The Future of Pet Food Industry: Navigating Opportunities and Challenges
Author : Tom Clark | Published On : 09 Feb 2024
The global Pet Food Industry was estimated at 31,804.4 Kilotons in 2022 and is anticipated to increase at a significant CAGR of 3.6% from 2023 to 2030.
Grand View Research’s pet food sector database is a collection of market sizing information & forecasts, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with a statistics e-book.
Access the Global Pet Food Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Dog Food Market Growth & Trends
The global dog food market size is expected to reach USD 61.60 billion by 2030, as per the new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.4% from 2023 to 2030. This is attributed to a rise in global pet ownership, including dogs. Furthermore, as people's lifestyles change and urbanization rises, pets are often seen as companions and family members, leading to an increased product demand. In addition, as economies develop and disposable income rises in various regions, people are willing to spend more on their pets, including providing them with higher-quality and specialized dog food. Moreover, many pet owners now consider their dogs as integral members of their family.
This trend has led to a shift in how people care for their pets, including choosing premium and organic options that mimic human dietary trends. Due to recent advancements in technology and the introduction of novel sales channels aimed at reaching untapped markets worldwide, the pet food industry has witnessed the emergence of pet specialty stores and the availability of products through online platforms. Moreover, social media has been crucial in promoting pet-related content, including recommendations and product reviews, significantly impacting consumer preferences, and enhancing brand visibility.
The global market is characterized by intense competition, as numerous manufacturing companies offer their quality brands, catering to a large customer base, and enjoy global recognition. The market has a presence of a diverse array of participants, including multinational corporations, regional players, and smaller-scale manufacturers. Notable major companies, such as Mars Petcare, Nestlé Purina, Hill's Pet Nutrition (a subsidiary of Colgate-Palmolive), and General Mills (owner of Blue Buffalo), vie for market share alongside smaller, specialized brands.
Order your copy of the Free Sample of “Pet Food Industry Data Book - Dog Food, Cat Food and Other Pet Food Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research
Cat Food Market Growth & Trends
The global cat food market size is expected to reach USD 44.32 billion by 2030, growing at a CAGR of 3.8% during the forecast period, as per a new report by Grand View Research, Inc. This is attributable to the increasing pet ownership, growing health and wellness concerns, and growing product innovation and diversity worldwide. The market has seen continuous product innovation, with manufacturers introducing new flavors, formulations, and formats to cater to diverse consumer preferences and requirements. Grain-free, limited ingredient diets, and natural or organic cat food options have gained popularity. Additionally, there has been an expansion in the availability of specialized diets, such as hypoallergenic or weight management cat food resulting in an increase in demand for the product over the period.
A large proportion of individuals consider their pets to be part of their family, and cats are the second most popular pets after dogs. Many individuals who reside in small apartments prefer smaller pets that suit their lifestyle. With more people opting out of having children, there is a growing trend of using pets as a substitute, leading to a flourishing industry that caters to pampered pets. Additionally, the increasing number of elderly couples, dual-income households with no children, and a surge in disposable income are the primary drivers of cat adoption worldwide.
Go through the table of content of Pet Food Industry Data Book to get a better understanding of the Coverage & Scope of the study
Key players operating in the Pet Food industry are:
- The J.M. Smucker Company
- The Hartz Mountain Corporation
- Mars, Incorporated
- Hill’s Pet Nutrition, Inc.
- Nestlé Purina
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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