New York, USA, July 30, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Pet Snacks and Treats Market was estimated at USD 38.34 billion in 2023. The market valuation is expected to be USD 85.84 billion by 2032, registering a staggering CAGR of 9.4% during the forecast period of 2024-2032.
What are Pet Snacks?
A pet treat is any meal intended for specialty pets and pets that is not intended to deliver complete and balanced nourishment and is fed intermittently for enjoyment, reward, training, or other purposes. Treats come in both eatable and chewable forms, and pet snacks are primarily edible. This is a specialty item for cats, dogs, and other water creatures. Pets can choose from a variety of drinks, nibbles, and treats. Treats are given to the animals in an effort to encourage good conduct.
The snacks and treats come in biscuit form, dried fruit form, and dried vegetable form. Roasted grains are another type of pet treat or snack that is readily available. A variety of goodies include jerky, dental chews, and other goods. There are three different product forms available: powder, wet product, and dry product.
Key Market Stats:
- The pet snacks and treats market size was valued at USD 38.34 billion in 2023.
- The market is anticipated to grow from USD 41.85 billion in 2024 to USD 85.84 billion by 2032.
- The market is expected to exhibit a CAGR of 9.4% during the forecast period.
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Major Findings from the Report:
- The demand for natural, wholesome, tasty, and healthy pet snacks and treats, which are crucial for the general growth and well-being of companion animals, has increased due to the rising rate of pet adoption over the years and the growing trend of people viewing pets as necessary members of the family.
- The pet snacks and treats market segmentation is mainly based on the pet type, distribution channel, product type, and region.
- In 2023, North America accounted for the largest market share.
Pet Snacks and Treats Market Drivers and Trends:
- Rising Pet Ownership: Over time, there has been a steady rise in the number of homes with pets, including dogs, cats, birds, and small mammals. Pets offer unconditional love, emotional support, and companionship, benefits that are especially appealing to single people and nuclear families. An older population, postponed marriage and childbirth, urbanization, and other lifestyle changes have led to an increased focus on pet ownership as a means of enhancing general well-being and meeting emotional needs.
- Pet Health and Wellness: Snacks and treats that provide more than just flavor are in high demand as pet health and wellness become more and more of a priority. This includes goods designed to assist with weight control, digestive health, skin and coat health, joint health, and dental health. For their pets, many pet owners choose natural and organic snacks and treats that don't include artificial flavors, colors, or preservatives, boosting the pe snacks and treats market demand.
- Product Innovations: It is projected that manufacturers will discover lucrative opportunities by developing new products with clean-label components, environmentally friendly and sustainable packaging, improved health benefits, and longer shelf lives. One of the main factors driving the pet snacks and treats market growth has been the rise in spending on pet nutrition and wellness.
- Growing Humanization: Pet ownership is on the rise worldwide, with more and more people viewing their furry friends as essential members of their families. The "humanization of pets" movement is gaining traction and encouraging pet owners to spend more on high-quality food, toys, and even clothing for their cherished animals.
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Market Challenges:
Strict regulations will restrict the expansion of the market. These products are subject to strict control measures. Also, the use of the ingredients experiences detailed scrutiny. Additionally, while the market offers premium items, high-quality, their expensive nature acts as another limiting factor for the pet snacks and treats market growth.
Industry’s Prominent Players:
- General Mills Inc.
- Merrick Pet Care
- Mars, Incorporated
- Off-Leash Pet Treats
- Nestlé S.A.
- The J.M. Smucker Company
- Spectrum Brands, Inc.
- VAFO Group.
- Wellness Pet, LLC
- Colgate Palmolive Company
Geographical Landscape:
North America held the biggest pet snacks and treats market share in 2023. There is now a market for animal food due to the growth of e-commerce and the notable rise in pet ownership among wealthy households in the area. These advancements in the market demonstrate the prevailing and verified trends in the pet care industry.
During the forecast period, the pet snacks and treats market in Asia Pacific is anticipated to expand at a substantial Compound Annual Growth Rate (CAGR). Pet ownership among wealthy nuclear families is on the rise, and this expansion is fueled by changing consumer preferences that place a premium on the health and welfare of pets. Furthermore, the region is home to the world's greatest number of cats and dogs kept as pets.
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Market Segmentation:
By Product Type Outlook:
- Eatable
- Chewable
By Pet Type Outlook:
- Dogs
- Cats
- Others
By Distribution Channel Outlook:
- Supermarkets & Hypermarkets
- Pet Specialty Stores
- Online
- Others
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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