20, February 2023
Pet animal adoption has escalated majorly post 2020, mainly as a result of COVID-19-induced loneliness. Statistics suggest that 85 million families across the world own some kind of pet. This has consequently increased the sales of food products for these companion animals, which is expected to propel the global pet food market at a CAGR of 7.91% in the forecast period 2023-2030.
An interesting trend driving this growth is that of pet humanization, as owners are increasingly treating their pets like family members. And thus, pet care trends now mirror human trends, especially the soaring demand for high-quality food. Also, due to heightened awareness of their pets’ nutritional needs, owners are willing to spend more on health-focused and premium quality food products.
As the pet humanization trend gathers momentum and disposable income rises, owners are more likely to splurge on luxurious products for their pets. According to FEDIAF, Europeans spent over $20.3 billion on pet food, supplies, and services in 2021, which is reflective of the increasing pet ownership in the region. Increased spending by buyers is expected to drive the Europe pet food market at a CAGR of 7.41% over the forecast period.
Premium pet food is sourced from superior quality ingredients, and has high protein content to cater to the taste buds and health needs of carnivores like cats and dogs. To cater to its growing demand, manufacturers are coming up with innovative products that are free of antibiotics, synthetic hormones, artificial colors & flavors, preservatives, etc.
Japan-based Inaba Foods Co Ltd is one such market player, which has gained prominence as one of the leading brands offering premium dry and wet cat food. Furthermore, several manufacturers have expanded their premium product portfolio with distinct offerings for various breeds, kittens, puppies, and lactating mothers. Organic and vegan pet foods, as well as gourmet and artisanal pet foods, have also emerged as favorites, in line with the premiumization trend.
While e-commerce sites have always been a reliable purchasing medium, the pandemic brought about a paradigm shift in the way people shop. Due to the easy availability of pet food online, the e-commerce distribution channel is anticipated to witness the fastest CAGR of 8.89% during 2023-2030.
In addition to convenience and comfort, online shopping allows buyers to thoroughly research products and compare costs & benefits before making a purchase. With the help of established e-com platforms like Amazon and Chewy, several pet food providers have been able to increase the sales and subscriptions for their products.
However, this has placed a degree of pressure on physical pet food outlets, such as supermarkets and specialty stores, thus pushing them to innovate. In June 2021, Australian retail giant Coles rolled out a “self-serve doggy treat bar” at its physical stores, in a bid to attract customers in light of the growing online competition.
The humanization and premiumization trends are encouraging pet owners to turn to retail stores, especially pet superstores, as they offer specialized care and products that meet increasingly segmented, high-end demand. Store-based distribution channels dominate the market, with the highest revenue of $94947.82 million in 2022.
Based on a 2018-2019 study by the American Pet Products Association, an estimated 56 million cats and 50 million dogs are overweight. The alarming statistics are a result of factors like overindulgence of certain foods and treats; sedentary lifestyles of owners and their pets; inappropriate nutritional advice from veterinarians; and a failure to acknowledge the seriousness of even slightly extra body fat.
However, the lack of transparency on nutritional labels of products is also a major contributor to the growing obesity epidemic, which can cause several chronic illnesses. In this regard, therapeutic diets and nutritional supplements are recommended, as their intake ensures adequate nutrient balance for optimum health of pet animals. Supplements containing vitamins, probiotics, fish oil, and even CBD, are becoming increasingly popular, which is contributing to the global animal nutrition market growth.
Humanization has enabled pet owners to have a more hands-on approach towards their fur babies, which has resulted in them becoming more conscious of their purchase decisions. This has enlarged the spotlight on sustainability and compelled market players to rethink all aspects of their offerings, from ingredient sourcing to manufacturing to packaging.
Sustainable packaging is particularly witnessing high demand. And realizing its growth potential, several players in the global pet food packaging market have started offering sustainable solutions. For example, in November 2020, US-based pet food giant, Mars Petcare Ltd, announced its decision to incorporate recycled polypropylene plastic for packaging some of its popular products.
Premium brands stand to largely benefit from the rising ethical consciousness and sustainability demands of pet parents. As the trends of pet humanization and premiumization evolve further in the years to come, the companies that stay informed and adapt to these changes will shape the outlook of the pet food market.
Estimates by Triton Market Research suggest that, the global pet food market, which was valued at $124579.70 million in 2022, will reach a revenue of $227690.72 million by 2030.
Q 2) Which are the food types covered in the market report?Dry food, wet food, and other food types are covered in the market report.
Q 3) Which are the other animals studied in the animal type segment?Other animals include pets like birds, rabbits, tortoises, lizards, and fish.
Prevalent cases of terrorist attacks in today’s world is increasing the need for severe standards of security for public safety, and the global market for biometric technology scrupulously accommoda..
Prevalent cases of terrorist attacks in today’s world is increasing the need for..
