Pet Food Market Size to Reach USD 133,430.9 Million by 2030 at CAGR 4.6% - Valuates Reports

BANGALORE, India, Jan. 27, 2022 /PRNewswire/ -- The Pet Food Market is Segmented by Pet Type (Dogs, Cats, and Others), Food Type (Dry Food, Wet Food, Treats & Snacks, and Others), and Sales Channel (Supermarkets & Hypermarkets, Specialized Pet Shops, Online Sales Channel, and Others). The report covers global opportunity analysis, regional outlook, growth potential, industry forecast from 2021 to 2030.

The global pet food market size was valued at USD 87,268.2 Million in 2020 and is projected to reach USD 133,430.9 Million by 2030, registering a Compound Annual Growth Rate (CAGR) of 4.6% from 2021 to 2030.

Major Factors Driving The Growth Of The Pet Food Market Are:

Some of the major factors driving pet food market growth include an increase in per capita disposable income, increased consumer awareness of natural and organic pet food products, an increase in the trend of nuclear families, and a rapid increase in humanization.

Other factors influencing the growth of the global pet food market are an increase in the pet population, an increase in e-commerce sales, and an increase in pet ownership in developing countries.

Furthermore, during the COVID-19 Pandemic, rising pet adoption and increased empathy for pets boosted pet food market sales. Higher pet adoption, rising demand for premium dog and cat food, and changes in pet animal food manufacturers' strategies have all boosted global dog and cat food sales.

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Trends Influencing The Growth Of The Pet Food Market :

During the forecast period, the pet food market is expected to be driven by rising dog food demand and increased traction in the premium pet food segment. Due to its convenience in terms of storage and feeding pets without making a mess, dry food is seeing rapid growth in demand as compared to other product counterparts. This has a positive impact on urban consumers, who are increasingly choosing dry pet food.

Pet owners aspire for their pets to have the same, if not higher, levels of health and wellness as they do for themselves. Pets, like people, have dietary requirements that necessitate supplementation. As animal health awareness grows, better supplements are in high demand. This trend is expected to create a lucrative growth opportunity for a player in the pet food market. Many companies have begun to offer hemp-derived pet products in order to appeal to health-conscious consumers seeking natural remedies for issues such as anxiety, pain management, and inflammation in both themselves and their pets.

Various governments have taken steps to promote the use of safe and healthy ingredients in order to improve the overall health of pets. To protect pet health and regulate the manufacturing process, the Japanese government enacted the Law for Ensuring the Safety of Pet Food, which applies to pet food manufacturers, importers, and wholesalers. Such initiatives would help to propel the global pet food market size.

Furthermore, the rise in the number of elderly couples and DINK (dual income, no kid) families, as well as rising disposable income, are boosting pet adoption which in turn increases the pet food market growth.

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Pet Food Market Share Analysis:

Based on pet type, the dog segment is expected to hold the largest market share with $39,646.2 Million in 2020 and is estimated to reach $61,049.5 Million by 2030, at a CAGR of 4.7% during the forecast period.

Based on food type, the dry food segment is expected to hold the largest market share, with $29,386.8 Million in 2020, and is estimated to reach $47,937.5 Million by 2030, at a CAGR of 5.3% during the forecast period.

Based on sales channel, the specialized pet shops segment is expected to hold the largest market share with $31,414.8 Million in 2020 and is estimated to reach $50,533.1 Million by 2030, at a CAGR of 5.1% during the forecast period.

Based on region, North America is expected to hold the largest market share. Accounting for $30,369.3 Million in 2020, and is estimated to reach $48,435.4 Million by 2030, with a CAGR of 5.0%. The strong sales and growth figures reflected a strong year for the pet industry in the United States, which not only survived a global pandemic and the ensuing economic crisis but also thrived as more people welcomed pets into their homes and focused on their pets' health and well-being as full-fledged members of their families.

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The prominent pet food industry players include Mars Petcare Inc., The Hartz Mountain Corporation, Big Heart Pet Brands, Nestle Purina PetCare, Diamond Pet Foods, Hill's Pet Nutrition, Deuerer, WellPet, Blue Buffalo, and Heristo AG.

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