nestle Purina Petcare, The J.M. Smucker Company, and others. The increasing focus of these major market players on brand strengthening, mergers and acquisitions, new and innovative product launches, and distributing their products online to raise their customer base drives market growth.  

Notable Industry Development

• December 2022 – Mankind Pharma entered the pet food market by introducing its all-new PetStar dog food. The new product is available in many forms, such as wet, dry, and treats. Mankind Pharma aims to create a pet care ecosystem in the forthcoming years, starting with pet food.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554

List of the 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.)

Further Report Findings:

• North America holds the largest pet food market share and is expected to grow during the forecast period. The dominance of the region is attributed to the significant number of pet owners in the U.S.
• Europe is witnessing significant growth in the market owing to the increasing pet humanization, along with the rising spending on safe and sustainable pet food.
• Asia Pacific is one of the fastest-growing regions in the market owing to the increasing adoption of pets in the developing markets, including India, China, Japan, South Korea, and others.
• The increased spending on natural and high-quality pet foods, along with the growing focus on pet health and higher pet ownership, are anticipated to boost market growth in South America.

Table of Segmentation:

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