Pet Food Market to grow by USD 35.75 billion from 2022 to 2027; The growing demand for organic pet food drives the market – Technavio

NEW YORK, Sept. 5, 2023 /PRNewswire/ — The pet food market size is expected to grow by USD 35.75 billion from 2022 to 2027, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of about 5.71% during the forecast period. Growing demand for organic pet food is notably driving the pet food market. However, factors such as Increasing instances of pet allergies among pet owners may impede market growth.  Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

The growing demand for organic pet food notably drives the market growth.  Organic pet food adheres to USDA regulations, ensuring it meets the standards for the organic label. As consumers become more conscious of pet food ingredients, a trend paralleling their concerns for human food, the popularity of organic and natural pet food is rising. The global organic pet food market is witnessing substantial growth due to heightened pet owner focus on their pets’ health and well-being, coupled with the emerging trend of pet humanization. With many considering their pets as part of their families, the demand for organic and natural pet food has surged. Presently, organic food options for small reptiles are limited compared to small mammals, given the lower adoption rate of small reptiles. However, as the adoption of smaller reptiles grows in the coming years, the popularity of organic food in this category is likely to increase. Consequently, the rising demand for organic pet food is expected to drive the expansion of the global pet food market throughout the forecast period.

Key Segment Analysis
The market is segmented by product (Dry food, Wet food, and Snacks and treats), type (Dog food, Cat food, and Others), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the dry food segment will be significant during the forecast period. Dry pet food offers convenient storage and transportation, providing cost savings and benefits to customers. With its minimal storage risk, dry pet food maintains its quality over time. Compared to wet pet food’s high water content of 75%, dry pet food contains only 10% water, contributing to better oral hygiene for pets. Additionally, dry pet food can be used in food puzzle toys, promoting controlled food intake. The growing number of pet owners globally, especially in emerging markets like India and Malaysia, is driving the growth of the dry food segment in the global pet food market during the forecast period.

To know additional highlights and key points on various market segments and their impact in coming years, View PDF Sample Report.

Geographical Market Analysis 

·         North America is estimated to contribute 35% to the growth of the global market during the forecast period. 

Company Insights 
The pet food market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market’s competitive landscape and offers information on several market companies, including Agrolimen SA, Archer Daniels Midland Co., C and D Foods Ltd., Colgate Palmolive Co., General Mills Inc., Global Pet Foods, Hartz Mountain Corp., Himalaya Global Holdings Ltd., Mars Inc., Merrick Pet Care Inc., Nestle SA, Nippon Pet Food Co. Ltd, NutriSource Pet Foods, Premier Petfoods Company Pty Ltd, Schell and Kampeter Inc., Sunshine Mills Inc., The J.M Smucker Co., Tiernahrung Deuerer GmbH, Wellness Pet Co. Inc., and Unicharm Corp.

Challenge 

The usage of artificial colors or flavor enhancers, antibiotics, herbicides, pesticides, and chemical preservatives in pet food offerings is a major challenge hindering market growth. Food additives are utilized by the food industry to enhance the flavor, appearance, and preservation of products. One common additive, MSG, acts as a flavor enhancer in pet foods, although it lacks inherent taste. MSG tricks the brain into perceiving enhanced flavor by stimulating dopamine production, generating a brief sense of well-being. However, prolonged consumption can disrupt brain function and responsiveness. This class of compounds, excitotoxins, can lead to overstimulation of the brain and induce issues like obesity, neuroendocrine disturbances, and behavioral changes. Moreover, MSG exhibits toxicity to various organs, including the liver, brain, thymus, and kidneys. Presently, pet owners are increasingly conscious of the benefits of natural food for their pets’ well-being. They avoid pet foods containing additives, preservatives, and flavor enhancers, negatively influencing the growth of the global pet food market during the forecast period.

View PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

The pet dietary supplements market is estimated to grow at a CAGR of 5.9% between 2022 and 2027. The market size is forecast to increase by USD 914.46 million.

The pet daycare and lodging market size is estimated to grow at a CAGR of 6.98% between 2022 and 2027. The market size is forecast to increase by USD 10.18 billion. 

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by Type

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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 over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises 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 changing market scenarios.

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SOURCE Technavio