|Study Period:||2016 - 2026|
|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The global pet food market is projected to register a CAGR of 4.6% during the forecast period.
COVID-19 exerted a negative impact on the supply chains. Owing to the restrictions in the movement of raw materials, the pet food industry suffered initially in terms of supply and cash flow. On the other hand, demand for the pet food segment witnessed a steady growth in many parts of the world as people adopted more pets with the growing desire for companionship during the lockdown. To address this demand, the players in the market have shifted their focus from retail stores to e-commerce platforms by increasing their investments in developing their own websites.
In 2020, North America held the largest share of the market studied and accounted for around 41.7% of the overall market. The pet food industry is one of those industries, which has been performing well, despite the economic downturn. The world’s largest pet food markets are the United States, the United Kingdom, France, Brazil, Russia, Germany, and Japan. The pet food manufacturers are offering premium products targeted toward pet owners due to the increased parenting of pets. The young populations of pet owners are willing to spend more on healthy and natural pet food to maintain the wellbeing of their companion animal. The popularity of premium pet food among pet owners positively impacts the pet food market, and it is expected to contribute to significant growth during the forecast period.
The increasing pet parenting, coupled with rising awareness of feeding pets with premium and packed pet food, the global pet food market is anticipated to grow in the forecast period. Over the long term, the premiumization and humanization trends are expected to remain the key drivers for the market growth during the forecast period. Due to the rising pet humanization trend worldwide, there is a growing interest of pet owners over their pet health and nutrition, which in turn is expected to boost the sales of organic, premium, and custom-made products over the study period.
Scope of the Report
Pet food refers to food, either plant-based or animal-based, specifically formulated and intended for consumption by pets. The global pet food market is segmented by animal type (dogs, cats, and other animal types), product type (dry pet food, wet pet food, veterinary diets, treats and snacks, and other products), ingredient type (animal-derived, plant-derived, cereals and cereal derivatives, and other ingredient types), distribution channel (specialized pet shops, supermarkets/hypermarkets, online channel, and other channels), and geography (North America, Europe, Asia-Pacific, South America, and the Middle East and Africa).
|Other Animal Types|
|Dry Pet Foods|
|Wet Pet Foods|
|Treats and Snacks|
|Cereals and Cereal Derivatives|
|Other Ingredient Types|
|Specialized Pet Shops|
Key Market Trends
Rising Trend of Pet Humanization
Globally, pet humanization has received a lot of attention in mainstream media over the recent past. The shift from pet ownership to pet parenting has been a very crucial and defining trend in the pet food market, more so in the developed countries. Over one-third of the households in the developed countries own a pet. A study conducted by the American Pet Products Association (APPA), under the National Pet Owners Survey (2019-20), revealed that more than 85 million households in the United States had one or more pets, the majority of them being dogs. Thus, increasing pet humanization is anticipated to drive the pet food industry.
As a part of this pet humanization trend, nowadays, pets are considered a part of the family. The growing bond between pet owners and their pets shapes consumers’ willingness to spend more on pet food. Consumers are now becoming aware of their pet’s health and are buying pet food rich in nutritional value for the betterment of their beloved pets. Nowadays, pet owners are not just looking for basic food products but also for pet consumables that are locally produced and natural or have specific health benefits.
Additionally, the pet humanization trend has led to increased health consciousness and has generated demand for pet food free from sugar, grain, dye, and other chemical additives. Hence, with the emerging pet humanization and premiumization trends, the pet food demand is expected to grow further in the coming years.
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North America Dominates the Market
Increasing pet humanization and pet ownership, the emergence of private label store brands, and growing urbanization accompanied by increased disposable incomes are some of the major driving forces propelling the North American pet food market's growth. The market is driven by heavy influences from human nutrition, driving research toward better and safer food for pets with high nutritional and dietary benefits. Additionally, locally-sourced products and ethically-sourced products are propelling the market, as the local manufacturers are expanding their presence in the domestic market. According to the American Pet Products Association (APPA), national pet owners survey 2019-20, 63.4 million households own dogs as pets, which is about 74.6% of the country's total pet-owning households. This, accompanied by the dog owners' rising focus on purchasing healthy and nutritious food for their pets, is helping to drive the sales of different types of dog foods in the country.
