According to the Market Statsville Group, the global pet food market size was USD 39.1 billion in 2021 and is estimated to reach USD 63.7 by 2030, registering a CAGR of 63.7% during the forecast period (2022-2030). The pet food is very essential as animals requires nutrients as per their unique structure, thus, pet food producing comapanies collaborate with vetenary specialities and develop pet specific foods to cater to the needs of the end-users.
Factors such as growing disposable incomes, trend of keeping pet, and others are driving the growth of the market over the forecasting period.
The COVID-19 has had a negative impact on the growth of the market, due to global lockdowns and disrupted supply chains were major factors hampering its growth amid the pandemic. However, people opted to feed animals around them and the supply also restored via e-commerce channels, thus, positively impacting the growth of the market over the forecasting period. Hence, the COVID-19 had a significant impact on the market’s growth.
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The study categorizes the pet food market based on pet type, ingredients, source, form, at the regional and global levels.
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By Region Outlook (Sales, USD Million, 2017-2030)
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On the basis of pet type, the pet food market is fragmented into dogs, Fish, cats, and other pets. In 2021, the dog food segment accounted for the major share in the market, owing to the emerging trend of nuclear families and growing inclination of consumers toward dogs for security and companionship. Additionally, dogs requires various types of essential nutrients to live a quality and healthy life. Hence, dog owners have been focusing on providing proper pet food that contains essential nutrients in order to keep pet healthy. Such factors propel the growth fo the market.
Asia Pacific accounts for the highest CAGR during the forecast period
On the regional basis, the global pet food market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest market share and is estimated to hold major share over the forecasting period. The region includes the countries such as China, India, Japan, South Korea, Australia, Southeast Asia, and Rest of Asia-Pacific. The growth in the region is attributed to the growing demand for premium dog food. For instance, according to the 2019 data of Alltech Global Feed Survey, pet food production surged to 13% in Asia-Pacific in 2018. Such factors will pave the way for the growth of the market over the forecasting period.
The global pet food market is highly competitive. Key industry players adopt various strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions.
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The pet food market is mildly concentrated in nature with few numbers of global players operating in the market such as: