Pet Food Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Pet Food Market size was valued at USD 96.4 billion in 2021 and is expected to grow at a CAGR of 4.6% from 2022 to 2028.  The global market provides a detailed overview of the Pet Food market size, and that can be segmented by product, by application, and by Sales channel. By product, the Pet Food market has been segmented into Dry Food, Wet/Canned Food, Nutritious Food, Snacks/Treats, and other types. The Dry Food segment is likely to be the largest and fastest-growing segment in terms of product. The rise of this segment is mainly because it is beneficial in certifying proper oral care in dogs with minor tartar accumulation on the animal’s teeth and by dropping plaque. Furthermore, this product type bids the chewing and crunch needed for sustaining the complete health of animals. Dry food removes the requirement for freezing, as in the case of canned food.  Based on Application, the Pet Food market is segmented into Dog, Cat and Others. Among these, the Dog segment is expected to have the fastest-growing market during the forecast period 2022-2028. Increasing consumer awareness concerning pet health has led to an improved emphasis on improving the weight of dogs and keeping their overall health. Customers are choosing between various available foods and are extremely reliant on brands of the product. Producers are constantly concentrating on the incoming premium food products segment and thereby enhancing their overall profit margin. Based on the Sales channel, the Pet Food market is segmented into Specialized Pet Shops, Internet Sales, Hypermarkets, and Others (Grocery Stores, Non-grocery Stores). The Hypermarkets segment is expected to have a significant pet industry share in 2021. The rise of this segment is mainly because of the high customer preference for purchasing products from big retail stores, where they can access plenty of choices in terms of prices and brands.

Key Developments:

In March 2021, Mars, Inc expanded its Royal Canin plant in Lebanon.

In December 2022, Nestle Purina Petcare grew its pet food manufacturing facility in Georgia.