Pet Food Market Increasing at A Phenomenal Pace to Reach USD 118.17 Billion by 2028

21-Apr-2021 | Zion Market Research

According to analysts at Zion Market Research, the global pet food market size accounted for USD 80.41 Billion in 2020 and is expected to reach USD 118.17 Billion by 2028, growing at a CAGR of more than 5.4% from 2021 to 2028.

Market Overview: Rising demand for high-quality, natural, and customized pet food products is driving significant growth in the global pet food market. With the increasing number of pet owners and their growing concerns about the nutritional value of the food they provide to their pets, the market is expected to reach USD 118.17 billion by 2028, with a CAGR of 5.4% during the forecast period of 2021-2028.

Market Outlook: The market is expected to continue to grow, driven by trends such as the increasing adoption of pets, the popularity of natural and organic pet food products, and the demand for customized and personalized pet food products. The dog food segment is expected to hold the largest share of the market, while the North American region is expected to hold the largest regional share. As the market continues to evolve, there will be opportunities for innovative companies to develop new products and capture a larger share of the market.

Pet Food Market Size and Share

Rise in Pet Humanization to Spur Growth

Rise in a trend of dog adoption has increased the demand for pet food. Especially dog adoption is driving the growth. Pet owners concern about the safety and health have also helped in the growth for pet food market. Growing variants in the pet food, rising disposable income and increase in the demand for premium pet food are also the reasons for the rise in the global pet food market.

Another major trend in the pet food market is the increasing demand for customized and personalized pet food products. Pet owners are increasingly seeking products that are tailored to the specific needs of their pets, such as breed, age, and health conditions. This trend is driving the growth of the market for specialty pet food products, such as hypoallergenic, high-protein, and low-fat products.

Availability of different pet food products in the market may impel the growth of the market in the forecast period. Growing occurrence of obese pets had regulated various laws for nutrition content of the pet food, which may obstruct the growth of the pet food market in coming years. Nevertheless, the introduction of high nutritious value food is expected to endow the pet food market with ample opportunities in the forecast period.

Pet Food Market Segmentation

The global pet food market can be segmented by product type, pet type, ingredient type, distribution channel, and geography.

By product type, the market can be segmented into dry food, wet/canned food, snacks/treats, and others. The dry food segment is the largest segment, due to its convenience, cost-effectiveness, and longer shelf life. However, the wet/canned food segment is growing rapidly, driven by demand for high-moisture, high-protein, and high-quality products.

By pet type, the market can be segmented into dog food, cat food, and others. The dog food segment is the largest segment, due to the high number of dog owners and the increasing demand for premium and customized products. The cat food segment is also growing, driven by the increasing number of cat owners and their growing concerns about the nutritional value of the food they provide to their pets.

By ingredient type, the market can be segmented into animal-derived, plant-derived, and synthetic. The animal-derived segment is the largest segment, due to its high nutritional value, palatability, and digestibility. However, the plant-derived segment is growing rapidly, driven by demand for vegetarian and vegan pet food products.

By distribution channel, the market can be segmented into supermarkets/hypermarkets, specialty pet shops, online channels, and others. The supermarkets/hypermarkets segment is the largest segment, due to its wide availability, affordability, and convenience. However, the online channels segment is growing rapidly, driven by the increasing adoption of e-commerce and the growing trend of buying pet food products online.

Presence of Big Players in The Region Support North American Dominance

Regionally, North America has been leading the worldwide pet food market and is anticipated to continue on the dominant position in the years to come. In the U.S., it was noted that around 60 % of houses possess pets in U.S. which in turn drives the pet food market. Moreover, the growing concern for pet’s health has resulted in high expenditure on pets in the U.S. This trend is expected to drive the pet food market in this region. Increasing vogue for different pets may persuade the pet food market growth in coming years. Increasing disposable income is anticipated to trigger the growth of pet food market in this region in the coming years.

Manufacturers Analysis Profiled in the report: Some of key players in pet food market are

  • Diamond Pet Foods
  • Mars Incorporated
  • The J.M. Smucker Company
  • Blue Buffalo Pet Products Inc.
  • Total Alimentos SA
  • WellPet LLC
  • Nestlé Purina
  • The Hartz Mountain Corporation
  • Hill’s Pet Nutrition Inc.
  • Lupus Alimentos

These players are set to bolster the development of global pet food market.

Browse the full “Pet Food Market By Product (Dry Food, Canned Food, Nutritious Food, Snacks, And Others), By Source (Animal-Based, Plant-Based, And Synthetic), By Type (Dog Food, Cat Food, And Others), By Distribution Channels (Online, Hypermarkets, Specialized Pet Shops, And Others): Global Industry Perspective, Comprehensive Analysis And Forecast, 2020 – 2028.” Report at https://www.zionmarketresearch.com/report/pet-food-market

The global pet food market is segmented as follows:

By Product

  • Dry Food
  • Canned Food
  • Nutritious Food
  • Snacks
  • Others

By Source

  • Animal-based
  • Plant-based
  • Synthetic

By Type

  • Dog Food
  • Cat Food
  • Others

By Distribution Channel

  • Online
  • Hypermarkets
  • Specialized Pet Shops
  • Others

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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