The global pet food market is anticipated to grow at a CAGR of over 4% during the forecast period. Pet food is the plant or animal material that is commercially prepared for the feeding of pets. Pet foods are formulated according to the nutritional requirement of a specific breed of pets consisting of meat, meat by-products, cereals, grain, vitamins, and minerals. Some of the pet food is also intended for therapeutic purposes such as to support the healthy cardiac, kidney, or liver function of the pet. The increasing awareness of consumers regarding the different nutritional needs of their pets is the major factor that is driving the pet food market.

Additionally, the increasing adoption drives across the globe especially for the dogs and cats is anticipated to fuel the pet food market during the forecast period. In addition to this, the increasing humanization of pets in families across the globe is also presenting an opportunity for the pet food market growth in the near future. However, the increasing threats of unhealthy food by fake pet food brands are significantly challenging the pet food market growth during the forecast period.

Segmental Outlook 

The global pet food market is segmented based on the product and animal type. Based on the product, the market is sub-segmented into dry pet foods, wet pet foods, treats & snacks, and others. Dry food ensures good oral care in dogs with minimal tartar build-up on the animal’s teeth as well as by reducing plaque. Based on the animal type, the market is sub-segmented into dogs, cats, and others. Pet food for dogs is estimated to contribute a prominent share in the market.

Global Pet Food Market Share by Animal Type, 2019 (%)

Dog Segment to Contribute a Prominent Share in the Market

Dog segment is anticipated to hold a prominent share in the global pet food market owing to the increasing dog ownership across the globe. Additionally, the increasing adoption of pet food as they are considered healthy for the dog will also drive the segmental growth of the market during the forecast period. Moreover, the increasingly available options of pet food for dogs such as wet, dry, and organic, synthetic will also be fuelling the growth of the pet food market. Moreover, pet food manufacturers are constantly focusing on entering the premium food products landscape to improve their overall profit margin. This will further offer future opportunities for the segmental growth of the market during the forecast period.

Regional Outlooks

The global pet food market is further segmented based on geography into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to hold the largest market share in the pet food market during the forecast period. The growth of the market in the region is attributed to the increasing popularity of having at least one pet across the region. Additionally, the easy availability of pet food owing to the presence of a large number of market players across the region will also fuel the pet food market significantly during the forecast period.

Global Pet Food Market Growth, by Region 2020-2026

Asia-Pacific will Augment with the Significant Growth Rate in the Pet Food Market

Asia-Pacific is anticipated to exhibit a considerable growth rate in the pet food market owing to the increasing disposable income across the region. Additionally, the increasing demand for premium pet food in economies such as India, China, Japan, and South Korea is also growing the pet food market across the region. Moreover, the purchasing power of the population in developing economies such as India and China is increasing significantly which is driving the pet food market across the region during the forecast period.

Market Players Outlook

Some of the key players operating in the global pet food market include Colgate-Palmolive Company (Hill's Pet Nutrition, Inc.), Nestle SA (Nestle Purina PetCare Co.), The J.M. Smucker Co., Ingredion Inc., Total Alimentos SA,Blue Buffalo Co., Ltd. (General Mills Inc.), Mars, Incorporated, Darling Ingredients Inc. and others. The market players are considerably contributing to the market growth by adopting various strategies including new product launch, mergers and acquisitions, collaborations with government, funding to the start-ups, and new product launches to stay competitive in the market.

Recent Activities

• In April 2019, Ingredion Inc. announced two high-functioning, plant-based product’s additions to their pet food ingredients portfolio for the US and Canada. The product is named as PURITY 1304 pea starch and VITESSENCE Pulse 1550 pea protein concentrate.
• In October 2018, Darling Ingredients Inc. announced the acquisition of all the assets of Triple - T Foods Arkansas, Inc. The acquisition provided Darling Ingredients with the Triple - T Foodswet pet food ingredient operation in Springdale along with a cold storage operation in Rogers, Argentina.

The Report Covers

• Market value data analysis of 2019 and forecast to 2026.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global pet food market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.