The pet food market size was valued at USD 111.4 Billion in 2023 and is expected to reach a market size of USD 170.6 Billion by 2032 at a CAGR of 4.8%.
Fort Collins, Colorado, April 16, 2024 (GLOBE NEWSWIRE) —
A rise in consciousness for pet health and well-being is crucial for the pet food market.
The rising consciousness regarding pet health and well-being is a pivotal driver for the pet food market. Pet owners are increasingly knowledgeable about the critical role of proper nutrition in safeguarding their pets’ health and enhancing their longevity. According to a survey conducted by the Pet Food Manufacturers’ Association (PFMA), 80% of pet owners in the UK perceive their pet’s health and well-being as crucial. This increased awareness has spurred an escalating demand for pet food products that address specific health concerns, such as weight management, digestive health, and age-related issues. In response to this trend, pet food manufacturers are innovating by creating functional and specialized pet food formulations designed to meet these diverse health needs.
The surging demand for sustainable and environmentally friendly pet food products represents a substantial opportunity within the pet food market. Consumers are increasingly aware of the ecological consequences of their purchasing choices, including pet food-related. As highlighted by a survey conducted by the World Wildlife Fund (WWF), 68% of consumers worldwide are willing to pay a premium for sustainable products. Pet food manufacturers can leverage this trend by developing products incorporating sustainably sourced ingredients, such as plant-based proteins, and using eco-friendly packaging materials. Moreover, using by-products from the human food industry as ingredients in pet food can reduce waste and promote a circular economy. By embracing sustainability and fostering transparency, pet food companies can distinguish themselves in the market and attract environmentally conscious pet owners.
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Segmentation Overview:
The pet food market has been segmented into animal type, product type, distribution channel, and region.
Dry food products are fast-growing segments in the forecast period.
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Based on the market segmentation for the pet food market by product type, the dry pet food segment is expected to be the largest sub-segment in 2023. Dry pet food, also known as kibble, is popular among pet owners due to its convenience, cost-effectiveness, and longer shelf life than other product types.
The dog food segment is fast-growing owing to their popularity.
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Based on the market segmentation for the pet food market by animal type, the dog food segment is likely to be the largest sub-segment in 2023. This can be attributed to the increasing popularity of dogs as pets worldwide and the growing awareness among pet owners about the importance of providing their dogs with high-quality, nutritious food.
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Pet Food Market Report Highlights:
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North America is a huge market for pet food and is projected to witness substantial growth in the coming years. High presence of pet food manufacturers, premiumization trends, and wide variety are expected to propel the industry growth in the coming years.
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Some prominent players in the Pet Food market report include Mars Petcare, Nestlé Purina PetCare, JM Smucker Company, Hill’s Pet Nutrition, Diamond Pet Foods, Blue Buffalo, Unicharm Corporation, Heristo AG, WellPet LLC, and Agrolimen SA.
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