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Oct 17, 2024

Pet Food Market is Expected To Reach USD 187.5 Billion by 2032 Growing at CAGR 4.6% | Introspective Market Research

Global Pet Food Market was valued at USD 125.1 billion in 2023 and is poised for significant expansion, with projections indicating a climb to USD 187.5 billion by 2032 Chicago, USA, Oct. 17, 2024

Global Pet Food Market was valued at USD 125.1 billion in 2023 and is poised for significant expansion, with projections indicating a climb to USD 187.5 billion by 2032

Chicago, USA, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Pet Food Market is specially crafted to meet the unique nutritional needs of our furry companions, offering a range of options like dry kibble, wet food, treats, and supplements. Over the years, pet food has transformed from simple diets into specialized nutrition that plays a crucial role in keeping our pets healthy and happy. High-quality pet food can enhance energy levels, improve overall health, and even boost mood. However, many pet owners fall prey to common myths about pet food. For instance, some believe that all human food is safe for pets, which isn’t true. Certain foods can be harmful to their health. Others think that a grain-free diet is always better, but grains can be a valuable source of nutrients. By debunking these myths and understanding the importance of balanced nutrition, we can make informed choices for pets. It’s essential to read labels, consult with veterinarians, and choose products that cater to their specific needs. After all, providing the right food is one of the best ways to ensure our beloved companions lead long, healthy lives filled with joy and energy.

Taiwan's Pet Food Market Dominates the Pet IndustryAccording to study from Taiwanese Ministry of Agriculture, Taiwan's pet food sales reached approximately NT$30.8 billion (US$960 million) in 2023, accounting for about 50% of the total value of the country's pet industry, which generated overall sales of around NT$63.1 billion.

Introspective Market Research has unveiled its latest market study, titled "Pet Food Market," providing a comprehensive outlook on the future of this premium delicacy. According to the report, the global pet food market was valued at USD 125.1 billion in 2023 and is poised for significant expansion, with projections indicating a climb to USD 187.5 billion by 2032. This anticipated growth represents an impressive CAGR of 4.6% from 2024 to 2032.

Pet food is designed to meet the nutritional needs of our beloved pets, using ingredients such as meat, grains, vitamins, and minerals. As pet ownership and health consciousness rise, the demand for pet food is increasing. You'll find a variety of options in supermarkets and pet shops, from premium to organic products. However, the higher prices of some offerings can be a barrier for some families. This report explores the driving factors behind the market's growth, highlights key players, recent developments, and provides insights into market segmentation in the global pet food industry.

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Source – IMR Database

Key Industry Insights

Growing Love for Pets: The Increasing Affection in Modern Households

The pet industry is booming as more families embrace the companionship and emotional benefits that pets provide. According to a 2023 report from the American Pet Products Association (APPA), about 70% of U.S. households approximately 90.5 million families now own a pet, a rise from 67% in 2019. This shift highlights a growing trend where pets are seen not just as animals but as beloved family members. As a result, spending on pet care products and services has skyrocketed. Families are prioritizing their pets' well-being, investing in premium food, quality healthcare, and even pet-friendly travel and activities. This deepening bond between pets and their owners is driving significant growth in the pet care market. Pet owners are actively seeking innovative products and personalized experiences that enhance their pets' lives, moving beyond basic needs to create lifestyles that include pets in family activities. With the increase in pet ownership and a greater willingness to spend on their care, the pet industry is poised for continued expansion. This trend reflects the strong emotional connections people have with their furry companions, making the market not just about meeting needs but about celebrating the joy and love pets bring into our lives. As families incorporate pets into their daily routines, the pet industry is evolving into a vibrant space of creativity and care.

