Press release
Rising Pet Ownership and Urban Trends: A Key Driver Transforming the Pet Food Market 2024
Pet Food Market
The global pet food market reached a value of nearly $68,793.91 million in 2023, having grown at a compound annual growth rate (CAGR) of 5.87% since 2018. The market is expected to grow from $68,793.91 million in 2023 to $98,173.60 million in 2028 at a rate of 7.37%. The market is then expected to grow at a CAGR of 7.05% from 2028 and reach $138,030.66 million in 2033.
What are the upcoming opportunities in the global pet food market?
The key players in the market are adopting extensive strategies in the pet food market such as:
• Expanding business expertise through strategic partnerships
• Strengthening operational capabilities through strategic acquisitions
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To take advantage of the opportunities, The Business Research Company recommends that pet food companies focus on:
• Integration of artificial intelligence in production for tailored nutrition and improved product quality
• Vet-formulated meals designed to support immunity and digestion in companion animals
• Innovative dog treats using microbial protein to enhance nutritional acceptance and digestibility in canine diets
• Launch of fair trade pet treats made from human-grade fish skins, promoting sustainability and nutrition
• Strategic collaborations and partnerships to expand reach and capabilities
• Premium pet food brands focusing on quality and efficiency in pet food production
• Creating tasteful and health-conscious meal options to support pet well-being
• Automated feeding solutions to improve efficiency in quality indicator testing for food safety laboratories
• Innovative online platforms for managing pet product inventory and enhancing customer satisfaction
What is pet food: market definition?
Pet food refers to specially formulated food products designed to meet the dietary needs of domestic animals, primarily dogs and cats. Pet food is essential for the health and well-being of pets, providing them with the nutrients, vitamins and minerals they need for proper growth, development and maintenance.
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Who are the major companies operating in the global pet food market?
The global pet food market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 81.82% of the total market in 2023. Nestlé Purina Pet Care (Nestlé SA) was the largest competitor with a 32.08% share of the market, followed by:
• Mars Petcare Inc
• Hill's Pet Nutrition Inc
• General Mills Pet
• The J.M. Smucker Company
• Diamond Pet Foods
• Unicharm Group
• United Petfood
• Spectrum Brands Holdings Inc (United Pet Group)
• Freshpet Inc
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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