Global Pet Food Market Report and Forecast 2024-2032

Key Takeaways

• Ready-to-eat, easy-to-serve, and portion-controlled pet food products are becoming increasingly popular.

• Eco-friendly practices, sustainable sourcing, and ethical production are becoming important factors in consumer purchasing decisions.

• The UK pet food market is growing due to the increasing adoption of pets, including dogs, cats, and birds.

Pet food is defined as any commercial feed that is prepared and distributed for consumption by pets. It is usually specific to the type of animals such as dog food, cat food, etc. as well as the leftovers from the human industry which may also be used in the product through a process called rendering. The formulation of pet food varies depending on the type of animal it is intended for and can include a range of ingredients like meat, grains, cereals, vitamins, and minerals.

The pet food market is witnessing a healthy growth due to increasing pet ownership worldwide and increasing focus on providing pets with high-quality food that meets their nutritional needs and supports healthy growth. Another crucial factor includes the increasing consumer concern towards pet health, which has led to increased consumer spending on nutritious pet food products. Pet owners increasingly treat their pets as family members and are willing to spend more on good quality and nutritious pet food products that promise enhanced health benefits and are similar to human food in terms of quality and ingredients.

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Key Trends and Developments

Increasing shift to organic and nutritious pet food products; popularity of personalised pet food solutions; rising availability of pet food products online; and the growth of animal welfare organisations are the major trends in the pet food market

Pet Food Market Trends

A prominent trend is the rising demand for natural and organic pet food products. As people become more conscious of their own dietary choices and the impact of food on health, this awareness extends to their pets' diets. Consumers are seeking pet food options that are free from artificial additives, preservatives, colours, and flavours, believing that organic foods can enhance their pets' health, vitality, and lifespan. As people adopt diets focusing on natural, organic, and minimally processed foods for themselves, they also seek similar options for their pets, due to their perceived benefits.

The players in the pet food market are increasingly focusing on improving their production capacity to meet rising demands. In February 2024, Riverlands Foods Limited introduced a new, advanced canning facility in Canterbury, designed to produce a remarkable 30 million cans of premium cat and dog food annually. The establishment of this state-of-the-art facility represents a significant stride for Riverlands Foods Limited, positioning the company at the forefront of pet food production.

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Market Segmentation

“Pet Food Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Dog food maintains its dominance in the market due to the rising dog ownership worldwide

The pet food market benefits from the increasing sales of dog food products due to a surge in dog ownership globally. Dogs are one of the most popular pets globally and an increase in dog ownership directly translates to a higher demand for dog food. Factors such as a rise in nuclear families, a growing elderly population seeking companionship, and the emotional support provided by dogs contribute to this trend. Dog owners are increasingly seeking high-quality, premium dog food options which include organic, natural, and specially formulated diets catering to the specific needs of their pets, such as breed-specific formulas, age-specific diets (puppy, adult, senior), and food for medical conditions.

The demand for cat food in the pet food market is also substantial as cats are the second most popular pets worldwide. Their independent nature and suitability for indoor living make them a preferred choice for people living in urban and smaller living spaces. An increase in cat ownership naturally drives the demand for cat food. Cat owners are becoming more knowledgeable about their pets' dietary needs and the impact of diet on health and longevity, which has led to a growing demand for cat food that addresses specific health issues, such as hairball control, weight management, urinary health, and food allergies.

Dry pet food continues its steady growth in the pet food market as it is easier to store and has a longer shelf-life

Dry pet food is expected to occupy a sizable pet food market share due to its ease and convenience as it does not require freezing or refrigeration and requires pets to chew, improving their dental health. Compared to wet or fresh pet food options, dry food is generally more economical, offering a lower cost per serving and this cost-effectiveness is a key factor for pet owners who are mindful of their budget but still want to provide quality nutrition for their pets. The dry pet food market also offers a wide range of products tailored to specific dietary needs and preferences, such as grain-free, high-protein, breed-specific, life-stage specific (puppy, adult, senior), and formulas designed for pets with certain health conditions.

Meanwhile, wet and canned pet foods are projected to witness steady demand as they are considered healthier for pets and prevent the risk of dehydration as they contain liquids. These pet foods are generally more flavourful and have a richer scent compared to dry food which makes them highly palatable and appealing, especially for picky eaters or pets with decreased appetite due to illness or ageing.

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Competitive Landscape

The market players are increasingly producing organic pet food products due to the rising trend of health and wellness which can provide them with a competitive edge in the market

Other players in the market include General Mills Inc., Diamond Pet Foods, Simmons Foods, Inc., Alphia, Inc., Unicharm Corporation, Thai Union Group PCL, and Tiernahrung Deuerer GmbH, among others.

The market players are investing in the establishment of pet food production plants. Such investments underscore their strategic move to tap into the growing market worldwide. By setting up new facilities, the market players aim to cater to the increasing demand for quality pet food, driven by the rising pet ownership and heightened awareness among pet owners about the nutritional needs of their pets.

Pet Food Market Analysis by Region

North America dominates the market, with the US currently representing a significant market in the region. Growing consumer knowledge about the positive effects on pet health, the growing tendency of humanising pets and the rising millennial trend of pet adoption are the main factors driving the pet food market growth in North America. Additionally, as local producers increase their presence in the domestic market, products that are ethically and locally sourced, are expected to witness increased acceptance, contributing to the pet food market expansion.

The demand for pet food in Europe is shaped by various factors, reflecting the continent's diverse consumer preferences, economic conditions, and cultural attitudes towards pet ownership and care. Europe has one of the highest rates of pet ownership in the world as countries like Russia, Germany, the UK, and France have significant populations of pets, especially cats and dogs, which directly contribute to the demand for pet food. Europe also has strict regulations regarding pet food production and labelling, governed by entities like the European Pet Food Industry Federation (FEDIAF). Consumers in Europe are highly conscious of these standards and often seek products that are clearly labelled, traceable, and compliant with safety regulations.

Key Highlights of the Report