Source- American Pet Products Association

The Premium Pet Food Price Surge: A Growing Concern for Pet Owners

The rising cost of premium pet food is becoming a major concern for many pet owners. A recent survey found that 41% of dog and cat parents worry more about pet food prices than even high vet bills. Over the past year, pet food prices have surged by 11%, forcing many owners to rethink their budgets. In response to these rising costs, some pet parents are turning to more affordable brands or opting for smaller package sizes to save money. This shift reflects a deeper anxiety among pet owners who want to ensure their furry friends are well-fed and happy without breaking the bank. The struggle is real as they try to balance quality nutrition with budget constraints. While pet owners desire the best for their pets, the financial strain has made them more resourceful in their choices. Many are feeling the pressure to make tough decisions about what they feed their beloved companions. Whether it’s switching to a different brand or carefully planning their purchases, the aim remains the same: keeping their pets healthy and content. As the pet food market continues to evolve, it will be fascinating to see how these trends shape the future choices of pet owners. The love and dedication of pet parents to provide for their pets, despite financial challenges, showcases the unique bond they share. It’s a testament to the lengths people will go to ensure their furry friends lead happy and fulfilling lives.

Natural Ingredients: Fueling the Future of Pet Nutrition

Pet owners are increasingly prioritizing natural and organic ingredients in their pets' diets. Recent research shows that 79% of U.S. buyers are willing to spend more on healthier options. This growing trend is fueled by a remarkable 38% of consumers actively seeking all-natural products, leading to a surge in new pet food brands that proudly advertise “no additives or preservatives.” But this isn’t just a U.S. phenomenon. Around the world, the percentage of pet food products labelled as all-natural has jumped from 32% in 2013 to 51% in 2022. As pet owners continue to treat their furry friends like family, they want nothing but the best for their nutrition. This heightened awareness about what goes into pet food presents a major opportunity for manufacturers to innovate and create high-quality, functional products that meet these evolving demands. Brands that prioritize transparency and wholesome ingredients can build strong connections with pet owners who are eager to enhance their pets' health and well-being. By emphasizing the bond between pets and their humans, companies can tap into a passionate market that values quality and care in pet nutrition. As the trend towards natural ingredients continues to grow, it’s clear that pet owners are looking for options that align with their values making it a prime time for brands to step up and meet their needs.

Key Manufacturers Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.

The J.M. Smucker Company

Nestle Purina

Mars, Incorporated

LUPUS Alimentos

Total Alimentos

Hill’s Pet Nutrition, Inc.

General Mills Inc.

WellPet LLC

The Hartz Mountain Corporation

Other Active Players

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In April 2024, General Mills announced its acquisition of Edgard & Cooper, a leading independent premium pet food brand in Europe. This strategic move aligns with General Mills' Accelerate strategy, which emphasizes focusing on core markets and local brands to drive sustainable growth. By integrating Edgard & Cooper into its portfolio, General Mills aims to enhance its presence in the thriving pet food market while supporting the brand's commitment to quality and sustainability. The acquisition reflects General Mills' dedication to delivering strong returns for shareholders in the long run, positioning the company for continued success in a competitive landscape. Overall, this partnership is expected to foster innovation and cater to the growing demand for high-quality pet food among consumers.

In March 2023, premium pet food brands Natural Balance and Canidae joined forces in an exciting merger. This collaboration aims to leverage their strengths and expertise to create innovative, high-quality pet food products. By combining their resources, both companies hope to enhance their offerings and better serve pet owners looking for nutritious options for their furry companions. With a shared commitment to quality and sustainability, this merger promises to bring fresh ideas and improved choices to the premium pet food market.

