Pet Food and Treats Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025-2034

The Pet Food and Treats Market was valued at USD 138.9 billion in 2024, and is projected to reach USD 246.4 billion by 2034, rising at a CAGR of 6.1%. Increased spending on premium pet food is driving demand for high-quality ingredients as pet owners prioritize their pets’ health and well-being. Consumers are seeking novel ingredients that offer both nutritional benefits and enhanced taste. This trend, known as premiumization, is creating opportunities for innovative formulations designed to cater to pets’ dietary needs while maintaining superior quality.

With pets increasingly seen as family members, owners are willing to invest in premium pet food products that feature recognizable, high-quality ingredients. The market differentiates premium pet food by including real meat sources, fruits, vegetables, and whole grains while avoiding fillers, by-products, and artificial additives. The dry food segment held a 34.5% share of the pet food and treats market in 2024, owing to its widespread acceptance and convenience.

Standard pet food contains approximately 14 to 17 percent meat and meat by-products, along with cereals, grains, vitamins, and minerals. In the United States alone, over 300 manufacturers produce around 7 million tons of pet food annually, offering a vast selection ranging from dry and canned options to semi-moist varieties, biscuits, kibbles, and treats. Dry pet food generally contains 10 to 12 percent moisture, whereas wet food has a moisture content ranging from 70 to 80 percent.

The cat food segment accounted for over 43.5% of the pet food and treats market in 2024, while the demand for dog food is rising at a faster rate, registering 6.2% higher growth compared to other pet categories. Both dog and cat dry food sales experienced significant growth in 2022 and 2023. Sales of dry dog food reached USD 1.3 billion, reflecting a 19.7% increase, while dry cat food sales amounted to USD 0.6 billion, marking a 21.8% growth. Wet dog and cat food sales also expanded by 12.5% and 14.6%, respectively.

Extruded dry kibble remains the dominant choice in the pet food market, accounting for 57% of sales. Additionally, over 60% of dog owners and 69% of cat owners regularly feed their pets kibble, despite a percentage of pets also consuming canned food daily. In 2024, the market was segmented by ingredient type into proteins, cereals and vegetables, fats and oils, and vitamins and minerals. Functional foods commanded a 37.6% revenue share, serving as a foundation for nutritionally complete commercial pet food.

The rising interest in vegan and grain-free pet food options is fueling demand for alternative ingredients, particularly fruits and vegetables, to enhance taste, texture, and flavor. The US pet food and treats market reached USD 47.7 billion in 2024, with approximately 55% of revenue coming from alternative formats beyond kibble, including canned, semi-moist, and refrigerated pet food. While refrigerated pet food currently holds a modest 4% share, it is expanding at an annual growth rate of 35%.

Comprehensive Market Analysis and Forecast

• Industry trends, key growth drivers, challenges, future opportunities, and regulatory landscape
• Competitive landscape with Porter’s Five Forces and PESTEL analysis
• Market size, segmentation, and regional forecasts
• In-depth company profiles, business strategies, financial insights, and SWOT analysis

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