Pet Food Market Research Report - Forecast till 2027

Pet Food Market Research Report by Pet Type (Cat, Dog, Fish and Others), Product Type (Dry Food, Wet Food, Snacks & Treats), Distribution Channel (Store-Based [Supermarkets & Hypermarkets, Specialty Stores and Others] and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2027

ID: MRFR/AGR/0996-HCR | February 2023 | Region: Global | 120 Pages         

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Pet Food Market

Pet Food Market Size is anticipated to reach USD 138421.9 Million by 2027, registering a CAGR of 6.10% during 2020-2027.

Segmentation
By Pet Type Cat Dog Fish Others
By Product Type Dry Food Wet Food Snacks & Treats
By Distribution Channel Store-Based Non-Store-Based
By Region North America Europe Asia-Pacific Rest of the World
Key Players
Companies Profiled   Cargill    Incorporated (US)    Archer Daniels Midland Company (US)    BASF SE (Germany)    DuPont (US)    Ingredion Incorporated (US)
Drivers
Market Driving Forces   Increasing the popularity of pet food
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Pet Food Market Overview


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.


COVID-19 Analysis


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.


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • The pet food market study has the scope to understand the available market dynamics and understand their ability to induce new trends and demand for the market services and products during the forecast period that ends in. Also, the scope of the market shall cover the impact of the outbreak of the pandemic as 2020 is the base year on which the CAGR growth rate and final market value have been projected by the market leaders.

  • The Pet Food Market report conducts deep research and analysis of the way of functioning of the market segments in various regional and international markets. This analysis is likely to help in understanding the rising ability of these segments to maintain a proper demand and supply chain mechanism amongst the market.

  • The pet food market report helps to understand a highly volatile and competitive degree that prevails amongst the market players during the forecast period that will be ending in. Also, another important objective of carrying out this market research is to draw a competitive market graph based on the recent developments undertaken by the market players during the ongoing forecast period.


Segment Overview


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:


By Pet



  • Dog

  • Cat

  • Fish

  • Others (rabbits, birds, and horses)


By Ingredients




  • Cereals

    • Corn & cornmeal

    • Wheat & wheat meal

    • Barley

    • Rice




  • Vegetables & Fruits

    • Potatoes

    • Soy & soy meal

    • Carrots

    • Fruits




  • Fats

    • Fish oil

    • Tallow

    • Lard

    • Poultry fat

    • Vegetable oil




  • Meat and meat products

    • Deboned meat

    • Meat meal

    • By-product meal

    • Animal digest

    • Additives

    • Vitamins & minerals

    • Enzymes

    • Others (Flavors and Colors)




By Source



  • Synthetic

  • Plant-based

  • Animal-based


By Form



  • Dry

  • Wet


Regional Analysis


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.


Competitive Landscape


The prominent players of the pet food market are as follows:



  • Cargill, Incorporated (US)

  • Archer Daniels Midland Company (US)

  • BASF SE (Germany)

  • DuPont (US)

  • Ingredion Incorporated (US)


Recent developments



  • In July 2021, Nestlรฉ invested USD 182 million into a plant in the US to manufacture pet food and care. The factory expansion will be a big help for the Tidy Cat line. By 2023, the company will have more capacity to improve litter quality, improving its product in every way.

  • In June 2021, Hill's Pet Nutrition opened a 25,000-square-foot pet nutrition center in the US. This new facility will enable them to develop innovative products for small and mini dogs that can't be made at home.

  • In March 2021, Mars invested USD 200 million to expand its plant in Lebanon. This will help the company produce five new lines of Royal Canine pet food and double its production capacity.


Intended Audience



  • pet food manufacturers

  • Government agencies

  • Food additive distributors

  • Industry associations

  • Importers and exporters of food additives

  • Research firms

  • Development institutions

  • Consulting firms

  • pet food producers


Report Overview


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.



Report Scope:

Report Attribute/Metric Details
  Market Size    USD 138421.9 Million
  CAGR    6.10% (2020-2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  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


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Frequently Asked Questions (FAQ) :

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.