Key Segments of Market Report

By Type:

Dog food has emerged as the shining star in the pet food market, leading both in sales and popularity. This trend is largely fueled by the rising number of dog owners worldwide who are increasingly committed to investing in their pets' nutrition and overall health. With a growing selection of premium options like organic, grain-free, and breed-specific formulas, dog owners are becoming more discerning about what they feed their furry companions. Many pet parents today prioritize their dogs’ well-being, opting for specialized foods that address specific dietary needs and health concerns. This shift in mindset means that brands are constantly innovating to meet these demands, crafting high-quality products that not only tantalize dogs' taste buds but also support their health and vitality. As awareness of pet nutrition continues to grow, so does the demand for premium dog food. Today’s pet owners often view their dogs as beloved family members, leading them to invest more in the best options available for their health and happiness. This dedication to pet care is ensuring that the dog food segment remains at the forefront of the pet food market, reflecting a broader cultural shift towards treating pets with the same care and consideration as human family members. Ultimately, the emphasis on quality nutrition is transforming how we care for our dogs, making it a top priority for loving pet parents everywhere.

By Product Type:

Dry pet food continues to lead the pet food market, and it’s easy to see why. Pet owners love its convenience, affordability, and long shelf life compared to wet or canned options. With just a scoop, you can fill your furry friend's bowl and be on your way, making mealtime a breeze. This simplicity is a significant advantage for busy pet parents who want to ensure their pets are well-fed without a lot of fuss. Many brands of dry kibble are also designed with your pet's health in mind. They often include ingredients that support dental health, which is a great bonus for those who worry about their pets’ overall well-being. Plus, the variety of flavors and formulations available means that you can easily find the perfect fit for your pet's dietary needs and preferences. While there’s a growing trend toward wet food and treats especially for pets who enjoy moisture-rich meals or for special occasions dry pet food remains the top choice for many. It’s not just about nutrition; it’s about the practicality and ease that dry food provides to pet owners. Ultimately, dry pet food allows you to keep your furry friends happy and healthy with minimal hassle, letting you spend more quality time with them and less time worrying about their meals.

By Region:

North America is set to take the lead in the pet food market in the coming years, largely due to the deep bond pet owners share with their furry companions. The United States and Mexico are the standout players, driven by their large populations of pet owners who treat their pets as cherished family members. This growing pet culture has led to a significant shift in priorities, with more owners focusing on the health and well-being of their pets. As pet owners increasingly view their pets as family, there is a rising demand for high-quality, natural pet food products. People are becoming more conscious of how nutrition impacts their pets' overall health, which aligns with the broader trend of pet humanization. This means that pet owners are not just looking for food that fills their pets' bellies but also for options that promote health and vitality. Millennials, in particular, are playing a significant role in this trend. As a generation that prioritizes quality over quantity, they are leaning toward pet food products that meet their pets' dietary needs while reflecting their own values. This focus on quality and transparency is reshaping the market, encouraging brands to develop healthier, more nutritious options that cater to this conscious consumer base. The North American pet food market is on an exciting upward trajectory. With a strong emphasis on pet health and well-being, and a growing trend of pet humanization, there are abundant opportunities for both consumers and businesses. As the market evolves, it promises to bring innovative and beneficial products that will enhance the lives of pets and their owners alike.

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Source – IMR Database

Comprehensive Offerings:

Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years.

Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions.

Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment.

Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations.

Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape.

Import and Export Analysis: Examination of trade patterns and their impact on market dynamics.

Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown.

Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking.

PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors.

PORTER’s Five Forces Analysis: Assessment of competitive forces influencing the market.

Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors.

Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations.

Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis.

Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.

About Us:

Introspective Market Research is a premier global market research firm, leveraging big data and advanced analytics to provide strategic insights and consulting solutions that empower clients to anticipate future market dynamics. Our team of experts at IMR enables businesses to gain a comprehensive understanding of historical and current market trends, offering a clear vision for future developments.

Our strong professional network with industry-leading companies grants us access to critical market data, ensuring the generation of precise research data tables and the highest level of accuracy in market forecasting. Under the leadership of CEO Mrs. Swati Kalagate, who fosters a culture of excellence, we are committed to delivering high-quality data and supporting our clients in achieving their business goals.

The insights in our reports are derived from primary interviews with key executives of top companies in the relevant sectors. Our robust secondary data collection process includes extensive online and offline research, coupled with in-depth discussions with knowledgeable industry professionals and analysts.

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