Pet Food Market - Forecast(2022 - 2027)

Report Code: FBR 84784 Report Format: PDF + Excel

Pet Food Market Overview

Pet Food Market size is estimated to reach $142.3 billion by 2027, growing at a CAGR of 5.1% during the forecast period 2022-2027. Pet food is widely demarcated as animal feed which falls under the category of specialty foods made just for the consumption of domestic animals. Specialty animal feed mainly includes dog food, cat food, fish food, bird food, hypoallergenic dog food, dry pet foods, Veterinary Diet, and others. These foods are a sound source of energy and proteins for pets. However, many canines are allergic to certain foods which include dairy products, gluten, chicken eggs, beef, and many more. Consumption of such products forces a reaction between antibodies and antigens, therefore, leading to an adverse impact on the pet’s health. That is why recently hypoallergenic dog foods have come to the foreground. These foods offer a multiplicity of exclusive protein sources which impede their recognition by antibodies as toxic foreign substances and eventually curtail the adverse reactions. Pet foods are commonly derived from plants and cereals grains and are easily available in convenience stores and other modern retail outlets which include supermarkets and hypermarkets. The pet food market outlook appears exceptionally fascinating and is attributed to accruing trend of adopting pets throughout the globe. The heightening trend of nuclear families is a major reason driving people to buy a pet to overcome their loneliness. On another hand, growing per capita income, investments in the retail sector, and western influence in many Asian countries are the factors set to drive the growth of the Pet Food Market for the period 2022-2027.

Report Coverage

The report: “Pet Food Market Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Pet Food Market.

By Source Type: Plants, Animals, Cereals, and others.
By Food Type: Semi-moist foods, Kibble foods (Biscuits, snacks, flaked cereals, shaped pellets, and others), Canned foods (salmon, tuna, shrimp, and others), Veterinary, Nutritional foods, and others.
By Animal Type: Rabbits, Fish, Dogs, Cats, Ferrets, Birds, and others.
By Packaging: Tin cans, Premade multi-layered pouches, and bags Roll stock, Stand-up pouches, Corrugated boxes, and others.
By Distribution Channel: Offline Platforms (Hypermarkets/Supermarkets, Convenience stores, and others), Online Platforms.
By Geography: North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia & New Zealand, and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) and Rest of World (the Middle East and Africa).

Key Takeaways

  • Geographically, the North America Pet Food Market accounted for the highest revenue share in 2021. However, Asia-pacific is poised to dominate the market over the period 2022-2027.
  • With the prevailing work-from-home trend many people got an opportunity to buy and look after a pet, enlarging problem of depression and loneliness is said to be a preeminent driver driving the growth of the Pet Food Market. Whereas, vulnerable demand and supply chain due to widespread lockdowns is said to reduce the market growth.
  • Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Pet Food Market report.

Pet Food Market Share, By Region (%) in 2021

Pet Food Market

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Pet Food Market Segment Analysis-By Animal Type

The Pet Food Market based on the animal type can be further segmented into rabbits, fish, dogs, cats, ferrets, birds, and others. The dog segment held the largest share in 2021. The growth is owing to the rising acceptance of dogs as a pet worldwide. Dogs are often considered the best friend of human beings due to their loyalty. Moreover, the humanization of animals like dogs serves as a potent driver for growth in respective markets. According to a pet ownership statistic published in 2021, there were around 470 million pet dogs throughout the globe. Moreover, the South American country, Brazil has several small dogs if we compare per capita wise to other parts of the world. Besides being docile, dogs are extremely helpful in averting theft incidents. Nevertheless, the cat segment is estimated to be the fastest-growing with a CAGR of 6.3% over the forecast period 2022-2027. This growth is owing to an affectionate look. On another hand, compared to dogs, the veterinary outlays in the case of cats are much cheaper. There were around 368-370 million pet cats globally in 2021 and the number is projected to plunge steadily considering the aforementioned factors.

Pet Food Market Segment Analysis-By Distribution Channel

The Pet Food Market based on distribution channel can be further segmented into offline platforms (hypermarkets/supermarkets, convenience stores, and others), and online Platforms. The offline segment held the largest share in 2021. The growth is owing to a higher number of retail outlets and most importantly their all-encompassing presence as compared to e-commerce platforms. A report claimed that in 2021 around 13% of sales in the US happened through online mediums while more than 90% transpired through offline mediums. Moreover, the upsurge in up-to-the-minute retail outlets such as supermarkets/hypermarkets especially in developing countries, and the convenience of such facilities as they extend the one-stop solution to busy consumers are the prime factor behind the growth of the offline segment. However, the online segment is estimated to be the fastest-growing segment with a CAGR of 6.6% over the forecast period 2022-2027. This growth is owing to technological revolutions, wide-scale digitalization, and government support through friendly business propositions to lure businesses. On another hand, expanding competition in the telecom sector results in cheaper access to the internet which can be a potent feature in expanding the presence of online platforms even in pastoral areas.

