Pet Food Market Size
The Pet Food Market is estimated to grow from USD 89.25 Billion in 2019 to USD 128.60 Billion by 2027, at a CAGR of 4.7% from 2020-2027.
Pet food is enriched animal feed for consumption by pets. It provides nourishment and also offers benefits such as improved digestion, stronger immune system, better dental hygiene, better muscle tone and healthier bone structure, reduced allergy etc. Pet foods are widely available in specialized pet stores, e-commerce platforms and supermarkets. Raw pet food is not regarded as human grade and is usually byproduct of the human food industry.
The pet food market growth of is fueled by growing rate of pet ownership across the globe along with increasing awareness about pet digestive disorders, healthy weight and healthier lifestyle. Increasing trend of pet humanization has resulted in increasing demand for pet food and manufacturers are focusing on innovating as well as personalizing the pet food products to the needs of different types of animals. Major manufacturers are focusing on expanding the product line to offer high quality, premium products.
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Pet Food Companies
Top 15 Key Players in Pet Food Market Analysis
- Mars Petcare US Inc.
- J. M. Smucker
- Nestle Purina Petcare
- Hill's Pet Nutrition, Inc. (owned by Colgate-Palmolive)
- Blue Buffalo Co. Ltd (owned by General Mills)
- Big Heart Pet Brands
- The Procter & Gamble Company
- Diamond Pet Foods
- Tiernahrung Deuerer GmbH
- Heristo Aktiengesellschaft
- WellPet LLC
- Devenish Nutrition Ltd.
- The Nutro Company
- Canine Caviar Pet Foods
- Tuffy’s Pet Foods, Inc.
- Others
The report provides key player analysis along with company revenue shares in order to give a broader overview of the market players in the Pet Food market.
Segmentation Analysis
Pet food market is segmented based on product, application, sales channel, Source and region.
Based on product, global pet food market is segmented into Wet/Canned Food, Treats and Snacks, Dry Food, Nutritious Food, Veterinary Diet and Other Products. Dry Food was leading product type segment in 2019 with almost 36% share of the global market. The large market share is attributed to the increasing use of dry pet foods as they are low in moisture content and are cost effective. Dry form pet food is easy to handle and store.
Wet/Canned Food segment was the second largest product segment in 2019. Treats and Snacks segment is estimated to be fastest growing segment over the forecast period.
Based on source, global pet food market is segmented into Plant-Derived, Animal-Derived, Cereals and Cereal Derivatives and Other Sources. Animal-Derived source segment accounted for the largest market share in 2019 and is expected to retain its dominance over the forecast period.
Animal-derived pet food includes meat and by-products of meat which are important source of fatty acids, essential proteins, vitamins and iron. Palatability of pet food is enhanced by meat which helps for better digestion in pets. Fishbone is rich source of calcium, omega-3, vitamin A & D and phosphorus and major manufacturer are emphasizing on use of fish in animal derived pet foods.
Based on application pet food market is categorized into dog, fish, cat and other animal types. Dog application segment accounted for largest market share of 52% and will retain their dominance in the coming years. Cats were second largest application segment in 2019.
Adoption of dogs are most popular across the globe followed by cats. U.S. has maximum number of pets and majority of population consider their pet to be part of family. Thus, major manufacturers are focusing innovative dog food manufacturing to capture a significant market share. Increasing pet adoption in major markets like U.S., U.K., India, China is projected to drive the pet food market.
Based on sales channel global pet food market is split into Specialized Pet Shops, Online Channel, Supermarkets/Hypermarkets and Other Channels. Specialized Pet Shops were the largest sales channel segment in 2019 whereas online sales channel segment will witness maximum growth in the coming years.
Online platforms have advantages such as ease of use, convenience, comfort, option for products and price comparison and easy availability of different brands under one platform. Increasing penetration of e-commerce platforms, various discounts offered by e-commerce platforms and increasing use of smartphones will boost online sales channel segment growth in the coming years.
Regional Analysis
At regional level, North America garnered a major market share in 2019. This large share is attributed to increasing pet adoption registrations, increasing health awareness of pets, presence of major market players in this region and easy availability of major brands. Europe was second leading regional pet food market.
The growth in North America pet food market is mainly centered in U.S. U.S. occupies major market share for pet food with increasing numbers of pet registrations every year. Similar trend is observed in European countries. Europe was second largest regional market in 2019.
Asia Pacific and Latin America are estimated to register fastest growth in the coming years. Asia is another major market with increasing trend of pet adoption in developing countries like India, China, South Korea. Increasing number of pet ownership and increasing spending on pets are major factors driving the market growth in this region. Developing Asian countries offer lucrative growth avenues for major manufacturers in this arena.
Middle East and Africa regions are projected to post visible growth in the coming years.
Pet Food Market Segmentation
By Product
• Dry Food
• Wet/Canned Food
• Veterinary Diet
• Nutritious Food
• Snacks/Treats
• Other Products
By Application
• Dog
• Fish
• Cat
• Others
By Source
• Animal-Derived
• Plant-Derived
• Cereals and Cereal Derivatives
• Other Sources
By Sales Channel
• Specialized Pet Shops
• Supermarkets/Hypermarkets
• Online Channel
• Other Sales Channels
By Region
• North America
• Latin America
• Europe
• Asia-Pacific
• Middle-East & Africa
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