Pet Food Market
Pet Food Market Forecasts to 2028 - Global Analysis By Nature (Organic and Conventional), Ingredient Type (Plant Derivatives, Animal Derivatives, Cereal Derivatives and Other Ingredient Types), Food Type, Pet Type, Pricing Type, Distribution Channel and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2022) |
US $51.89 BN |
|
Projected Year Value (2028) |
US $67.97 BN |
|
CAGR (2022 - 2028) |
4.6% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
South America |
According to Stratistics MRC, the Global Pet Food Market is accounted for $51.89 billion in 2022 and is expected to reach $67.97 billion by 2028 growing at a CAGR of 4.6% during the forecast period. Pet food is animal feed intended for consumption by pets. They have been created especially for dogs and other canines of a similar species. Pet food aids in preventing infections and skin allergies while also enhancing the general wellbeing and lifespan of animals. They are designed in such a way that pet's digestive system can simply access the necessary nutrients, which makes it simple for the body to absorb them. Pet food provides nutritionally balanced ingredients that support a healthy immune system, maintain a glossy coat, and promote a more active lifestyle in pets.
According to the American Pet Products Association’s (APPA) National Pet Owners Survey 2019-20, 63.4 million households in US own dogs as pets, which is about 74.6% of the country's total pet-owning households.
Market Dynamics:
Driver:
Rising trend of pet humanization
In recent times, the mainstream media has given a lot of attention to the humanization of pets. Particularly in affluent nations, the transition from pet ownership to pet parenting has been a significant and defining development in the pet food industry. Pets are seen as members of the family. Consumer’s willingness to spend more on pet food is influenced by the deepening attachment between pet owners and their animals. The tendency of "humanizing" pets has raised health awareness and propelled the demand for pet food.
Restraint:
Strict regulations
Pet food tends to be one of the food items with the strictest regulations, particularly in western markets. Pet animal meals are rigorously inspected in developed markets at every level, from the ingredients used in food preparation through sales and marketing. The high standards required for commercialization may be a significant barrier to the market's expansion.
Opportunity:
Growing demand for organic products
Pets that eat organic food may have better-looking skin and coats, more vitality, and a healthier weight. They have an easier time digesting the food they are given. The availability of goods in a wider range of flavours and the addition of necessary elements like probiotics and antioxidants has expanded in response to the growing demand for organic products. The demand for organic pet food is also fuelled by a better understanding of pet health.
Threat:
High price range
The primary ingredients used in each pet food product are grains, fruits and meals made from animal protein. These essential element’s prices, standards and availability have been changing often. Because of this, the residents are considering giving away their pets. Such an abrupt and significant price hike on pet food might have a negative impact on market expansion. Additionally, the market is also being impacted by an increase in customer inquiries and rising exporting market quotations.
Covid-19 Impact
The COVID-19 epidemic has damaged the availability of ingredients and raw materials and has thrown off supply chains all across the world. Impacted logistics and the economic downturn have significantly reduced product demand. During the lockdown, pet owners stocked up on pet food as well, which temporarily boosted sales. However, the operations were back to normal due to the ease of the lockdown.
The dry food segment is expected to be the largest during the forecast period
The dry food segment is estimated to have a lucrative growth, due to its convenience and affordability. Dry food aids in keeping pet’s dental systems healthy. It has a longer shelf life and doesn't need special storage facilities or refrigeration. To maintain a constant diet, food may be measured out quickly and portioned correctly. It benefits at a much cheaper price range and sufficiently dehydrates the food to prevent the growth of germs, yeast, and molds.
The dogs segment is expected to have the highest CAGR during the forecast period
The dogs segment is anticipated to witness the fastest CAGR growth during the forecast period. Dogs are the most popular household pet. Their diets consist primarily of meat. This factor prompts the introduction of dog treats and nutrient-dense meals. As a result, there is a lucrative potential for pet food producers to develop a variety of dog food items. The market for natural and higher-quality dog food is being driven by the high cost of maintaining and caring for canines.
