Pet Food Market size to grow by USD 35.75 billion from 2022 to 2027, Growing demand for organic pet food drives the market, Technavio

NEW YORK, Feb. 20, 2024 /PRNewswire/ -- The pet food market size is expected to grow by USD 35.75 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of about 5.71% during the forecast period. The growing demand notably drives the market growth. The increasing consumer focus on pet health is driving the demand for organic pet food, adhering to USDA regulations. This trend mirrors the growing concern for human food ingredients. With pets being treated as family members, there's a surge in demand for organic and natural products, particularly in small mammal categories. Although options for organic food for small reptiles are currently limited due to lower adoption rates, as the adoption of smaller reptiles increases, so will the demand for organic products in this segment. This rising demand is expected to fuel the expansion of the global pet food market in the forecast period. Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis
The market is segmented by product (Dry food, Wet food, and Snacks and treats), type (Dog food, Cat food, and Others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the dry food segment will be significant during the forecast period. Dry pet food offers convenient storage and transportation, providing cost savings and benefits to customers. With its minimal storage risk, it maintains its quality over time. Compared to wet pet food's high water content of 75%, it contains only 10% water, contributing to better oral hygiene for pets. Additionally, it can be used in food puzzle toys, promoting controlled food intake. The growing number of pet owners globally, especially in emerging markets like India and Malaysia, is driving the growth of the dry food segment in the global market during the forecast period. To know additional highlights and key points on various market segments and their impact in coming years, View PDF Sample Report.

Geographical Market Analysis 

• North America is estimated to contribute 35% to the growth of the global market during the forecast period. 

Company Insights 
The market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., and Unicharm Corp.

One of the major Challenge 

• The usage of artificial colors or flavor enhancers, antibiotics, herbicides, pesticides, and chemical preservatives in offerings is a major challenge hindering market growth.  View PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Consumer inclination towards nutritious food is reshaping trends. Pet owners prioritize health, seeking multi-functional and innovative ingredients like probiotics and antioxidants. With a surge in demand for organic products, manufacturers are adapting, sourcing quality meat and meat byproducts from trusted raw material suppliers. Cereals, grains, and specialty proteins enrich formulations, reflecting market growth. The market value chain sees collaboration among manufacturers, distributors, and end-users, ensuring premium quality and satisfaction. As pet animals become cherished family members, the emphasis on nutrition underscores a dynamic industry meeting evolving needs.

Suppliers strive to meet the nutritional requirements of domesticated animals by incorporating a range of ingredients such as grains, fruits, animal protein meals, and essential vitamins and minerals. Palatants, flavors, and sweeteners enhance the appeal, while enzymes aid in digestion. Manufacturers prioritize quality and availability while optimizing the manufacturing process to manage costs. However, fluctuations in prices can impact residents' purchasing decisions. Despite challenges, the market continues to expand, catering to the diverse needs of pet owners and their furry companions, thereby reflecting the evolving relationship between humans and pets.

Related Reports:

The pet dietary supplements market is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The market size is forecast to increase by USD 914.46 million.

The pet daycare and lodging market size is estimated to grow at a CAGR of 6.98% between 2022 and 2027. The market size is forecast to increase by USD 10.18 billion. 

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com

SOURCE Technavio