Global Pet Snacks and Treats Market Insights 2024

"The Business Research Company recently released a comprehensive report on the Global Pet Snacks And Treats Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 cb*d and hemp.

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Market Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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.

Pet Snacks And Treats Market 2024 Key Insights:

• 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%.
• Rising Pet Health Expenditure Fuels Growth In The Pet Snacks And Treats Market
• Product Innovations Transforming The Pet Snacks And Treats Market
• North America was the largest region in the pet snacks and treats market in 2023

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