Region with largest share:
North America is projected to hold the largest market share during the forecast period owing to the rising consumer awareness and trend of pet humanization. Approximately 67% of the total households present in this region have pets. The acceptance of pet humanization and the favourable public perception of it in North America are fostering market expansion for wholesome pet food products.
Region with highest CAGR:
South America is projected to have the highest CAGR over the forecast period. Brazil is the second-largest market in the world for pet food products and has most varied pet population. Brazil holds a dominant position in the South American market due to high rates of pet ownership, an increasing emphasis on pet health, and rising expenditures on natural, premium pet foods. Birds and fish are preferred as pets by small families, childless couples, and individuals living in flats, which is fuelling the market's expansion.
Key players in the market
Some of the key players profiled in the Pet Food Market include Nestle Purina Petcare Company, The J.M. Smucker Company, Colgate-Palmolive Company, Schell & Kampeter, Inc, Mars Inc, Evanger’s Dog & Cat Food Company, Inc, Champion Petfoods, Nutro Products Inc, Betagro Public Company Limited, WellPet Inc, 4Legs Pet Food Company, Heristo AG, Lafeber Co., Fromm Family Foods LLC., Dave's Pet Food, Boulder Dog Food Company L.L.C., Farmina Pet Foods and Blue Buffalo Ltd.
Key Developments:
In July 2021, Nestle Purina PetCare Co. invested USD 182 million to expand its pet care products’ manufacturing facility in King William County, Virginia, US. The factory expansion, which is scheduled to be completed by late 2023, will include a 138,000 square foot build out to increase manufacturing capacity for the company’s Tidy Cat litter products line.
In June 2021, Mars Inc. launched wet cat food under its Whiskas brand, expanding its product range in India. The new product range is available across pet shops, grocery stores, and e-commerce sites.
In June 2021, Colgate-Palmolive Company opened a 25,000 square foot nutrition innovation center in the US. This center would enable the company to develop innovative products specially designed for small and mini dogs.
Natures Covered:
• Organic
• Conventional
Ingredient Types Covered:
• Plant Derivatives
• Animal Derivatives
• Cereal Derivatives
• Other Ingredient Types
Food Types Covered:
• Wet Food
• Dry Food
• Treats/Snacks
• Veterinary Diets
• Frozen Products
• Raw Food
• Other Food Types
Pet Types Covered:
• Cats
• Dogs
• Birds
• Rabbits
• Hamsters
• Other Pet Types
Pricing Types Covered:
• Normal Products
• Mass Products
• Premium Products
Distribution Channels Covered:
