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Dog Treats Market to Expand at 22.5% CAGR, Surpassing US$ 275 Billion by 2033

05-20-2024 07:35 PM CET | Food & Beverage

Press release from: Fact.MR

Dog Treats Market to Expand at 22.5% CAGR, Surpassing US$ 275

The global dog treats market is expected to experience a significant upsurge, driven by the growing trend of adopting dogs as a status symbol. According to Fact.MR, a leading provider of market research and competitive intelligence, the market is projected to reach a value of US$ 275 billion by 2033, with a remarkable compound annual growth rate (CAGR) of 22.5% from 2023 to 2033. Rising concerns regarding anxiety and loneliness have prompted an increasing number of people to embrace pet ownership, particularly dogs. This trend is fueling the demand for pet treats worldwide. Moreover, middle-income individuals in emerging economies like Thailand and India are increasingly willing to invest in high-quality, nutritious foods for their pets, presenting lucrative opportunities for dog food providers in the foreseeable future.

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Dog treats serve multiple purposes, functioning as dietary supplements to keep dogs engaged and active, as well as serving medicinal roles. While constituting only a small portion of dogs' overall nutrition, these treats play a crucial role in ensuring pets meet their nutritional requirements. The rising trend of pet humanization owing to the increasing millennial pet ownership is resulting in increasing premiumization of dog treats across the globe. In addition, the rising disposable income of people is also contributing to their increased purchasing power. Further, nutritional and safety requirements of pets are serving as significant factors stimulating the demand for dog treats. People are becoming aware of ingredients used in dog treats. In addition, they are also emphasizing the labeling of different dog treat products. Thus, the growing trend of pet humanization is estimated to serve as one of the pivotal factors propelling the demand for dog treats around the world over the coming 10 years.

Key Takeaways from Market Study

The global dog treats market is set for remarkable growth, with an estimated valuation of US$ 275 billion by 2033, propelled by a robust compound annual growth rate (CAGR) of 22.5% throughout the forecast period from 2023 to 2033. Starting at US$ 36.1 billion in 2023, this exponential surge reflects the increasing inclination towards pet ownership and the rising demand for high-quality treats worldwide.

Specific regional markets are also poised for substantial growth. In Canada, demand for dog treats is expected to climb at a notable CAGR of 20.1%, highlighting the significant market potential in the country. Moreover, the wet food segment is forecasted to progress steadily at a CAGR of 4.9%, indicating sustained consumer interest in this particular product category. Similarly, sales of dog treats in Germany are anticipated to experience significant expansion, with a projected CAGR of 18% from 2023 to 2033, underscoring the global nature of the market's growth trajectory.

List of Key Companies Profiled in The Report

Ani Brands
The J. M. Smucker Company
Spectrum Brands Holdings, Inc.
Plato Pet Treats
Nestle SA
Mars, Inc.
Grandma Lucy's LLC
Others

Market Trends

Keeping abreast of the latest trends is crucial for businesses operating in the dog treats market. From innovative product formulations to unique packaging designs, trends in this industry are ever-evolving. An exploration of current trends reveals a focus on functional treats, such as those promoting dental health or joint care. Furthermore, the rise of e-commerce has significantly influenced how consumers discover and purchase dog treats. This section details the emerging trends that are shaping the present and future of the dog treats market.

More Valuable Insights on Offer

The study divulges essential insights into the market on the basis of product (foods, treats & mixers), raw material (plant-based, animal-based), cost category (premium pet foods, mass/bulk pet foods), distribution channel (specialized pet food shops, supermarkets/hypermarkets, online retailers, others), and across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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Competitive Landscape

In the fiercely competitive arena of dog treats, major providers are strategically investing in fortifying their supply chain management systems to ensure the seamless delivery of end products to both local and global platforms. These robust distribution channels play a pivotal role in guaranteeing the timely delivery of high-quality products to the targeted customer base. Moreover, stringent guidelines established by regulatory bodies are in place to minimize the environmental impact of these products.

Key suppliers within the dog treats industry are actively engaged in pioneering developments to introduce enticing treats for our canine companions.

As an illustrative example, Dogsee Chew, a prominent Indian manufacturer specializing in natural pet products, made significant strides in July 2022. The company successfully launched two new product lines, namely Dogsee Play Treatoy and Dogsee Singles, in the thriving Indian market. The Dogsee Singles line stands out with its offering of natural hard chew bars, available in delightful coconut and carrot flavors. Notably, the manufacturing of these products incorporates Himalayan cheese. On the other hand, the Treatoy line introduces a unique concept of treat-cum-toy, crafted from non-toxic materials to ensure the safety of dogs during playtime. Such innovative endeavors underscore the commitment of key players to pushing the boundaries of creativity and product offerings in the dynamic dog treats market.

The dog treats market is a dynamic and evolving sector driven by a combination of consumer preferences, market dynamics, emerging trends, and notable developments. As the bond between humans and their canine companions strengthens, the demand for high-quality and innovative dog treats is likely to continue on an upward trajectory. Businesses operating in this market must remain agile, responsive to consumer needs, and attuned to industry trends to thrive in this competitive landscape.

Contact:

US Sales Office
11140 Rockville Pike
Suite 400
Rockville, MD 20852
United States
Tel: +1 (628) 251-1583, +353-1-4434-232
Email: sales@factmr.com

About Fact.MR:

Fact.MR is a market research and consulting agency with deep expertise in emerging market intelligence. Spanning a wide range - from automotive & industry 4.0 to healthcare, technology, chemical and materials, to even the most niche categories.

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