Pet Food Market Segment Analysis-By Geography

The Pet Food Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the rest of the World. North America held the largest share with 37% of the overall market in 2021. The growth in this segment is owing to the factors such as GDP per capita income of countries like Canada and the U.S., and excessive adoption of pets as compared to other parts of the world. The trend of adopting dogs from shelters is enlarging in the US and the number has reached 58% in 2020 with a comparative 5% jump from the previous year. American Pet Products Association survey claimed that more than 60% of homes in the US have a pet. Besides all these, American culture is more inclined toward nuclear families which prompts many people to buy a pet in order to cure loneliness and spend time. Due to high living standards, people in North American countries are more aware of the high quality of food ingredients. However, Asia-pacific is expected to be the fastest-growing over the forecast period 2022-2027. This growth is owing to heavy investment from foreign institutional and portfolio investors in countries like India and China due to ease of doing business, and plunging demand for pet foods. Additionally, mounting western influence and disposable income is casting votes in favor of the respective market.

Pet Food Market Drivers

Budding no-kill shelters and pet adoption worldwide is Anticipated to Boost Product Demand. 

With more funds government and donations from people, the number of no-kill shelters in the U.S. has doubled in the last 5 years. The U.S. has more than 5,300 as of now. According to a report, every year around 3 million dogs and cats set their feet in these animal care facilities. Therefore, rather than going for breed dogs, many people prefer to buy from shelters in order to confer them a fair 2nd chance to have an improved life. On another hand, a statistic on pet ownership claimed that there were around 471 million dogs and 370 million cats throughout the world in 2021. These figures are anticipated to plunge progressively in foreseeable future.

Proliferating depression problems are Expected to Boost Product Demand.

Considering the eventful lives of people and the growing trends of nuclear families millions of people are buying pets in order to deal with the feeling of loneliness that has descended upon them. Moreover, with rising depression problems, and the need to have a companion many people are choosing to buy dogs and cats. In 2021 around 270-280 million people were estimated to have depression. A few years back Human-Animal Bond Research Institute conducted a survey where around 74% of the respondent who had a pet retorted that having a pet at home has amended their mental health.

Pet Food Market Challenges

Crippled supply chain due to COVID-19 is Anticipated to Hamper Market Growth.

The vulnerable supply chain of pet foods due to the COVID-19 restrictions has given a major blow to the growth of the pet food market. Over 100 countries worldwide had instituted either a full or partial lockdown by the end of March 2020, affecting billions of people. Similarly, with growing virus mutation governing bodies are considering the reimposition of lockdowns. On another hand, the disposable income of people is proliferating undoubtedly but the pace has witnessed a huge hit in the last two years. Therefore, as the world is on the verge of massive unemployment people are trying to cut down on their unnecessary consumption which can be another factor challenging the growth of the respective market.

Pet Food Industry Outlook:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Pet Food Market. Key companies of this market are-

  1. Mars Incorporated
  2. General Mills
  3. Nestle S.A.
  4. WellPet Company
  5. Heristo AG
  6. Diamond Pet Foods
  7. Colgate-Palmolive Company
  8. The J.M. Smucker Company
  9. Hartz Mountain Corporation
  10. Blue Buffalo

Recent Developments

  • On September 21, 2021, Virginia, United states-based multinational pet food manufacturer “Mars, Incorporated” announced the successful acquisition of US-based cat litter firm “Pretty Litter” The total value of the transaction was $1billlion. Moreover, the acquisition is expected to strengthen the pet food and services portfolio of Mars.
  • On July 6, 2021, Minnesota, United States-based foodservice manufacturing company “General Mills” successfully acquired pet treat the business of US-based multinational company “Tyson Foods.” A total of $1.2 billion cash payment was made by General Mills in order to conclude the acquisition process. The transaction put meat treat brands which include Nudges, true chews, and Top Chews in the acquisition of Mills.
  • On November 23, 2020, Massachusetts, United States-based pet food company “WellPet” announced its acquisition by Santa Monica, California-based investment and equity firm “Clearlake Capital Group.” However, the information about the financials of this deal was not revealed by either company.

Relevant Links:

