Market Trends of pet food Industry
Cats are the second-largest type of adopted pets globally due to the growing adoption of cats as companions, and increasing awareness about the benefits of owning a cat is driving the cat market
- Globally, cats are being less adopted as compared to dogs. In 2022, the cat population accounted for 24.8%, increasing by 19.2% between 2017 and 2022. The share of cats will be higher in Europe as they consider them a symbol of luck or fortune since historical times, particularly in Russia, a major country with a high population of cats as pets. The high growth of the cat population globally was because of the rise in pet humanization. Cats require less space to live than dogs and can stay alone in a home for a longer time while no human is available to care for the cat. For instance, between 2017 and 2022, more than 70% of pet parents, including cat parents in Russia and the United States, considered cats as family members, friends, or children.
- Cat adoption significantly increased during the COVID-19 pandemic as people had to stay indoors, and cats could stay indoors without feeling cooped up. Cats are more silent than dogs. The United States witnessed higher adoption of cats as pets during the pandemic because of the work-from-home culture, leading to a demand for companionship, with the higher number of pet owners being millennials. For instance, in 2022, 33% of millennials were pet parents in the United States. The higher adoption of cats during the pandemic is expected to positively impact the pet food market growth for a longer period.
- Factors such as an increase in the adoption and purchase of cats and an increase in pet humanization are expected to boost the pet cat population, which will further help in the growth of the pet food market during the forecast period.
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The rise in premiumization and availability of a large number of pet products on various distribution channels are contributing to the increase in pet expenditure globally
- Globally, there is a trend of increase in pet expenditure, and it increased by 24.8% between 2017 and 2022 because of the rise in premiumization and growing health concerns. Dogs have a higher share of pet expenditure, accounting for 39.4% in 2022, mainly due to the higher consumption of pet food than cats and premium pet food being the popular food choice.
- Pet parents invest most of their pet expenditure in pet food as they are concerned about their pets' well-being. For instance, pet food accounted for 42.4% of pet expenses in the United States in 2022. There has been a rise in providing other services such as pet grooming, pet daycare, and pet walking for better socialization with other good-looking pets. This trend has been majorly witnessed in North America, Europe, and Asia-Pacific. People are also purchasing premium pet food as they want their pets to consume high-quality food and are willing to pay premium prices. In the United States, about 40% of pet parents purchased premium pet food in 2022, and in Hong Kong's cat food market, the premium pet food segment accounted for 75% of the pet food sales in 2022.
- There is a change in purchasing pet food from offline stores to online stores, especially after the COVID-19 pandemic, because of the large number of pet products available on websites. However, in some countries, such as the Netherlands, pet parents prefer purchasing from pet stores due to the quality of their products. For instance, in the United States, online sales of pet care, including food, increased from 32% in 2020 to 40% in 2022. Premiumization and growing concern about health are the factors expected to increase pet expenditure during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America and Asia-Pacific have the highest dog populations due to evolving pet ecosystems, along with the availability of dogs for adoption and purchase from animal shelters
- The evolving pet ecosystem and rising availability of acquisition channels for other animals' adoption are driving the other pets market globally
