The global pet food market, valued at $109 billion in 2022, is anticipated to witness steady growth with a projected compound annual growth rate (CAGR) of 5.1% during the period of 2023-2028, reaching an estimated value of $145.3 billion by 2028.
The continued expansion of the pet food market can be attributed to the increasing demand for pet ownership and the growing trend of humanizing pets. To remain competitive, major players in the market are expected to introduce new and innovative products.
Nestle Purina, Mars Petcare Inc., Hill’s Pet Nutrition Inc., Blue Buffalo Co., Ltd., and Colgate-Palmolive Co. are prominent contenders in the highly competitive pet food market. These companies hold significant market shares and continuously strive to capture larger portions of the market.
Pet food prices vary across brands, with premium options generally commanding higher prices than regular ones. Nestle Purina, Mars Petcare Inc., and Hill’s Pet Nutrition Inc. emerge as the top three revenue-generating companies in the pet food market. Their market dominance stems from strong brand recognition and extensive distribution networks.
Several trends are shaping the pet food market, including the rising demand for organic and natural pet food, the trend of humanizing pets, and the increasing popularity of raw pet food. Intense competition among key players has prompted the introduction of new and innovative products to meet consumer preferences.
The future of the pet food market looks promising, fueled by the growing desire for pet ownership and the ongoing humanization of pets. Key players will continue to drive market growth through the introduction of innovative products, ensuring a vibrant and evolving industry.
The report providing a comprehensive analysis of the pet food market covers market estimations, trends, and forecasts until 2028. It focuses on product types, ingredient types, distribution channels, and pet categories. Competitive intelligence, market dynamics, regional opportunities, and recent developments are discussed in detail. The report also examines the portfolios of major players and presents the market’s compound annual growth rate (CAGR).
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America. The report provides data for 2022 as the base year, along with forecasts for 2023 to the end of 2028.
Furthermore, the report delves into the major players operating in each regional pet food market, highlighting the key drivers and dynamics within the global industry. A comprehensive vendor landscape is presented, featuring detailed profiles of the major market participants.
The report includes:
- 51 tables and 51 additional tables
- An up-to-date overview and industry analysis of the global market for pet food
- Analyses of the global market trends, with historic market revenue data (sales figures) for 2022, estimates for 2023, and projections of compound annual growth rates (CAGRs) through 2028
- Highlights of the upcoming market potential for pet food industry and areas of focus to forecast this market into various segments and subsegments
- Estimation of the actual market size and revenue forecast for pet food market, forecasted growth trends, and corresponding market share analysis by pet category, product type, distribution channel, and region
- A comparative study of Porter’s Five Forces analysis and industry value chain analysis considering both micro and macro environmental factors prevailing in the pet food market
- Coverage of the technological, economic, and business considerations of the market, with data analyses and growth forecasts through 2027
- Identification of major stakeholders and analysis of the company competitive landscape based on their recent developments, financial
- performance, segmental revenues, and operational integration
- Company profiles of the leading global players within the pet food industry, including American Nutrition Inc., Deuerer, Fromm Family Foods LLC, Mars Inc. and Wellness Pet Co.
You can find out more and purchase the full report here: https://www.researchandmarkets.com/reports/5819601/global-pet-food-market