Dry Food Category Will Have a Substantial Growth in the Pet Food Market

The pet food market will touch USD 140.1 billion by 2030 from USD 102 billion (E) in 2023, observing 4.6% rate in the years to come.

The requirement for these items is driven by the snowballing customer leaning toward the acceptance of pets, accompanied by the growing anxieties about their wellbeing. The requirement to improve the digestion and health of companion animals will fuel the industry's expansion by the end of this decade, as nourishing food plays an important role in guaranteeing this.

The growth of the industry is enhanced by the increasing rate of pet ownership. According to an article in Forbes, nearly 45% of the families in the U.S. have a dog, while about 30% have a cat. Furthermore, till 2022 from 2016, there was an over 6-point increase in the percentage of U.S. families with a dog, while the percentage of households with a cat rose by 4-points.

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The dry category will witness substantial growth by the end of this decade. The acceptance of dry food can be attributed to the suitability and longer shelf life it delivers as opposed to wet food. Further, because of its affordability, it is prevalent amongst dog owners.

Furthermore, its firm texture supports in treating pets' dental health and hygiene. The snacks & treats category is also getting popular, because of the introduction of delicious and quality options for many kinds of pets.

Additionally, with their rising disposable income, people are replacing the everyday meals of the companion animals with luxury treats, costing significantly more.

North America is the leader of the pet food market for the reason that rising consciousness of the positive effect of correct food on pets' comfort and the increasing tendency of humanizing pets. The U.S. is leading the industry in 2023 with its high percentage of pet ownership and a cutting-edge food & beverage sector that caters to animals.

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APAC will be the fastest-growing region in the years to come, with Japan, Australia and China as the important contributors. Japan is one of the leading importers of ready-to-eat products for domesticated felines and canines.

Furthermore, the industry in India and China will advance at a substantial pace attributed to the mounting customer spending on food items for companion animals, together with the increasing investment by players of the market in these economies.

It is because of the increasing adoption of pets, especially during the enforcement of lockdowns during the pandemic all over the world, the demand for pet food is on the rise, and the trend will continue in the years to come as well.

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