Pet Food Industry
The global pet food market was valued at USD 103.3 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2030. This growth is expected to be driven by an increasing consumer trend toward pet adoption and rising concerns about pet health. The growing focus on providing nutritious food to improve the digestion and overall performance of pets is also likely to boost market growth during the forecast period. The limited variation in pet food products globally has encouraged manufacturers to introduce multi-functional and innovative ingredients to reduce product similarity bias. Convenience is playing a significant role in this industry’s growth, especially with the rising popularity of prepared pet foods.
One emerging segment in the market is organic pet food, which has seen growing demand. The increasing availability of organic products in a variety of flavors, along with the inclusion of essential ingredients like probiotics and antioxidants, is expected to positively impact global market growth. However, the relatively higher prices of organic pet food may limit its growth, as not all households can afford these premium products.
The pet food market value chain includes raw material suppliers, manufacturers, distributors, and end-users. Key raw materials used in pet food production include meat, meat byproducts, cereals, grains, specialty proteins from animals, palatants, flavors, sweeteners, vitamins, minerals, and enzymes, among others. This diverse range of ingredients helps to meet the varied nutritional needs of pets and ensures the continued development of the market.
Gather more insights about the market drivers, restrains and growth of the Pet Food Market
Pet Type Insights
Dog pet type dominated the global pet food market in 2023, contributing more than 42.1% of the total revenue.
- This dominance is attributed to the increasing adoption of dogs as household pets and the rising household expenditure on healthy dog food.
- Dog owners are increasingly concerned about their pets' health, driving demand for nutritionally balanced and high-quality food.
- As carnivorous animals, dogs require meals that are primarily meat-based, with relatively low carbohydrate content. This has led to increased demand for dog food products that have higher meat content and lower starch levels.
Dry dog food is globally preferred by pet owners due to its advantages:
- It supports the healthy oral system of dogs by helping to clean their teeth.
- Dry food is also more convenient and cost-effective compared to wet food products.
- One of the main benefits of dry dog food is its longer shelf life, as it does not require refrigeration or special storage facilities.
- The option for free feeding (leaving food out for the dog to eat at any time) adds another layer of convenience, further boosting the growth of this segment in the future.
Cat food type was the second-largest contributor to global pet food revenue.
- The growth in this segment is driven by rising concerns over cat health and the need for a balanced diet for felines.
- Cats are obligate carnivores, meaning they require high levels of protein derived from animal sources in their daily diet.
- Animal-based proteins, such as those from poultry (turkey and chicken) and rabbit, are preferred over plant-based proteins for cats due to their higher quality and biological value.
- These animal-based protein sources are crucial for maintaining the health and well-being of cats, further supporting the demand for such products in the market.
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