Pet Food Market Size to record USD 35.75 billion growth from 2023-2027, Increasing demand for pet food with tasty ingredients and smaller portions is one of the key trends in the market, Technavio

NEW YORK, May 6, 2024 /PRNewswire/ — The global pet food market the size is estimated to grow by USD 35.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of approximately 5.71% during the forecast period.

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Key Trends Driving Growth

• Increasing demand for pet food with palatable ingredients and smaller portions:
• Many pet food vendors around the world are expanding their product lines to include flavors with fresh ingredients. For example, Nestle Purina offers PRO PLAN SAVOR SHREDDED BLEND, a cat food line that combines dry kibble and tender meat for different textures. Hills Pet Nutrition provides Hills SCIENCE DIET SAVORY CHICKEN ENTREE for adult cats.
• With the increase in small dog ownership, vendors are addressing this trend by offering smaller portions of dog food in dry and wet varieties. This trend is expected to continue as more pet owners choose smaller breeds due to ease of care, especially among older individuals and city dwellers. The introduction of these new products is expected to drive growth in the pet food market.

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Key Challenges:

• The chances of pet allergies among pet owners are increasing
• Certain animals harbor harmful bacteria, such as Campylobacter jejuni, which can transmit diseases to humans, especially children. Additionally, furry creatures, especially cats and birds, cause allergies in humans. Proteins in pet saliva and urine can trigger skin allergies in humans, affecting 15%-30% of allergy sufferers.
• Dog dander, saliva, and urine often trigger immune system reactions, causing nasal and ocular membrane inflammation, skin rashes, rashes, coughing, and asthma attacks. Because of this, pet adoption faces resistance, especially from those with weakened immune systems or asthma.
• Such challenges hinder the growth of the pet care product market, including the sale of pet food, in the forecast period.

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Segmentation Overview

1. product

• 1.1 Dry food
• 1.2 Wet food
• 1.3 Snacks and meals

• 2.1 Dog food
• 2.2 Cat food
• 2.3 Other

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Dry food- The dry pet food market is set to grow significantly in the coming years due to its easy storage and transportability, which offers cost savings for customers and minimal storage risks. With only 10% water content compared to 75% in wet food, dry pet food helps maintain pet oral hygiene and can be used in food puzzle toys for controlled consumption. The increasing number of pet owners around the world, especially in emerging markets such as India and Malaysiawill further drive growth.

• Although currently, the demand for dry food exceeds that of wet food, the latter is expected to increase due to its high water content, ease of chewing, and increased satiety, particularly favored by owners of more older pets with dental problems.
• Despite its benefits, challenges such as high transportation costs and low durability may hinder the growth of the wet food segment. Dried dog food stands out with its higher protein and fat content, which is considered tastier compared to wet alternatives, thus dominating the market for dog food.

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Analyst Analysis

In the dynamic pet food market, healthy options are a priority for pet owners. Innovative ingredients, such as organic ingredients and probiotics, enhance flavors and essential nutrient profiles for cats and dogs. The demand for organic pet food continues to grow, with an increasing focus on meeting the dietary needs of a variety of pets, including birds, small mammals, and rodents.

Customized and personalized products cater to specific animal-based and plant-based preferences. Stocking these premium pet foods ensures a consistent supply for pets. Obesity prevention and skin and coat health are important considerations, leading to the development of a wide range of dry pet food, wet pet food, and snack treats. The trends of pet humanization and pet premiumization are fueling market expansion, with a focus on meeting the unique needs of each pet species.

Market Overview

In the pet food market, different brands offer a wide range of products for our beloved animals. From dry to wet, organic to commercial, raw to cooked, and grain-free to high-protein diets, the options are endless. The producers prioritize the use of high-quality ingredients, ensuring optimal nutrition for pets. Dogs and cats have different nutritional needs, so it’s important to choose the right food for each species.

Probiotics and fiber are common additives to support digestive health. Pet owners should consider their pet’s age, breed, size, and health condition when choosing a food. The pet food industry is constantly innovating, offering new and improved formulas to meet the diverse needs of pets.

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Main Topics Covered:

1 Executive Summary
2 Market Landscape
3 Market Measurement
4 Historical Market Size
5 Five Forces Analysis
6 Market Segmentation

• product
• Dry food
• Wet Food
• Snacks and Treats
• type
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges and Trends
10 Venodr 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 more than 500 expert analysts, Technavio’s report library consists of more than 17,000 reports and counts, covering 800 technologies, covering 50 countries. Their client base consists of businesses 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 the changing market situations.

Contacts

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SOURCE Technavio