Pet food market to reach $71.1 billion by 2029: TMR study

Cat ownership is expected to increase due to their low-maintenance pets and human-friendly approach.
The dry pet food segment was dominant in 2019 and continues to do so with longer shelf life.

WILMINGTON, Del., Dec. 20, 2022 /PRNewswire/ — The global pet food market is expected to grow at a CAGR of 6% during the forecast period, 2019-2029. company is a key factor promoting the growth of this market. In addition, the increasing growth rate of pet clinics and growing awareness of the importance of pet food for animals will further drive the growth of the human grade pet food market over the course of of the forecast period.

According to the recent pet food market analysis, the growing demand for clean label products will prompt companies to increase their production rates to meet customer demands. Companies are investing more in R&D to create safe pet food, which will benefit the future human-grade pet food market. Competition is intensifying as there is an increased demand for highly palatable pet foods made from a limited list of Clean Label ingredients. The entry of new players will further intensify the overall competition in the market in the near future.

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The growing inclination towards safe and sustainable meals and snacks or treats for pets will propel the global demand for pet food. The organic segment is expected to become dominant by generating revenue from $23.5 billion by the end of the forecast period. Among the animal types, the cat section is expected to generate notable revenue due to their growing adoption. Factors supporting the growth of the cat segment’s contribution to the pet food market share include low maintenance and a more user-friendly approach.

Main results of the study

Introducing new flavors for optimal pet nutrition will boost growth:

With the growing awareness of the importance of pet food and its nutritional quality, suppliers are focusing on innovation and investing heavily in research and development. This investment should pay off in the form of new flavors in pet food and snacks.

The growing number of startups in the pet products and pet food industry Auspicious for the market: The rising trend and growing popularity of pet adoption around the world leaves room for new players to enter the market competition with their innovative quality products. Existing players will also make significant efforts to ensure that their market position is maintained.

Key factors

The advent of Clean Label pet foods is expected to be a major growth driver for this market. The demand for highly appetizing and anti-allergic food products will also augment the market growth. The need to manufacture safe and quality food with longer shelf life will further help the organic pet food market to gain lucrative growth opportunities over the forecast period.
The advent and growing popularity of dry foods will drive the growth of this market in the near future. Additionally, there is an increased demand for high protein, grain-free artificial ingredients in pet food, innovations that will help generate notable revenue for the global market in the long term.

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Regional growth dynamics

North America became dominant in 2019 due to the growing presence of large pet parents and a savvy consumer base. Additionally, the presence of major players in this region and the willingness of consumers to spend on their pet’s health and upkeep will further help this region to continue to dominate.
Europe the market will give stiff competition to North America During the forecast period due to the growing trend of pet adoption and growing demand for pet food ingredients.

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Key players

Some of the major players in the pet food market include Boulder Dog Food Company, Dave’s Pet Food, Lafeber Co., Hill’s Pet Nutrition, Champion PetFoods, Nestle Purina PetCare Affinity Petcare SA and others.

Segmentation of the pet food market

type of animal

Cats
Dogs
Birds
Others (hamsters, rabbits, etc.)

Nature

Product

wet food
dry food
Treats and chews
Others (frozen, raw food, etc.)

Sales channel

modern commerce
Pet food stores
Veterinary clinics
Online retail
Other Retail Formats

Regions

North Americas
Europe
Asia Pacific
Middle East and Africa
Latin America

Countries

WE
Canada
Germany
UK
France
Spain
Italy
Russia & IEC
China
India
Japan
ASEAN
Brazil
Mexico
GCC
South Africa

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Transparency Market Research, a global market research firm registered in Wilmington, Delaware, United Statesprovides personalized research and consulting services. The company examines the factors that shape demand dynamics in various markets. Information and outlook on market opportunities are assessed in different segments. Opportunities in segments based on source, application, demographics, sales channel, and end-use are analyzed which will determine the growth of the markets over the next decade.

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