Dublin, Dec. 12, 2024 (GLOBE NEWSWIRE) — The “Pet Food Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the pet food market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global pet food market reached a value of nearly $68.8 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.9% since 2018. The market is expected to grow from $68.8 billion in 2023 to $98.2 billion in 2028 at a rate of 7.4%. The market is then expected to grow at a CAGR of 7.1% from 2028 and reach $138 billion in 2033.
Growth in the historic period resulted from the increased disposable income, influence of celebrity endorsements and social media trends, increased awareness of pet nutrition and health, increased pet population and increased focus on transparency in ingredients and labeling. Factors that negatively affected growth in the historic period include consumer concerns about allergens in pet food and increased health concerns over processed pet foods.
Going forward, the increase in adoption of pets, increasing urbanization and nuclear families, expansion of the retail and e-commerce industry, increasing spending on animal healthcare, rise in the adoption of shelter animals and increasing pet food marketing and promotional campaigns will drive the market. Factors that could hinder the growth of the pet food market in the future include increasing cost of pet food and competition from homemade pet food.
The pet food market is segmented by type into dog and cat food and other pet food. The dog and cat food market was the largest segment of the pet food market segmented by type, accounting for 85.3% or $58.7 billion of the total in 2023. Going forward, the dog and cat food segment is expected to be the fastest growing segment in the pet food market segmented by type, at a CAGR of 7.7% during 2023-2028.
The pet food market is segmented by ingredients into animal derivatives, plant derivatives and synthetic. The animal derivatives market was the largest segment of the pet food market segmented by ingredients, accounting for 63.8% or $43.9 billion of the total in 2023. Going forward, the plant derivatives segment is expected to be the fastest growing segment in the pet food market segmented by ingredients, at a CAGR of 7.9% during 2023-2028.
The pet food market is segmented by distribution channel into specialized pet shops, internet sales, hypermarkets and other distribution channels. The specialized pet shops market was the largest segment of the pet food market segmented by distribution channel, accounting for 35.1% or $24.1 billion of the total in 2023. Going forward, the internet sales segment is expected to be the fastest growing segment in the pet food market segmented by distribution channel, at a CAGR of 7.9% during 2023-2028.
North America was the largest region in the pet food market, accounting for 46.1% or $31.7 billion of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the pet food market will be the Middle East and South America, where growth will be at CAGRs of 25.04% and 21.49% respectively. These will be followed by Africa and Eastern Europe, where the markets are expected to grow at CAGRs of 13.14% and 9.93% respectively.
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. Nestle Purina Pet Care (Nestle SA) was the largest competitor with a 32.08% share of the market, followed by Mars Petcare Inc with 29.07%, Hill’s Pet Nutrition Inc with 6.24%, General Mills Pet with 3.45%, The J.M. Smucker Company with 2.65%, Diamond Pet Foods with 2.18%, Unicharm Group with 2.03%, United Petfood with 1.89%, Spectrum Brands Holdings Inc (United Pet Group) with 1.13% and Freshpet Inc with 1.11%.
The top opportunities in the pet food market segmented by type will arise in the dog and cat food segment, which will gain $26.5 billion of global annual sales by 2028. The top opportunities in the pet food market by ingredients will arise in the animal derivatives segment, which will gain $17.9 billion of global annual sales by 2028. The top opportunities in the pet food market by end-user will arise in the specialized pet shops segment, which will gain $9.9 billion of global annual sales by 2028. The pet food market size will gain the most in the USA at $5.5 billion.
Markets Covered:
1) by Type: Dog and 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
Key Companies Profiled: Nestle Purina Pet Care (Nestle SA); Mars Petcare Inc.; Hill’s Pet Nutrition Inc.; General Mills Pet; the J.M. Smucker Company
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: China; Australia; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam, Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Brazil; Mexico; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Chile; Argentina; Colombia; Peru; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; pet food indicators comparison.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 333 |
| Forecast Period | 2023-2033 |
| Estimated Market Value (USD) in 2023 | $68.79 Billion |
| Forecasted Market Value (USD) by 2033 | $138.03 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
The major companies profiled in this pet food market report include:
- Nestle Purina Pet Care (Nestle SA)
- Mars Petcare Inc.
- Hill’s Pet Nutrition Inc.
- General Mills Pet
- The J.M. Smucker Company
- Diamond Pet Foods
- Unicharm Group
- United Pet food
- Spectrum Brands Holdings, Inc. (United Pet Group)
- Freshpet, Inc.
- Billy + Margot
- Wonderfur
- Real Pet Food Company
- Seek Pet Food
- L Catterton
- Partner Pet
- Archer-Daniels-Midland Company (ADM)
- PT Uni-Charm Indonesia Tbk
- Feedwerkz
- Dongwon F&B Co Ltd.
- Ynsect SAS
- Nugape Pet Food
- Meatly
- Wilsons Pet Food
- Purina
- Bene Meat Technologies a.s.
- Prima Pet Premium Oy
- VAFO Group
- Assisi Pet Care
- Mewery
- Animal Island Sp. z o.o.
- Affinity Petcare S.A.
- Alltech
- Farmina Pet Foods
- Dogs Plate
- MACED sp z.o.o.
- Partner in Pet Food
- Kormotech
- CULT Food Science
- Sofia Bonilla
- Ren’s Pets
- ACANA
- Cargill
- HelloFresh
- Full Moon Pet
- Noochies
- Kroger
- PawCo Foods
- Kick
- Grupo Molino Chacabuco
- Adimax
- Rintisa
- Symrise
- Juvenia Nutrition
- NutriPets SA
- Grupo Nutresa
- Nutripet
- Tropikal Pet
- Osem Pet Food
- Al Muhaidib Pet Food
- Percuro
- Hillside Pet Nutrition
- Eurovets Veterinary Suppliers
- Royal Canin
- Pet’s Delight
- Petcurean
- Chow Pet Foods
- Trouw Nutrition
- Burgess Pet Care
- DSM-Firmenich
For more information about this report visit https://www.researchandmarkets.com/r/jj0ydq
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