Pet Food Market Analysis and Forecast by Size, Share, Growth, and Trends 2031

The pet food market is expected to register a CAGR of 5% during 2023–2031. Increasing demand for training pet treats is likely to remain one of the key market trends.  

Pet Food Market Analysis:

• The rising population of pet owners represents the major demand for the market for pet food. Pet is treated as a family member and the demand for quality pet food is increasing significantly.
• Pet owners recognize their pets as indispensable family members. Concern for their pets’ health and well-being is increasing. As a result, there is a rising demand for premium and specialized pet food products providing higher nutritional value, natural ingredients, and dedicated dietary formula.
• Convenience is one of the most important factors behind the pet food market growth. Ready-to-eat or prepared wet food and prepared pet meals save owners’ time and effort. Furthermore, companies in this market are targeting their products to address pets’ specific dietary needs and owners’ requirements.

Pet Food Market Overview

• North America is one of the key markets for pet food owing to the rising adoption of pets, awareness of specialized food items for pet animals that help fulfill their daily nutritional requirements, and the willingness of consumers to pay additional prices for premium products.
• According to the American Pet Products Association, 87 million households in the US owned pets.
• With increasing pet ownership in the US, the demand for pet food is increasing.
• Wet food is experiencing immense demand among pet owners as these foods are easy to feed and individually portioned based on the nutritional requirements of pets. Wet food is more palatable than dry food making them popular among pets.
• All these factors are driving the pet food market growth.

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Pet Food Market: Strategic Insights

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Pet Food Market Drivers and Opportunities

Increasing Adoption of Companion Animals

• Having a pet, like a dog or a cat, makes people less lonely and can help reduce tiredness from stress. Keeping a pet can certainly improve well-being. Research has proven that stroking or talking to an animal can reduce blood pressure; while lowered anxiety is the main reason why people adopt puppies and kittens. Adopting a pet teaches the children and adults about responsibility and empathy for the pets. Moreover, getting a pet will certainly encourage the pet owners to exercise by walking with them or playing with them; thus, helping to stay in shape.
• Therefore, people are increasingly adopting pets and companion animals.
• The rising adoption of companion animals is driving the demand for pet food, propelling the market growth.

Opportunities

Surging Pet Food Sales Through Online Retail

• E-commerce has also dramatically changed the market for pet food. With websites making the shopping experience convenient, pet owners can easily buy their pet food and have it delivered to the comfort of their homes.
• Direct-to-consumer models have also helped to shorten the manufacturing and distribution chain.

Pet Food Market Segmentation

The scope of the global pet food market has been segmented based on type, pet type, and distribution channel.

• Based on type, the pet food market is divided into dry food, wet food, and pet treats.
• based on pet type, the market is divided into dogs, cats, and others.
• Based on distribution channel, the market is segmented into supermarkets and hypermarkets, specialty stores, online retail, and others

Pet Food Market Share Analysis by Geography

• Pet Food Market Report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering pet food market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers Porter’s Five Forces analysis, which involves the study of major factors that influence the pet food market in these regions.

Pet Food Market Regional Insights

The regional trends and factors influencing the Pet Food Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Pet Food Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Pet Food Market Report Scope

Pet Food Market Players Density: Understanding Its Impact on Business Dynamics

The Pet Food Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Pet Food Market are:

1. Nestle Purina Petcare
2. Hills Pet Nutrition Inc
3. Vital Essentials
4. Maev
5. Mars Incorporated
6. Stella and Chewy

Disclaimer: The companies listed above are not ranked in any particular order.

Pet Food Market News and Recent Developments:

The pet food market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• General Mills today announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. With this transaction, the company further advances its Accelerate strategy, including the prioritization of its core markets, global platforms, and local gem brands to drive sustainable, profitable growth and top-tier shareholder returns over the long term. (Source – General Mills, Press Release, April 2024)
• Nulo Pet Foods has announced the launch of a new line of ultra-premium pet foods called "Chill," utilizing a groundbreaking cold-pressed technology to create a nutrient-rich product for dogs and cats. Developed by renowned pet nutrition scientist Dr. Greg Aldrich and his team, this innovative process preserves the integrity of nutrients by employing a unique raw ingredient chilling system. (Source – Nulo Pet Foods, Newsletter, March 2024)

Pet Food Market Report Coverage and Deliverables

The “Pet Food Market Size and Forecast (2021 – 2031)” provides a detailed analysis of the market covering below areas:

• Pet Food market size and forecast at global, regional, and country levels for all the key market segments covered under the scope.
• Pet Food market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Pet Food market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the pet food market.
• Detailed company profiles