Pet owners are showing preference toward functional treats compared to other treats as the former offer additional health benefits to their pets. Owing to this trend, major players in the market are developing new functional treats to meet the pet owners’ demand. For instance, in 2019, Hill’s Pet Nutrition launched its new range of functional dog treats specifically designed to maintain dogs' weight, mobility, food allergies, and dental problems.
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The global pet food market is moderately consolidated in nature. The significant players accounted for major share of the market share in 2020.In terms of market share, in 2020, Mars Incorporated dominated the market studied, followed by Nestle Purina Pet Food, Colgate Palmolive, JM Smucker Company, and Diamond Pet Foods.
In July 2021, Nestlé Purina PetCare Co. invested USD 182 million to expand its pet care products manufacturing facility in King William County, Virginia, US. The factory expansion, which is scheduled to be completed by late 2023, will include a 138,000-square-foot buildout to increase manufacturing capacity for the company’s Tidy Cat litter products line.
In June 2021, Mars Inc. launched wet cat food under its Whiskas brand, expanding its product range in India. The new product range is available across pet shops, grocery stores, and e-commerce sites.
In June 2021, Hill's Pet Nutrition opened a 25,000 sq ft nutrition innovation center in the United States. This center would enable the company to develop innovative products specially designed for small and mini dogs.
In June 2020, WellPet LLC expanded its partnership with Pet Food Experts, the third-largest wholesale pet food and pet supply distributor in the United States, to increase the distribution of its natural food, treats, and dental chews for dogs and cats.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitutes
4.4.5 Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Animal Type
5.1.4 Other Animal Types
5.2 Product Type
5.2.1 Dry Pet Foods
5.2.2 Wet Pet Foods
5.2.3 Veterinary Diets
5.2.4 Treats and Snacks
5.2.5 Organic Products
5.3 Ingredient Type
5.3.3 Cereals and Cereal Derivatives
5.3.4 Other Ingredient Types
5.4 Distribution Channel
5.4.1 Specialized Pet Shops
5.4.3 Online Channel
5.4.4 Other Channels
5.5.1 North America
188.8.131.52 United States
184.108.40.206 Rest of North America
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 Rest of Asia-Pacific
5.5.4 South America
126.96.36.199 Rest of South America
5.5.5 Middle East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
6.3.1 Mars Incorporated
6.3.2 Nestle Purina Petcare Company
6.3.3 The J.M. Smucker Company (Big Heart Pet Brands, Inc.)
6.3.4 Nutriara Alimentos Ltda
6.3.5 Colgate-Palmolive Company (Hill's Pet Nutrition, Inc.)
6.3.6 General Mills Blue Buffalo Pet Products, Inc.
6.3.7 Clearlake Capital Group (WellPet LLC)
6.3.8 Yamahisa Pet Care (Petio)
6.3.9 ADM Animal Nutrition (InVivo NSA)
6.3.10 Schell & Kampeter Inc. (Diamond Pet Foods)
6.3.11 Alltech Inc
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. AN ASSESSMENT OF THE IMPACT OF COVID-19
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Frequently Asked Questions
What is the study period of this market?
The Pet Food Market market is studied from 2016 - 2026.
What is the growth rate of Pet Food Market?
The Pet Food Market is growing at a CAGR of 4.6% over the next 5 years.
Which region has highest growth rate in Pet Food Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Pet Food Market?
North America holds highest share in 2020.
Who are the key players in Pet Food Market?
Mars, Inc., The J.M. Smucker Company (Big Heart Pet Brands, Inc.), Colgate-Palmolive Company (Hill's Pet Nutrition, Inc.), Nestle Purina Petcare Company, Diamond Pet Food are the major companies operating in Pet Food Market.