The pet food industry is growing steadily, driven by rising pet adoption, increasing consumer expenditure on pet food and care, and demand for premium and specialized pet foods. The global pet food market size is projected to grow from USD 115.50 billion in 2022 to USD 163.70 billion by 2029, exhibiting a compound annual growth rate (CAGR) of 5.11% during the forecast period.
Market Trends and Consumer Preferences
- Consumers are willing to spend more on higher quality and natural pet food ingredients. The trend towards grain-free and gluten-free pet food continues, driven by concerns over pet allergies and digestive issues.
- Pet owners increasingly prefer natural food brands and seek out raw pet food perceived to be healthier and safer. Raw pet food is often touted as being healthier than traditional pet food.
- With rising disposable incomes globally, the outlook for the worldwide pet food industry remains positive.
The global pet food market is estimated to grow at a 5.71% yearly rate between 2022-2027, reaching $35.75 billion. The report evaluates historic data from 2017-2021 and current market scenarios.
Market Growth Drivers and Opportunities
- Plant-based pet food is expected to drive market growth, offering health benefits such as strengthening immunity, reducing illness risk, and being digestible and hypoallergenic.
- The global sales of pet supplements are projected to reach $1.05 billion by 2027, with CBD as the fastest-growing segment in the market.