The global pet food market was estimated at USD 96,893 million in 2020 and is projected to register a CAGR of 4.8% during the forecast period.
On one hand, COVID-19 exerted a negative impact on the supply chains. Owing to the restrictions in the movement of raw materials, the pet food industry suffered initially in terms of supply and cash flow. On the other hand, demand for the pet food segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown. To address this demand, the players in the market have shifted their focus from retail stores to e-commerce platforms by increasing their investments in developing their own websites.
In 2020, North America held the largest share of the market studied and accounted for around 37.6% of the overall market. The pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world’s largest pet food markets are the United States, the United Kingdom, France, Brazil, Russia, Germany, and Japan. The pet food market in the United States showed continuous growth in 2019, despite the maturity and due to the impressive scope of the pet food industry. In 2019, a continued surge in pet product e-commerce delivered modest gains, while the overall market was strengthened by the phenomenal growth in pet food sales through mass channels.
Over the long term, the premiumization and humanization trends are expected to remain the key drivers for the market growth during the forecast period. Due to the rising pet humanization trend worldwide, there is a growing interest of pet owners over their pet health and nutrition, which in turn is expected to boost the sales of organic, premium, and custom-made products over the study period.
Key Market Trends Rising Trend of Pet Humanization
Globally, pet humanization has received a lot of attention in mainstream media over the recent past. The shift from pet ownership to pet parenting has been a very crucial and defining trend in the pet food market, more so in the developed countries. Over one-third of the households in the developed countries own a pet. A study conducted by the American Pet Products Association (APPA), under the National Pet Owners Survey (2019-20), revealed that more than 85 million households in the United States had one or more pets, the majority of them being dogs. Thus, increasing pet humanization is anticipated to drive the pet food industry.
As a part of this pet humanization trend, nowadays, pets are considered a part of the family. The growing bond between pet owners and their pets shapes consumers’ willingness to spend more on pet food. Consumers are now becoming aware of their pet’s health and are buying pet food rich in nutritional value for the betterment of their beloved pets. Nowadays, pet owners are not just looking for basic food products but also for pet consumables that are locally produced and natural or have specific health benefits.
Additionally, the pet humanization trend has led to increased health consciousness and has generated demand for pet food free from sugar, grain, dye, and other chemical additives. Hence, with the emerging pet humanization and premiumization trends, the pet food demand is expected to grow further in the coming years.
North America Dominates the Market
Increasing pet humanization and pet ownership, the emergence of private label store brands, and growing urbanization accompanied by increased disposable incomes are some of the major driving forces propelling the North American pet food market’s growth. The market is driven by heavy influences from human nutrition, driving research toward better and safer food for pets with high nutritional and dietary benefits. Additionally, locally-sourced products and ethically-sourced products are propelling the market, as the local manufacturers are expanding their presence in the domestic market. According to the American Pet Products Association (APPA), national pet owners survey 2019-20, 63.4 million households own dogs as pets, which is about 74.6% of the country’s total pet-owning households. This, accompanied by the dog owners’ rising focus on purchasing healthy and nutritious food for their pets, is helping to drive the sales of different types of dog foods in the country.
Pet owners are showing preference toward functional treats compared to other treats as the former offer additional health benefits to their pets. Owing to this trend, major players in the market are developing new functional treats to meet the pet owners’ demand. For instance, in 2019, Hill’s Pet Nutrition launched its new range of functional dog treats specifically designed to maintain dogs’ weight, mobility, food allergies, and dental problems.
Competitive Landscape The global pet food market is consolidated with the top global players occupying a major share in the market. The competition in the market is driven by consumer loyalty. Since pets often crave for the same brand of food that they are used to during any particular growth stage, gaining market share of competitors is very tough in this market. The major players in the global pet food market are: Mars, Inc., Nestle Purina Petcare Company, Colgate-Palmolive Company (Hill’s Pet Nutrition, Inc.), The J.M. Smucker Company (Big Heart Pet Brands, Inc.), and Blue Buffalo Pet Products, Inc., among others.
Reasons to Purchase this report: - The market estimate (ME) sheet in Excel format - 3 months of analyst support
Our reports have been used by over 10K customers, including:
The global feed plant-based protein market size is estimated to be valued at USD 2.5 billion in 2020 and is projected to reach USD 3.4 billion by 2025, recording a CAGR of 6.3% in terms of value. The feed plant-based protein market is primarily driven by factors such as increase in demand for plant-based pet food due to rise in awareness...
The Chinese pet food market is projected to register a CAGR of 3.8%, during the forecast period (2021-2026). The COVID-19 pandemic has had far-reaching implications within the pet food supply chain. Although there has been a lot done to guarantee the stability and continuity of supply at points of sales, there have been new costs and obstacles...
136 pages •
By Asia Market Information & Development Company
• Nov 2020
This study focuses on China’s Pet Food market trends. In the two past decades, the market has been growing at a fast pace. The dramatic expansions of the manufacturing capabilities and rising consumer consumptions in China have transformed China’s society and economy. China is one of the world’s major producers for...
The market for pet food in the United States is projected to register a CAGR of 4% during the forecast period 2020-2025. Being the largest pet food market in North America, the United States pet food market’s growth is attributed to the increase in pet ownership. The recent rise of pet humanization wherein pets are treated with increased care...
Long leash: An increasing number of pets and rising disposable income will likely boost industry revenue Abstract Online Pet Food & Pet Supply Sales The Online Pet Food and Pet Supply Sales industry retails pet-related items ranging from dog treats to bird cages to cat carriers. Rising pet ownership...
Increasing pet adoption and pet acceptance are factors projected to drive the market growth. The global pet food processing market size is projected to grow from USD 4.4 billion in 2019 to USD 6.2 billion by 2026, recording a CAGR of 5.0% during the forecast period. The increasing trend of pet adoption and rising acceptance of pets...
The global wet pet food market accounted for US$ 22,218.1 Mn in 2018 and is expected to grow at a CAGR of 5.7% during the forecast period 2019 - 2027, to account for US$ 36,406.5 Mn by 2027. Wet pet foods are a good source of hydration for pet animals that show reluctance towards drinking adequate amounts of water.The contents of wet...
The pet food ingredients market is projected to grow at a CAGR of 6.6%. The global pet food ingredients market is estimated to be valued at USD 37.0 billion in 2018 and is projected to reach USD 54.3 billion by 2025, at a CAGR of 6.6% from 2019 to 2025. The market is driven by factors such as the growing pet adoption...
Well fed: Industry decline has been tempered by a steady increase in demand for pet food Abstract Animal Feed Production in Canada The Animal Feed Production industry in Canada has declined slightly over the five years to 2019 due to fluctuations in the price of animal feed. Rising input costs have...
Reduction in use of antibiotics and need for sustainable protein source in animal feed drives the plasma feed market The plasma feed market is estimated at USD 2.1 billion in 2019 and projected to grow at a CAGR of 5.7% to reach USD 2.9 billion by 2025. The growth of the plasma feed market is driven by high pressure on...
You can change your Cookie Settings at any time but parts of our site will not function correctly without them.