Animal And Pet Food Global Market Report 2024

The animal and pet food market size has grown strongly in recent years. It will grow from $324.85 billion in 2023 to $352.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth witnessed in the historical period can be ascribed to several contributing factors, including an increase in pet ownership, a growing focus on animal health and well-being, the popularity of premium and specialty pet products, the presence of retail distribution channels, and recommendations from veterinarians.

The animal and pet food market size is expected to see strong growth in the next few years. It will grow to $476.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. Anticipated growth in the forecast period can be attributed to factors such as pet owners becoming increasingly health-conscious, a rising demand for sustainability and eco-friendly pet products, a surge in customized and personalized pet diets, the prominence of digital marketing and e-commerce, and the expansion of the global pet food market. Noteworthy trends in this forecast period encompass the adoption of grain-free and limited ingredient diets, formulations prioritizing high protein content and a meat-first approach, the popularity of natural and organic pet food, exploration of alternative protein sources, and the development of functional and nutrient-enriched pet products.

The anticipated growth in the animal and pet food market is bolstered by the forecast of stable economic expansion across various developed and developing nations. As per the International Monetary Fund (IMF), global GDP growth attained 3.3% in 2020 and further increased to 3.4% in 2021. Moreover, the expected recovery in commodity prices, following a notable decline in the historical period, is poised to contribute to market growth. Developed economies are also projected to maintain a steady growth trajectory throughout the forecast period. Furthermore, emerging markets are expected to exhibit slightly more rapid growth compared to developed markets during the forecast period. This anticipated stability in economic growth is set to stimulate investments in the end-user markets, thereby propelling the market's expansion in the coming years.

The primary categories within the realm of animal and pet food encompass pet food and animal food. Pet food is designed to cater to the specific nutritional requirements of domesticated animals. These feeds incorporate diverse ingredient types, including animal derivatives, plant derivatives, and synthetic components, and are distributed through various channels, including supermarkets, hypermarkets, convenience stores, e-commerce platforms, and other distribution channels.

The animal and pet food research report is one of a series of new reports that provides animal and pet food statistics, including global and regional market size, competitors with animal and pet food shares, detailed animal and pet food segments, market trends and opportunities, and any further data you may need to thrive in the animal and pet food industry. This animal and pet food research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The growing trend of pet adoption is expected to be a driving force behind the expansion of the animal and pet food market in the future. Pet adoption involves providing a new home and care to homeless or abandoned animals from shelters or rescue organizations. This process plays a significant role in the diets and well-being of animals and pets. With an increasing number of individuals choosing to adopt pets, there is a heightened demand for various pet-related products and services, including pet food, pet supplies, and nutritional solutions, to ensure these animals receive proper nutrition and care. For example, data from March 2022, sourced from Bankrate LLC, a US-based publisher supported by advertising, reveals that approximately 2 million dogs and 2.1 million cats are adopted each year, with over 3 million pets entering shelters annually. This surge in pet adoption is a driving force behind the growth of the animal and pet food market.

The COVID-19 outbreak in 2020 had a substantial negative impact on the animal and pet food market. Trade restrictions and government-imposed lockdowns disrupted supply chains and led to reduced consumption. COVID-19, characterized by flu-like symptoms, was first identified in Wuhan, China, in 2019 and subsequently spread globally. Manufacturers in the food and beverage industry rely on a steady supply of raw materials from both domestic and international sources. However, the movement of goods was restricted by various governments, resulting in production stoppages due to raw material shortages. Additionally, trade restrictions on non-essential goods and concerns about contamination in manufacturing facilities contributed to this decline. Nevertheless, it is expected that the animal and pet food markets will gradually recover from the shock experienced during the pandemic. This event is considered a 'black swan' occurrence and is not indicative of ongoing or fundamental weaknesses within the market or the global economy.

Major pet food manufacturing companies are increasingly integrating automation technologies into their operations, incorporating advanced production lines and software solutions to enhance safety and operational efficiency. These technologies are employed to automate various processes, including formulation, extrusion, batching, drying, coating, and liquid delivery, resulting in cost-effective production and consistent product quality. As an illustration, Champion Petfoods, a Canadian pet food producer, has implemented video-monitored production lines, utilizing Rockwell hardware and software systems to connect cooking processes. Furthermore, the company employs bulk bins, conveying systems, votator heat exchangers, and advanced extrusion and drying systems. Similarly, the pet food manufacturing plant operated by United Pet Group in St. Louis has harnessed FactoryTalk software from Rockwell Automation, leading to a 10% reduction in overtime and a 15% increase in labor efficiency. These automation technologies are playing a crucial role in improving the pet food manufacturing process.

Major players in the animal and pet food market are focusing on introducing advanced products, such as Whiskas wet cat food, to meet the increasing demand for pet food. Whiskas wet cat food is a range of products specially designed to provide cats with a balanced and nutritious diet. For instance, in June 2021, Mars Inc., a US-based food company, introduced wet cat food products under its Whiskas brand in India. These products are crafted using high-quality ingredients like real meat, fish, and poultry, and they are enriched with essential vitamins and minerals. Whiskas Wet Cat Food is not only easy for cats to digest but is also rich in protein and moisture, making it a nutritionally balanced option. Furthermore, it is supplemented with the necessary vitamins and minerals to ensure the well-being of pets. This represents a strategic move by companies to cater to the growing demand for high-quality pet food.

Major companies operating in the animal and pet food market include Cargill Incorporated, Nestle S.A., New Hope Liuhe Co .Ltd., Charoen Pokphand Foods PCL, Bunge Limited, Diamond Pet Foods Inc., Mitsui & Co.Ltd., CJ Cheiljedang Corp, LandO'Lakes Inc., J.M.Smucker Company, Hill's Pet Nutrition Inc., Blue Buffalo Co Ltd., SCHELL & KAMPETER INC., Wellness Pet LLC, Sunshine Mills Inc., Merrick Pet Care, Ainsworth Pet Nutrition, LLC, Simmons Foods Inc., Tuffy’s Pet Foods Inc., Natures Menu Ltd., American Nutrition Inc., Alphia, ADM Animal Nutrition Inc., NutriSource Pet Foods, Mid America Pet Food, KENT Corporation, KLN Family Brands, Nurture Farms, United Pet Group Inc., Eagle Mountain Pet Food, VICTOR premium pet food, Royal Canin SAS, Iams pet food, Eukanuba.

Asia-Pacific was the largest region in the animal and pet food market in 2023. Western Europe was the second-largest in the animal and pet food market. The regions covered in the animal and pet food market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the animal and pet food market are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The animal and pet food market consists of sales of poultry feed, cattle feed, aquaculture feed, dry dog food, dog treats, wet dog food, wet cat food, dry cat food, cat treats, and other animal and pet food. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The animal and pet food market is segmented into pet food and animal food.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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