Pet Food Market to reach US$ 294.1 Billion by 2034; Increasing spending by pet owners on nutritious, healthy and organic food to their pets

Increasing trend of pet adoption across the globe and growing awareness regarding animal’s health are major factors driving growth of the Pet Food Market. In addition, increasing spending by pet owners on nutritious, healthy and organic food to their pets is another factor propelling growth of the target market.

In recent years, trend of millennial pet owners, coupled with mergers and acquisitions among pet food manufacturers to expand their geographic presence are increasing. These factors are expected to create opportunities for major manufacturers in the target market over the forecast period. Government is taking initiatives regarding pet food care which in turn, is creating a major trend for pet food market across the globe.

The report “Pet Food Market, By Product Type (Dry Food, Wet/Canned Food, Nutritious Food, Snacks/Treats, and Others), By Application (Dog, Cat, and Others), By Distribution Channel (Pet Shops, Online Stores, Hypermarkets, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Highlights:

• In March 2023, the PetFood Forum has officially sold the booth space for the 2023 exhibition. The event has a strong show floor where attendees will interact with important suppliers for pet food manufacturers and brand owners from all over the world.
• In March 2021, Mars Inc., a leading US pet food manufacturer, invested $200 million to expand its Royal Canine plant in Lebanon. The company will be adding five new corporation lines to double the production capacity.
• In February 2020, Champion PetFoods, a leading manufacturer of premium pet foods, announced the launch of 3 new pet food lines as global demand for its high-quality dog and cat food continues to grow.
• Mars Petcare India has recently launched its premium pet nutrition brand LAMS in January 2020. The launch, which provides four types of food (small/medium and large) for puppies and adult dogs, is in line with the global mission to Mars, "A better world for pets".
• In June 2019, Purina petcare and dentalife helped® dog owners in providing dental care to Dr. Ivan has partnered with Antin.

Analyst View:

Increasing number of older couples and DINK (double income, no child), families and increasing disposable incomes are the major factors contributing to the adoption of pets globally.  There has been a significant increase in the segregation rate in some people which is a major factor driving the demand for pet food in the country.  Many used it as an opportunity to get family pets as people were working from home during the lockdown. Various studies have suggested that people who have pets are less likely to cope with problems such as loneliness and depression due to ownership AL companionship.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Pet Food Market By Product Type (Dry Food, Wet/Canned Food, Nutritious Food, Snacks/Treats, and Others), By Application (Dog, Cat, and Others), By Distribution Channel (Pet Shops, Online Stores, Hypermarkets, and Others),  and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Pet Food Market accounted for US$ 105.1 Billion in 2024 and is estimated to be US$ 294.1 Billion by 2034 and is anticipated to register a CAGR of 12.00%. The Pet Food Market is segmented based on Product Type, Application, Distribution Channel and Region.

• Based on Product Type, Pet Food Market is segmented into Dry Food, Wet/Canned Food, Nutritious Food, Snacks/Treats, and Others.
• Based on Application, Pet Food Market is segmented into Dog, Cat, and Others.
• Based on End Use Industry, Pet Food Market is segmented into Pet Shops, Online Stores, Hypermarkets, and Others.
• By Region, the Pet Food Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Competitive Landscape & their strategies of Pet Food Market:

The prominent players operating in the Pet Food Market includes, Mars Inc., Nestle Purina PetCare, Hill’s Pet Nutrition Inc., Wellpet LLc, Heristo AG, Ingredion, Inc., SunOpta, Inc., DuPont de Nemour, Inc., Darling Ingredients, Inc., and Tiernahrung Deuerer GmbH.

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