The Global Market for Pet Foods is Projected to Reach US$91 Billion by 2022

Premiumization and Humanization of Pet Foods Drive Gains in the Global Pet Foods Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Pet Foods market. The global market for Pet Foods is projected to reach US$91 billion by 2022, driven by the rise in responsible pet ownership, growing trend towards pet humanization and the resulting increase in spending on premium pet products.  

The pet food industry represents one of the fastest growing segments of the food sector, primarily driven by the growing pet population and increasing focus of pet owners on health and wellness of their pets. While convenience for busy pet owners has been a major factor driving sales for commercial dry foods for pets, there is increased emphasis being placed on health, well-being, and nutrition of pet diets. This is helping drive demand for pet nutraceuticals and dietary supplements. Today, the pet foods market is inundated with limitless choices and multiple options at different price points, breed type, life-stage, shapes and sizes, and ingredient preferences. In addition to wider product choices and manufacturer innovations, pet humanization is also helping drive sales in the market.

With a growing number of pet owners treating their pets like humans, the market is being influenced by the shift towards healthier, organic, functional and natural foods. Pet owners are making conscious efforts to buy high quality pet food. Premiumization of pet food is a major growth driver in the developed markets. Demand for optimal quality, gourmet and organic pet food is on the rise despite the higher price differentials. The market is witnessing proliferation of exotic and alternative sources of protein in pet foods. Innovations, ranging from the use of amino acids, herbs, flavoring agents and glucosamine, continue to shape the pet food market. Artisan pet foods represent an emerging trend in the market benefiting from the growing consumer preference for homemade pet foods. Personalized and customized pet food tailored to the unique nutritional needs of each animal is growing in popularity, especially among indulgent owners.

As stated by the new market research report on Pet Foods, the United States represents the largest market worldwide, supported by strong demand for premium foods, treats and snacks. Societal aging in developed markets represents a key factor fuelling pet ownership rates with baby boomers and empty nesters increasingly filling their emotional void by adopting pets. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 7.1% over the analysis period, led by changing lifestyles, rise in the number of nuclear families and single households, rising standards of living, increase in disposable income, expanding base of affluent middle class population and the integration of domestic animals into the emotional and social fabric of people and their lives.

Key players covered in the report include  Affinity Petcare SA, Aller Petfood LLC, Barking Heads & Meowing Heads Pet Food UK Ltd., BHJ A/S (Denmark), Blue Buffalo Pet Products, Inc., C&D Foods Ltd., Charoen Pokphand Foods PCL, Diamond Pet Foods, Inc., Heristo AG, Hill’s Pet Nutrition, Inc., Hartz Mountain Corporation, INABA PETFOOD Co., Ltd., LUPUS Alimentos, Mars, Inc., Nutro Products, Inc., The Iams Company, Mogiana Alimentos SA, Nestle Purina PetCare Company, The J.M. Smucker Company, Total Alimentos SA, Tuffy's Pet Foods Inc., Unicharm, Vitakraft Sun Seed, Inc., and Yantai China Pet Foods Co. Ltd. among others.

The research report titled “Pet Foods: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections for all major geographic markets such as the US, Europe, Asia-Pacific, Latin America, and Rest of World.

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