The publisher's report indicates that the global pet food market would progress with a CAGR of 7.91% in the forecast duration from 2023 to 2030.
This market is expected to be mainly driven by factors such as the high demand for organic and premium pet food and the rising spending by owners on pet food. In addition, the surging demand for therapeutic pet foods and the escalating growth of the e-commerce distribution channel are also contributing to the pet food market's growth.
On the other hand, a lack of transparency regarding the ingredients used in pet food products and production and supply chain discrepancies are hindering this growth. However, growing pet adoption worldwide, the humanization of pets, awareness about the health benefits of supplements and the demand for sustainable and value-driven brands present lucrative growth opportunities to the studied market.
The global market for pet food spans across North America, the Middle East and Africa, Europe, the Asia-Pacific and Latin America.
North America is the leading regional market globally and held the highest revenue share in 2022. The demand for pet food has witnessed considerable growth in the region, owing to increased pet adoption in the US and Canada. Whereas, the Asia-Pacific is expected to showcase the fastest growth in the global market over the forecasted period. The trend of pet humanization is likely to continue driving the demand for pet food in the region, especially in Australia& New Zealand.
The key players studied in the pet food market report include Diamond Pet Foods, Champion Petfoods LP, Farmina Pet Foods, Hill's Pet Nutrition Inc, Mars Petcare Ltd, Inaba Foods Co Ltd, Unicharm Corporation, Nestle Purina Petcare, Wellness Pet Company and Blue Buffalo Pet Products Inc.
Mars Petcare Ltd is the company behind famous brands, such as Pedigree and Whiskas. Its other brands include Cesar, Misfits, Royal Canin, Chappie, and Nutro (for dogs); Sheba, Kitekat, and Dreamies (for cats); and Trill and Aquarian (for other animals). Established in 1920, Mars Petcare has an industry experience of over 100 years. With a business presence in over 80 countries and a strong workforce of 130,000 employees around the world. The company accounted for a revenue of $40 billion in 2021.