• Supermarkets
• Hypermarkets
• Specialized Pet Shops
• Veterinary Clinics
• Online Channel
• Other Distribution Channels
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Pet Food Market, By Nature
5.1 Introduction
5.2 Organic
5.3 Conventional
6 Global Pet Food Market, By Ingredient Type
6.1 Introduction
6.2 Plant Derivatives
6.3 Animal Derivatives
6.4 Cereal Derivatives
6.5 Other Ingredient Types
7 Global Pet Food Market, By Food Type
7.1 Introduction
7.2 Wet Food
7.3 Dry Food
7.4 Treats/Snacks
7.5 Veterinary Diets
7.6 Frozen Products
7.7 Raw Food
7.8 Other Food Types
8 Global Pet Food Market, By Pet Type
8.1 Introduction
8.2 Cats
8.3 Dogs
8.4 Birds
8.5 Rabbits
8.6 Hamsters
8.7 Other Pet Types
9 Global Pet Food Market, By Pricing Type
9.1 Introduction
9.2 Normal Products
9.3 Mass Products
9.4 Premium Products
10 Global Pet Food Market, By Distribution Channel
10.1 Introduction
10.2 Supermarkets
10.3 Hypermarkets
10.4 Specialized Pet Shops
10.5 Veterinary Clinics
10.6 Online Channel
10.7 Other Distribution Channels
11 Global Pet Food Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 Nestle Purina Petcare Company
13.2 The J.M. Smucker Company
13.3 Colgate-Palmolive Company
13.4 Schell & Kampeter, Inc
13.5 Mars Inc
13.6 Evanger’s Dog & Cat Food Company, Inc
13.7 Champion Petfoods
13.8 Nutro Products Inc
13.9 Betagro Public Company Limited
13.10 WellPet Inc
13.11 4Legs Pet Food Company
13.12 Heristo AG
13.13 Lafeber Co.
13.14 Fromm Family Foods LLC.
13.15 Dave's Pet Food
13.16 Boulder Dog Food Company L.L.C.
13.17 Farmina Pet Foods
13.18 Blue Buffalo Ltd
List of Tables
1 Global Pet Food Market Outlook, By Region (2020-2028) ($MN)
2 Global Pet Food Market Outlook, By Nature (2020-2028) ($MN)
3 Global Pet Food Market Outlook, By Organic (2020-2028) ($MN)
4 Global Pet Food Market Outlook, By Conventional (2020-2028) ($MN)
5 Global Pet Food Market Outlook, By Ingredient Type (2020-2028) ($MN)
6 Global Pet Food Market Outlook, By Plant Derivatives (2020-2028) ($MN)
7 Global Pet Food Market Outlook, By Animal Derivatives (2020-2028) ($MN)
8 Global Pet Food Market Outlook, By Cereal Derivatives (2020-2028) ($MN)
9 Global Pet Food Market Outlook, By Other Ingredient Types (2020-2028) ($MN)
10 Global Pet Food Market Outlook, By Food Type (2020-2028) ($MN)
11 Global Pet Food Market Outlook, By Wet Food (2020-2028) ($MN)
12 Global Pet Food Market Outlook, By Dry Food (2020-2028) ($MN)
13 Global Pet Food Market Outlook, By Treats/Snacks (2020-2028) ($MN)
14 Global Pet Food Market Outlook, By Veterinary Diets (2020-2028) ($MN)
16 Global Pet Food Market Outlook, By Frozen Products (2020-2028) ($MN)
17 Global Pet Food Market Outlook, By Raw Food (2020-2028) ($MN)
18 Global Pet Food Market Outlook, By Other Food Types (2020-2028) ($MN)
19 Global Pet Food Market Outlook, By Pet Type (2020-2028) ($MN)
20 Global Pet Food Market Outlook, By Cats (2020-2028) ($MN)
21 Global Pet Food Market Outlook, By Dogs (2020-2028) ($MN)
22 Global Pet Food Market Outlook, By Birds (2020-2028) ($MN)
23 Global Pet Food Market Outlook, By Rabbits (2020-2028) ($MN)
24 Global Pet Food Market Outlook, By Hamsters (2020-2028) ($MN)
25 Global Pet Food Market Outlook, By Other Pet Types (2020-2028) ($MN)
26 Global Pet Food Market Outlook, By Pricing Type (2020-2028) ($MN)
27 Global Pet Food Market Outlook, By Normal Products (2020-2028) ($MN)
28 Global Pet Food Market Outlook, By Mass Products (2020-2028) ($MN)
29 Global Pet Food Market Outlook, By Premium Products (2020-2028) ($MN)
30 Global Pet Food Market Outlook, By Distribution Channel (2020-2028) ($MN)
31 Global Pet Food Market Outlook, By Supermarkets (2020-2028) ($MN)
32 Global Pet Food Market Outlook, By Hypermarkets (2020-2028) ($MN)
33 Global Pet Food Market Outlook, By Specialized Pet Shops (2020-2028) ($MN)
34 Global Pet Food Market Outlook, By Veterinary Clinics (2020-2028) ($MN)
35 Global Pet Food Market Outlook, By Online Channel (2020-2028) ($MN)
36 Global Pet Food Market Outlook, By Other Distribution Channels (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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