Global Pet Foods Market to Reach US$177.1 Billion by 2030

The global market for Pet Foods estimated at US$126.8 Billion in the year 2023, is expected to reach US$177.1 Billion by 2030, growing at a CAGR of 4.9% over the analysis period 2023-2030. Dry Pet Food, one of the segments analyzed in the report, is expected to record a 5.3% CAGR and reach US$107.1 Billion by the end of the analysis period. Growth in the Wet & Canned Pet Foods segment is estimated at 4.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$33.4 Billion While China is Forecast to Grow at 7.7% CAGR

The Pet Foods market in the U.S. is estimated at US$33.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$39.6 Billion by the year 2030 trailing a CAGR of 7.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.8% and 3.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.5% CAGR.

Global Pet Foods Market - Key Trends and Drivers Summarized

The global pet food market has seen remarkable growth over the past decade, driven by an increasing trend in pet ownership and the humanization of pets. This market encompasses a wide range of products, including dry food, wet food, treats, and nutritional supplements for various pets like dogs, cats, birds, fish, and small mammals. The evolution of pet food is marked by a shift from providing basic nutrition to products that address specific health needs, age-related requirements, and dietary preferences of pets. Pet owners are now more aware of the nutritional content and quality of ingredients in their pets` food, leading to a heightened demand for high-quality, organic, and natural pet food products. This trend is further supported by the rising disposable incomes of pet owners, which allows them to spend more on premium pet food products. In addition, pet food manufacturers are increasingly focusing on transparency and sourcing, which appeals to consumers who are concerned about the origin and processing of their pets` food.

Innovations in pet food formulations have been significantly influenced by scientific research and veterinary recommendations. The incorporation of superfoods, probiotics, and antioxidants in pet food has gained popularity as these ingredients are believed to offer health benefits such as improved digestion, enhanced immunity, and better skin and coat health. For instance, ingredients like blueberries, spinach, and pumpkin are now commonly found in pet foods due to their high nutritional value. Additionally, there is a growing trend towards specialized diets such as grain-free, hypoallergenic, and raw food diets to cater to pets with specific dietary needs or allergies. The market is also witnessing a surge in demand for eco-friendly and sustainable pet food options, reflecting the broader environmental consciousness among consumers. Companies are responding to these trends by innovating in product development and packaging, ensuring that they meet the evolving demands of pet owners while maintaining environmental responsibility. For example, biodegradable packaging and sustainably sourced ingredients are becoming more prevalent in the market.

The growth in the pet food market is driven by several factors. The increasing pet adoption rates globally, especially during the COVID-19 pandemic, have significantly boosted the demand for pet food. Many people turned to pet adoption for companionship during lockdowns, leading to a surge in the pet population and, consequently, the need for pet food. The trend towards pet humanization has led to increased willingness among pet owners to invest in high-quality, specialized, and even gourmet pet food products. Pet owners are increasingly treating their pets as family members, prioritizing their health and well-being. Advancements in pet food technology, including the development of nutritionally balanced, scientifically formulated diets, have played a crucial role in market growth. Innovations such as freeze-dried raw diets and customized meal plans based on a pet`s specific health profile are examples of how technology is shaping the industry. Additionally, the rise of e-commerce and direct-to-consumer sales channels has made it easier for pet owners to access a wide variety of pet food products, further fueling market expansion. Finally, marketing strategies focusing on the health benefits of premium pet foods and targeted advertising towards specific pet owner demographics have also contributed to the market`s robust growth.