Report Code: CPR 0083

Report Code: HCR 1214

Report Code: FBR 27316 

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1. Pet Food Market Overview
    1.1 Definitions and Scope
2. Pet Food Market - Executive Summary
3. Pet Food Market– Market Landscape
    3.1 Company Benchmarking- Key Companies
    3.2 Key Company Financial Analysis
    3.3 Market Share Analysis
    3.4 Patent Analysis-Global
    3.5 Pricing Analysis (Comparison of General Price Offerings in the Market)
4. Pet Food Market– Startup Company Scenario (Premium)
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Pet Food Market– Industry Market Entry Scenario Premium (Premium)
    5.1 Regulatory Scenario
    5.2 New Business and Ease of Doing business index-Global
    5.3 Case Studies of Successful Ventures
6. Pet Food Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Rivalry among existing players
        6.3.5 Threat of substitutes
7. Pet Food Market– By Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Pet Food Market - By Source Type (Market Size –$Million/$Billion) 
    8.1 Plants
    8.2 Animals
    8.3 Cereals
    8.4 Others
9. Pet Food Market - By Food Type (Market Size –$Million/$Billion) 
    9.1 Semi-moist foods
    9.2 Kibble foods (Biscuits, snacks, flaked cereals, shaped pellets, and others)
    9.3 Canned foods (salmon, tuna, shrimp, and others)
    9.4 Veterinary Diets
    9.5 Nutritional foods
    9.6 Others
10. Pet Food Market - By Animal Type (Market Size –$Million/$Billion) 
    10.1 Rabbits
    10.2 Fish
    10.3 Dogs
    10.4 Cats
    10.5 Ferrets
    10.6 Birds
    10.7 Others
11. Pet Food Market - By Packaging Type (Market Size –$Million/$Billion) 
    11.1 Tin cans
    11.2 Premade multi-layered pouches and bag
    11.3 Roll stock
    11.4 Stand-up pouches
    11.5 Corrugated boxes
    11.6 Others
12. Pet Food Market – By Distribution Channel (Market Size –$Million/$Billion) 
    12.1 Offline Platforms (Hypermarkets/Supermarkets, Convenience stores, and others)
    12.2 Online Platforms
13. Pet Food Market- By Geography (Market Size -$Million/Billion)
    13.1 North America
        13.1.1 U.S
        13.1.2 Canada
        13.1.3 Mexico 
    13.2 Europe
        13.2.1 Germany
        13.2.2 France
        13.2.3 UK
        13.2.4 Italy
        13.2.5 Spain
        13.2.6 Russia
        13.2.7 Rest of Europe
    13.3 Asia-Pacific
        13.3.1 China
        13.3.2 Japan
        13.3.3 South Korea
        13.3.4 India
        13.3.5 Australia & New Zealand
        13.3.6 Rest of Asia-Pacific 
    13.4 South America
        13.4.1 Brazil
        13.4.2 Argentina
        13.4.3 Chile
        13.4.4 Colombia
        13.4.5 Rest of South America
    13.5 Rest of World
        13.5.1 Middle East
        13.5.2 Africa
14. Pet Food Market- Market Entropy
    14.1 New product launches
    14.2 M&A's, collaborations, JVs and partnerships
15. Pet Food Market– Industry Competition Landscape (Premium)
    15.1 Market Share Analysis
        15.1.1 Global Market Share – Key Companies
        15.1.2 Market Share by Region – Key Companies
        15.1.3 Market Share by Countries – Key Companies
    15.2 Competition Matrix
    15.3 Best Practices for Companies
16. Pet Food Market– Key Company List by Country Premium (Premium)
17. Pet Food Market- Company Analysis
    17.1 Company 1
    17.2 Company 2
    17.3 Company 3
    17.4 Company 4
    17.5 Company 5
    17.6 Company 6
    17.7 Company 7
    17.8 Company 8
    17.9 Company 9
    17.10 Company 10
"*Financials would be provided on a best-efforts basis for private companies"     

LIST OF TABLES

LIST OF FIGURES

1.US Pet Food Market Revenue, 2019-2024 ($M)
2.Canada Pet Food Market Revenue, 2019-2024 ($M)
3.Mexico Pet Food Market Revenue, 2019-2024 ($M)
4.Brazil Pet Food Market Revenue, 2019-2024 ($M)
5.Argentina Pet Food Market Revenue, 2019-2024 ($M)
6.Peru Pet Food Market Revenue, 2019-2024 ($M)
7.Colombia Pet Food Market Revenue, 2019-2024 ($M)
8.Chile Pet Food Market Revenue, 2019-2024 ($M)
9.Rest of South America Pet Food Market Revenue, 2019-2024 ($M)
10.UK Pet Food Market Revenue, 2019-2024 ($M)
11.Germany Pet Food Market Revenue, 2019-2024 ($M)
12.France Pet Food Market Revenue, 2019-2024 ($M)
13.Italy Pet Food Market Revenue, 2019-2024 ($M)
14.Spain Pet Food Market Revenue, 2019-2024 ($M)
15.Rest of Europe Pet Food Market Revenue, 2019-2024 ($M)
16.China Pet Food Market Revenue, 2019-2024 ($M)
17.India Pet Food Market Revenue, 2019-2024 ($M)
18.Japan Pet Food Market Revenue, 2019-2024 ($M)
19.South Korea Pet Food Market Revenue, 2019-2024 ($M)
20.South Africa Pet Food Market Revenue, 2019-2024 ($M)
21.North America Pet Food By Application
22.South America Pet Food By Application
23.Europe Pet Food By Application
24.APAC Pet Food By Application
25.MENA Pet Food By Application