The Global Market for Pet Foods is Projected to Reach US$97.8 Billion by 2024


Rise in Pet Ownership and Increasing Demand for Premium and Functional 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$97.8 billion by 2024, driven by rise in pet ownership and trends such as pet humanization, and growing preference among pet parents towards healthy, functional, and premium pet foods

Commercially available pet foods industry is today inundated with limitless choices and multiple options at different price points, by breed type, life-stage, shapes and sizes, and ingredient preferences. The future for pet foods appears robust, with demand for healthy and premium end foods for pets providing the needed impetus. Besides widening product assortments and manufacturer innovations, factors such as increased popularity of organic pet food, and greater interest in health of pets continue to drive sales in the pet foods market. With pets gaining the ‘individual’ status, customization of food products as per their life stages is evolving as an ongoing trend. Increasing number of dogs, cats and other animals adopted as pets in various parts of the world also offer immense growth opportunities for pet food market. Mirroring the trend in other consumer markets, the market also continues to experience significant growth in e-commerce for pet food through channels.

The concept of pet humanization is giving way to pet food trends such as foods for obesity control, health & wellness, and need for specialized foods for different life stages of pets. Product innovation continues to remain a key focus area, creating various niches within the larger pet foods market. Against the backdrop of rise in product recalls, and stringent federal and state regulations, healthy pet foods are becoming increasingly popular. Claims of natural, gluten-free and other nutrition-containing food items for pets are on rise by pet food suppliers. Continuing to highlight the customer demand, premium products, featuring characteristics such as limited ingredients, grain-free, high protein and low-carb, continue to maintain center stage. Pet Treats are growing in popularity among pet owners seeking nutrition and wellness of the pets. The recent years witnessed a commendable growth in sales of  functional treats compared to regular dog and cat food with an increasing number of pet owners turning to treats created for specific health conditions related to age- or weight including  bone health, dental health, and skin and coat health.  Pet food market is also witnessing proliferation of exotic and alternative sources of protein in pet foods manufacture. Akin to the human-food industry, there is an increasing demand for clean labeling and transparency in pet foods along with growing preference for locally sourced ingredients and traceability. Growing preference for including whole ingredients in foods meant for pets has led to a simultaneous increase in addition of animal protein in raw form as well.

As stated by the new market research report on Pet Foods, the United States represents the largest market worldwide. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 7.6% over the analysis period, led by the increase in pet population mainly attributed to rise in urbanization, changing lifestyles, and increase in per capita disposable income in these countries and rise in number of pet owners switching to commercial pet foods from homemade foods.

Key players in the market include  Affinity Petcare SA, Aller Petfood LLC, Barking Heads & Meowing Heads Pet Food UK Ltd., BHJ A/S, Blue Buffalo Pet Products Inc., C&D Foods Ltd., 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., Nestle Purina PetCare Company, The J.M. Smucker Company, Total Alimentos SA, Tuffy's Pet Foods Inc., Unicharm, Vitakraft-Werke Wührmann & Sohn GmbH & Co. KG., 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.


For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.

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