Press release
Navigating Pet Snacks and Treats Market Dynamics, with Emphasis on Growth, Trends, and Opportunities
Pet Snacks And Treats Global Market Report 2024
The Business Research Company offers in-depth market insights through Pet Snacks And Treats Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The pet snacks and treats market size has grown rapidly in recent years. It will grow from $42.41 billion in 2023 to $47.55 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The growth in the historic period can be attributed to sustainability and ethical practices, pet training and behavioral treats, product diversity and varieties, influence of social media.
The pet snacks and treats market size is expected to see rapid growth in the next few years. It will grow to $75.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to rising pet ownership, humanization of pets, health and wellness focus, premiumization of pet products, urbanization and busy lifestyles. Major trends in the forecast period include packaging innovation, functional dental treats, cultural and regional varieties, interactive and enrichment treats, incorporation of hemp.
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Market Segmentation:
The pet snacks and treats market covered in this report is segmented -
1) By Product: Eatables, Chewable
2) By Category: Conventional, Organic
3) By Pet Type: Dogs, Cats, Birds, Fish, Other Pets
4) By Distribution Channel: Supermarkets And Hypermarkets, Specialty Pet Stores, Online, Other Distribution Channels
Major Driver - Rising Pet Health Expenditure Fuels Growth In The Pet Snacks And Treats Market
The increasing spending on pet health is expected to propel the growth of the pet snacks and treats market going forward. Pet health refers to an animal's overall well-being and condition, whether it is a dog, cat, bird, small mammal, or any other domesticated pet. Pet snacks and treats are rewards during training sessions, promote dental hygiene, and offer additional nutrients for a well-rounded diet. For instance, in June 2023, according to the American Pet Products Association, a US-based trade association representing the pet industry, Americans spent $136.8 billion on pet health in 2022, an increase of 10.68% from $123.6 billion in 2021. Therefore, increasing spending on pet health is driving the growth of the pet snacks and treats market.
Competitive Landscape:
Major companies operating in the pet snacks and treats market report are Cargill Incorporated, Nestle S.A., Mars Incorporated, General Mills Inc., The J.M. Smucker Company, Unicharm Corporation, Spectrum Brands Holdings Inc., Hill's Pet Nutrition Inc., Big Heart Pet Brands Inc., Diamond Pet Foods Inc., Blue Buffalo Co. Ltd., Affinity Petcare S.A., Freshpet Inc., Schell & Kampeter Inc., Sunshine Mills Inc., Champion Petfoods LP, WellPet LLC, American Pet Nutrition Inc., Redbarn Pet Products LLC, BARK Inc., NutriSourcePet, Simmons Pet Food Inc., Ainsworth Pet Nutrition LLC, Addiction Foods LLC, Newman's Own Inc., Castor & Pollux Private Limited, Old Mother Hubbard, Charlee Bear Products LLC, Cloud Star, Canidae.
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Top Trend - Product Innovations Transforming The Pet Snacks And Treats Market
Product innovations are a key trend gaining popularity in the pet snacks and treats market. Major companies operating in the pet snacks and treats market are focusing on developing innovative products to sustain their position in the market. For instance, in May 2022, Wellness Pet Company, a US-based pet food company, launched Good Dog by Wellness, a brand of all-natural dog treats. Good dog-happy puppy treats are specially designed, grain-free snacks for growing puppies. With triple puppy care and purposeful ingredients such as veggies and omega-rich flaxseed, these bite-sized treats support brain development, immune health, and overall well-being and allow pet parents to choose from a variety of alternatives to address specific health and training needs, such as inspiring good behavior in a young puppy or maintaining the overall health of dogs of all ages.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pet Snacks And Treats Market Characteristics
3. Pet Snacks And Treats Market Trends And Strategies
4. Pet Snacks And Treats Market - Macro Economic Scenario
5. Pet Snacks And Treats Market Size And Growth
…..
27. Pet Snacks And Treats Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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