Pet Food Market Size is anticipated to reach USD 138421.9 Million by 2027, registering a CAGR of 6.10% during 2020-2027.
The pet food market size is expected to gain a value of USD 138.42 billion by 2030 at a CAGR of 6.10% from 2022-2030.
Pet food is food designed for pets. It can also be known as animal feed. The pet is given specific foods with nutritional requirements to meet its dietary needs. Some foods may be more expensive than others, especially if they are organic or natural.
The market for pet food is expected to be driven by growing demand, along with the increasing popularity of premium pet food products. Dry pet food is seeing much growth in demand as compared to other product categories. What sets this category apart is its convenience. It's easy to store and helps feed without creating a mess. More and more people are choosing to get a pet as their companion due to recent research on the benefits they can provide. This is expected to fuel the product demand tremendously. A survey by the American Pet Products Association (APPA) reveals that an astonishing 85 million US households own a pet, most of them being dogs. It's anticipated that pets will also become a whole new market soon. Increasing pet humanization is predicted to drive the pet food industry. The cost associated with commercialization can restrict the high level of market growth.
The COVID-19 pandemic harmed the supply of food and supplies. The pet food industry faced shortages in raw material availability and cash flow due to the worldwide lockdown, which resulted in businesses struggling to stay afloat. Pet food demand continued to increase as people adopted more pets in response to a growing desire for the company after the lockdown.
Based on the survey conducted by the US National Library of Medicine, approximately 65% of the global audience has lost their ability to digest lactose that is one of the major parts of dairy products and substances. Sometimes, due to bad eating habits and a laid-back attitude, pets tend to suffer from issues like calcium deficiency, and lack of vitamins and proteins in the body. Lactose intolerance is one of the important issues that is reporting 10 million cases each year and hence, the market operations stand a better chance of increasing their sales during the forecast period.
One of the major issues that are likely to be faced by the pet food market growth during the forecast period is the resistance of people to opt for pet market products owing to the fear related to contracting similar digestive problems. Also, lack of awareness regarding the benefits of pet products and their ability to meet the nutrition content demand by the body is an underestimated factor that might pose growth challenges for the market trends during the forecast period that ends in.
With the rising cases of lactose intake with each passing year, there is a gradual need for the development of food alternates that will help to maintain the protein and nutrient level in the body and falls within the affordability limit of the consumers, especially, when the purchasing power of consumers has been hampered due to the arrival of the pandemic. Creative advancements and skillful use of sticks in a variety of food items promise good and positive attributes for the market especially during the forecast period.
To understand the functioning of the market segments and their ability to meet the needs of the target audience, it is important to have an idea about the kind of market segments. The pet food market share has been segmented based on the following:
The APAC region is expected to hold the largest market share based on the pet food market analysis for the period. One of the major reasons for the same is the recognition of various pet bean products like candies and sticks that has all the essential proteins and nutrients and emerges as a perfect fit for pets that require amino acids to get rid of muscle repair in case they get hurt while playing or performing.
The prominent players of the pet food market are as follows:
With the pandemic year of 2020 as the base year, the report has discussed the features and drivers that will create growth opportunities for the market by the end of the forecast period. The report aims to highlight the potential of the Pet Food Market players and segments to meet the needs of the target audience and also, earn revenue at promises a good market value by the end of the period.
|Market Size||USD 138421.9 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Pet Type, By Product Type, By Distribution Channel, and By Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cargill, Incorporated (US), Archer Daniels Midland Company (US), BASF SE (Germany), DuPont (US), Ingredion Incorporated (US)|
|Key Market Opportunities||Rising consumer awareness regarding pet health|
|Key Market Drivers||Increasing the popularity of pet food|
Pet food market valuation would be USD 138421.9 Million.
Pet foor market would grow with 5.4% CAGR during the forecast period.
The rising awareness regarding nutrition for pets would drive pet food market ahead.
North America would lead pet food market.
Asia Pacific would register the highest pet food market growth.