Press release
Strong Growth Ahead: Pet Food Market Size To Grow At Arecord 7.5% Cagr By 2029
Pet Food Market
How Big Is the Pet Food Market Size Expected to Be by 2034?
The size of the pet food market has seen solid expansion in the past few years. A projected growth is expected from $73.85 billion in 2024 to $79.2 billion by 2025, presenting a compound annual growth rate (CAGR) of 7.2%. This growth during the historical period can be traced back to heightened spending on pets, a rise in pet ownership among gen z and gen y adults, and the development of emerging markets.
In the coming years, the pet food market is predicted to experience robust growth, reaching $105.69 billion by 2029 with a 7.5% compound annual growth rate. This projected growth into the near future can be ascribed to various factors including the surge in demand for luxury and organic pet food, the impact of digital and social media marketing, the uptick in demand due to hoarding pet food, the rising trend of feeding stray and abandoned animals, and heightened interest in pet ownership. Key trends anticipated for this period are investments in establishments for creating high-quality, grain-free dog food, venturing into premium pet food market, utilization of ecommerce platforms for online sales, deployment of automation technologies, emphasis on customization of food as per pets' dietary needs, commitment to ingredients organic in nature, working towards acquiring more subscribers, pouring resources into -infused pet food for unique product line, and fostering online sales channels while directing investments towards research and development for devising superior and premium range of products.
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What Are the Emerging Segments Within the Pet Food Market?
The pet food market covered in this report is segmented -
1) By Type: Dog Food, Cat Food, Other Pet Food
2) By Ingredients: Animal Derivatives, Plant Derivatives, Synthetic
3`) By Distribution Channel: Specialized Pet Shops, Internet Sales, Hypermarkets, Other Distribution Channels
Subsegments:
1) By Dog Food: Dry Dog Food (Kibble), Wet Dog Food (Canned), Treats And Chews, Specialized Diets
2) By Cat Food: Dry Cat Food (Kibble), Wet Cat Food (Canned), Treats And Snacks, Specialized Diets
3) By Other Pet Food: Food For Small Pets, Food For Birds, Food For Reptiles And Fish
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What Long-Term Drivers Are Shaping Pet Food Market Trends?
The growth of the pet food manufacturing market benefits from the projected steady economic expansion in numerous established and emerging economies. The International Monetary Fund (IMF) has indicated that the international growth of GDP hit 3.3% in 2020 and 3.4% in 2021, as per the IMF's data. The market's expansion is anticipated to be boosted further by the rebound of commodity prices following a significant drop in the historical phase. Established economies are projected to experience consistent growth over the forecast timeframe. Moreover, it is expected that emerging markets will maintain a slightly higher pace of growth than developed economies during the same period. Steady economic growth is predicted to enhance investments in end-user markets, subsequently propelling the market throughout the forecast period.
Who Are the Top Competitors in Key Pet Food Market Segments?
Major companies operating in the pet food market include Mars, Incorporated, Nestle S.A., The J.M. Smucker Company, Colgate-Palmolive Company, Diamond Pet Foods Inc., General Mills, Inc., Archer Daniels Midland Company, Saturn Petcare GMBH, Unicharm Corporation, Tiernahrung Deuerer GmbH, Marukan Co. Ltd., Riverd Corporation Inc., Nippon Pet Food Co. Ltd., Glenand Group, Luscious, Pedigree, Yantai China Pet Foods Co. Ltd., Real Pet Food Company, Fressnapf, Monge & C. Spa, Pet Food UK, Burgess Pet Care, GA Pet Food Partners, Tekro, Brit, Marp Pet Food, Partner in Pet Food, Hill's Pet Nutrition, Nutreco, Canadian Jerky Company Ltd., Corey Nutrition Company Inc., Elmira Pet Products Ltd., Malta Cleyton, Brazilian Pet Foods S/A, Diana Pet Food Brasil (SPF), Neovia Group Brazil, Natural Pet Foods, Premier Pet, Bio-Pet Ltd., Tropikal Pet, Cagatay Pet Food, African Gazelle Products, Maneli Pets, RCL Foods, Martin & Martin Pty Ltd, PROMEAL
What Are the Major Trends Shaping the Pet Food Market?
Leading companies in the pet food industry are concentrating on the invention of novel solutions like AI-driven dog food. This technology delivers individualised nutrition that caters to the unique requirements of each pet, formulated via advanced AI algorithms and data analysis. For example, PawCo Foods, a subscription-based food platform from the US, unveiled two cutting-edge plant-based dog food items, InstaBites and LuxBites, in January 2024. InstaBites offers a fresh, shelf-stable solution that conveniently merges kibble with high-quality nutrition, while LuxBites is a superior fresh food supplemented with postbiotics and fermented protein for boosted immunity and gut health. Both InstaBites and LuxBites incorporate PawCo's exclusive GreenMeat, the debut plant-based meat made specifically for dogs, and employ artificial intelligence in enhancing nutritional balance and flavor.
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Which Regions Are Becoming Hubs for Pet Food Market Innovation?
North America was the largest region in the pet food market in 2024. Western Europe was the second-largest region in the pet food market. The regions covered in the pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Pet Food Market?
2. What is the CAGR expected in the Pet Food Market?
3. What Are the Key Innovations Transforming the Pet Food Industry?
4. Which Region Is Leading the Pet Food Market?
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