Pampering Our Pets: The Global Pet Food Market Set for Continued Growth

The love for our furry (and sometimes feathery) companions shows no signs of slowing down, and neither is the market for their daily meals. The American Pet Products Association (APPA) estimates that 67% of US households, or 84.9 million households, owned pets in 2019-2020. According to a recent report by Mordor Intelligence, the global pet food market is estimated at a whopping USD 192.51 billion in 2024 and is expected to reach a staggering USD 290.01 billion by 2029. This translates to a CAGR of 8.54%, indicating a strong and consistent rise in pet food sales.???

So, what's driving this pet food frenzy? Here are some key factors:?

1. Soaring Pet Ownership: Pet ownership has seen a significant surge globally. Between 2017 and 2022, pet adoption rates increased by 13% globally. As pets become cherished family members, owners are investing more in their well-being, including their diet.?

2. The Humanization of Pets: The trend of treating pets like family members has led to increased spending on premium and specialized pet food. Pet owners are seeking out organic, natural, and functional foods that cater to their pets' specific dietary needs and health concerns.?

3. Rising Disposable Incomes: US disposable income saw a 0.3% increase in September 2024 compared to the previous month. The rise in disposable incomes, particularly in developing economies, has enabled pet owners to allocate more funds for pet care, including high-quality pet food. According to the American Pet Products Association (APPA) 2019-2020 National Pet Owners Survey, feeding a cat can cost around USD 5.50 per week, while feeding a dog can cost approximately USD 6.44 per week. For large dogs (weighing 55 pounds or more) on premium dog food, the weekly cost can reach up to USD 63.??

4. Emphasis on Pet Health: Pet owners are becoming increasingly aware of the importance of a balanced diet for their pets. This has led to a surge in demand for pet food that caters to specific health needs, such as weight management, joint health, and allergies.?

Regional Trends Shaping the Market:?

This growth isn't uniform across the globe. Here's a breakdown of some key regional trends:?

• North America Remains a Powerhouse: In 2022, North America held the largest market share at 44.25%, with a market value of USD 49,387.1. This dominance is attributed to high pet ownership rates, disposable income, and a well-established pet care infrastructure. The market is further expected to grow to USD 63,446.2 by 2027. ???

• Emerging Markets on the Rise: Africa and South America are expected to be the fastest-growing pet food markets, with CAGRs of 12.28% and 12.1%, respectively. This growth is fuelled by a burgeoning middle class and increasing urbanization, leading to a rise in pet ownership.?

• Europe Continues Steady Growth: The European pet food market is expected to witness moderate but consistent growth. It registered a market value of USD 47.74 billion in?2022. The pet population in Europe increased from USD 290.5 million in 2017 to USD 324.4 million in 2022.? ?

Who Rules the Pet Food Market??

While the market caters to all sorts of furry (and feathered) friends, some pets are leading the charge when it comes to food consumption. Here's a breakdown of the dominance by pet type:?

• Dogs Reign Supreme: Dogs rule the pet food market, accounting for a 39.4% share of total pet expenditure in 2022. In 2022, dogs held the largest market share, accounting for a staggering USD 80.03 billion. This dominance is projected to continue, with the dog food market expected to reach USD 156.60 billion by 2029, driven by the large dog population and the diverse range of dog food options available.?

• Cats Follow Closely: Cats are the second-largest consumers of pet food. They accounted for a market share of 28.3% in 2022, attributed, in part, to the significant increase in the cat population by 18.8% between 2017 and 2022. The rising popularity of cat companionship, particularly in urban environments, plays a role in this growth. Cats are often perceived as lower-maintenance pets compared to dogs, which can be appealing to busy lifestyles.?

• Other Pets Gaining Traction: The market for food dedicated to smaller pets like rabbits, hamsters, and birds is also witnessing growth, driven by increasing ownership of these animals. The other pets segment had a share of 19% of the global pet food market in 2022 despite making up 35% of the global pet population. The bird food segment is a growing market, valued at USD 10.29 billion in 2021 and projected to reach USD 13.64 billion by 2027, growing at a CAGR of 4.7%.?

A Bright Future for Pet Food:?

The future of the pet food market looks bright, with innovation playing a key role. We can expect to see a rise in:?

• Functional Pet Food: Pet owners are increasingly seeking foods that cater to specific health needs. Functional pet food is formulated with ingredients that can improve digestion, joint health, skin and coat condition, and overall well-being.?

• Personalized Pet Food: Tailoring pet food to individual needs is the next frontier. By considering factors like breed, age, weight, and activity level, manufacturers can create customized diets that optimize pet health.??

• Sustainable Packaging: As environmental consciousness grows, pet food manufacturers are adopting sustainable packaging solutions, such as recyclable and biodegradable materials.??

The pet food industry is driven by our ever-growing love for our furry friends and a focus on their health and well-being. As pet ownership rates continue to rise and consumer preferences evolve, the market is sure to dish up even more exciting trends and innovations in the years to come.?

Want to learn more about the Pet Food Market? Check out our latest reports here -> https://shorturl.at/NWOiN

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