Pet Food market to reach 85.4 billion USD with 5.65% of CAGR by 2024 Globally

Market Overview

With the growing humanization for pets and increase in the disposable income of people, the pet food market is expected to grow at a considerable rate. As per APPA American Pet Product Association and PIDA Pet industry Distribution Association the US pet food industry in 2016 has surpassed the previous spending by $6 billion. It is now estimated to grow by 5.2% in 2017. The reluctance of daily cooking and increasing awareness for the need of high nutrition packed pet food has led to this growth in demand. Pet food is extremely loved by the pets owing to its great taste and high meat content. Even the vegetarian pet owners choose the opposite option. This food is available as dry, wet, snacks, nutritious and others in various forms like candies, small to large portions, various shapes and textures. There has been continuous nutrition research and animal nutrition studies to facilitate the development of more enhanced products
Planet Market Reports analyst forecast the global pet food market size to reach USD 85.4 billion by 2024, at a CAGR of 5.6% over the forecast years.

Covered In This Pet Food Market Report

The report covers the present ground scenario and the future growth prospects of the pet food market for 2016-2024 along with the statistics of number of various categories of pets in households. We have calculated the market size and revenue share on the basis of revenue generated from major players and their sales of pet food products across the globe.

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Global Pet Food Market Segmentation

By Food Type

Dry food
Wet food / Canned food
Veterinary food
Treat/Snacks
Organic food
Nutrition food

By Distribution Channel

Online stores
Retail stores
Pet shops
Hypermarkets/Supermarkets

By End users

Dogs
Cats
Others Fish, Birds, Livestock, etc

Based on Geography

North America U.S. & Canada pet food market
Latin America Brazil, Mexico, Argentina & Rest of Latin America pet food market
Europe The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE pet food market
Asia-Pacific China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia pet food market
Middle East & Africa GCC, South Africa, North Africa, RoMEA pet food market

On the basis of product type, dry foods hold the largest market share i.e. 40.1% in global pet food market owing to its economic viability, ease of storage and longer shelf life. Snacks and treats is second most preferred due to its great taste, high nutrition and the “treats” act as a tool to reinforcement of positive behavior in pets.
Pet Food Market Outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global pet food market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global pet food market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

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Trends, Drivers and Challenges

According to our global market study on the basis of extensive primary and secondary research: “The increasing trend is the demand for Clean labels, no laboratory claims, less processed food, natural, familiar and limited ingredients and humanization, as people keep pets as their family members and value pet nutrition as high as their own needs.”
According to the report, major driving factor for expansion of pet food market is the increased awareness of pet nutrition and growing inclination of pet owners towards healthier and safer pet food products. Also the need of the nuclear families and their disposable income is driving this market. In 2016, U.S. pet owners spent an average USD 235 on pet food, which was higher as relative to other pet care spending.
Further, the report states that the major challenges being are the food safety, high cost of raw material and production. Other challenges are the Pet allergies, Regulatory issues related to pet health and nutrition. Obesity is increasing in pets due to overeating and less exercising, thus posing a challenge for making such food that overeating has lesser impact on pets.

Global Market Analysis

Based on geography, North America dominates the pet food market with almost 40.4% market share in 2016 with almost 80.2% share of US, due to the rising demand for nutritious pet food. While Asia-Pacific is the fastest growing market and the demand for premium products has also increased, hence it is predicted to grow at a CAGR of around 7.3% over the forecast years, China being the major market. New markets are emerging like Latin America is experiencing growth in Pet ownership, which is a driving factor for increasing demand in pet food.

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Key Players

Our global pet food market report comprises of the following companies as the key players in the pet food market: Mars Petcare Inc., Nestle Purina PetCare, Hills Pet Nutrition, Blue Buffalo, Big Heart Pet Brands, Spectrum Brands/United Pet Group, Unicharm Corp., and Laroy Group.
Other high-flying vendors in the pet food market are: Heristo AG, Deuerer, WellPet, Ainsworth, Diamond Pet Foods, The Nutro Company, Tuffy’s Pet foods, Canine Caviar Pet Foods, Simmons Pet Foods, Nisshin Pet Food Inc.,
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this Pet Food Market report

What is the total market size by 2024 and what would be the expected growth rate?
What is the revenue of pet food market in 2015-16 and what would be the expected demand over the forecasted period?
What is the advancement in the research over pet food to develop enhanced nutritional products?
What are the key market trends?
What are the factors which are driving this market?
What are the major barriers to market growth?
Who are the key vendors in this market space?
What are the market opportunities for the existing and entry level players?
What are the recent developments and business strategy of the key players?
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