Market Size of pet food Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2029 |
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Market Size (2024) | USD 192.51 Billion |
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Market Size (2029) | USD 290.01 Billion |
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Largest Share by Pets | Dogs |
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CAGR (2024 - 2029) | 8.54 % |
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Largest Share by Region | North America |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
Pet Food Market Analysis
The Pet Food Market size is estimated at USD 192.51 billion in 2024, and is expected to reach USD 290.01 billion by 2029, growing at a CAGR of 8.54% during the forecast period (2024-2029).
192.51 Billion
Market Size in 2024 (USD)
290.01 Billion
Market Size in 2029 (USD)
9.34 %
CAGR (2017-2023)
8.54 %
CAGR (2024-2029)
Largest Market by Product
70.99 %
value share, Food, 2022
The increasing pet population and the growing consumer demand for high-quality and nutritious dry and wet foods to support pets' health increased the share of food products.
Largest Market by Region
44.25 %
value share, North America, 2022
High pet ownership rates and increased purchasing of dry pet foods, wet foods, and treats formulated with functional ingredients have contributed to the region's leading position.
Fastest-growing Market by Product
9.84 %
Projected CAGR, Pet Veterinary Diets, 2023-2029
The rising awareness about pet health and the prevalence of health issues in pets, particularly pet obesity and dental issues, are increasing the usage of veterinary diets.
Fastest-growing Market by Region
12.28 %
Projected CAGR, Africa, 2023-2029
The increasing pet ownership rates and consumers spending more on premium dry and wet food products are the major factors driving its market growth.
Leading Market Player
14.02 %
market share, Mars Incorporated, 2022
Mars, Incorporated is the market leader, with heavy investments in R&D, a focus on product innovation and expansions, and acquisitions of major companies such as Champion Petfoods and NomNomNom.
Dogs dominate the market due to higher usage of commercial foods and high per capita consumption
- The global pet food market shows a positive trend as there is an increasing pet adoption globally. The market witnessed a growth of 59.4% between 2017 and 2022. This growth was attributed to the increasing pet humanization trend, pet premiumization, feeding of commercial foods, and the rise in pet population by 13.0 between 2017 and 2022.
- Globally, dogs are the major pets adopted by pet parents. In 2022, they accounted for the largest share of the global pet food market, accounting for a market value of USD 80.03 billion in 2022. They are anticipated to reach USD 156.60 billion in 2029. This higher share is due to a significant number of pet owners shifting from home-cooked food to commercial food, the higher dietary needs of dogs compared to other pets, and the higher dog population. For instance, the dog population was 604.5 million in 2022, whereas the cat population was 408.2 million globally.
- Cats were the second major consumer of pet food, accounting for 32.3% in 2022, which is estimated to register a CAGR of 6.8% during the forecast period. This growth is due to the significant increase in the cat population by 18.8% between 2017 and 2022, followed by the rise in popularity of cat companionship due to their comparatively low maintenance requirements.
- The other pets segment consists of birds, small mammals, rodents, and ornamental fish. They accounted for 19.0% of the market in 2022 despite the 35.0% population share in the same year. This lower share was due to their smaller body size, resulting in lower food requirements compared to cats and dogs.
- The rise in commercial food usage, pet humanization, and the growing population of pets worldwide are the factors anticipated to drive the market at a CAGR of 7.4% during the forecast period.
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North America dominates the global pet food market due to a high pet population, higher disposable incomes, and the prevailing trend of pet humanization
- In 2022, North America emerged as the largest regional market in the global pet food market, with a value of USD 77.43 billion. The United States and Mexico are the major contributors to the North American pet food market due to the high pet ownership rates in these countries. The North American market witnessed an increase of 74.7% between 2017 and 2022, driven by the increasing adoption of pets, rising disposable income, and the prevailing trend of pet humanization.
- Europe holds the second-largest regional share of the market, valued at USD 47.74 billion in 2022. This market is highly driven by the increasing awareness of ingredients, customized food products, grain-free, and organic food. Europe registered significant growth of 23.6% between 2017 and 2021, owing to the increasing pet population in the region, which reached 324.4 million in 2022, rising from 290.5 million in 2017.
- The Asia-Pacific countries have witnessed significant increases in pet humanization and consumer preference for premium pet food products in recent years. Pet owners in the region are increasingly opting for commercial pet food products, which is driving market growth in the region. Due to these factors, the Asia-Pacific pet food market reached USD 29.36 billion in 2022.
- Africa and South America are the fastest-growing regions in the market, with estimated CAGRs of 12.2% and 12.1%, respectively, during the forecast period. This is mainly due to their growing pet populations and a large number of pet owners shifting from home-cooked food to commercial pet food, in line with the rising trend of pet humanization.
- The growing pet population, increased disposable incomes, and pet humanization trends globally are estimated to drive the market during the forecast period.
