NEWARK, Del, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The global pet food and supplement market will reach a valuation of USD 119.1 billion in 2024, attributed to factors such as cross category innovation. The trend is set to create new opportunities for the market, leading to a projected CAGR of 5.8% between 2024 and 2034, and reaching a total valuation of approximately USD 210.0 billion by 2034.
Cultural shifts, including declining birth rates in some regions and an increasing number of single person households, contribute to the rise in pet ownership. Pets often serve as companions and surrogate family members in these situations, driving demand for high quality pet food and supplements.
Subscription based models for pet food and supplements offer convenience and cost savings for pet owners while providing brands with recurring revenue streams and opportunities for upselling and cross selling additional products. Social media platforms have become powerful channels for pet related content, with pet influencers and pet centric communities driving trends and influencing purchasing decisions.
Brands can leverage influencer partnerships and social media marketing to reach targeted audiences and build brand awareness. Pet food manufacturers are expanding their reach into new markets through strategic partnerships, acquisitions, and distribution agreements.
The globalization trend presents opportunities for brands to tap into diverse consumer preferences and capitalize on emerging market segments. There is a growing emphasis on stringent manufacturing standards, quality assurance protocols, and product testing within the pet food industry, with increasing consumer awareness about food safety and quality.
Brands that prioritize safety, transparency, and reliability can differentiate themselves in the market. There is rising interest in alternative protein sources for pet food, such as insect based proteins, plant based proteins, and cultured meat, as concerns about the environmental impact of traditional meat production grow.
Key Takeaways from the Market Study
- Global pet food and supplement market was valued at US$ 111.5 billion in 2023.
- From 2019 to 2023, the market demand expanded at a CAGR of 7.5%.
- The market in Korea to expand at a CAGR of 8.0% through 2034.
- By pet, the dog segment to account for a CAGR of 5.6% through 2034.
- The market in China will expand at a CAGR of 6.6% through 2034.
- In terms of source, the conventional segment to account for a CAGR of 5.4% through 2034.
“Brands that innovate in this space can cater to environmentally conscious consumers while addressing concerns about sustainability,” says Sudip Saha Managing Director and Co-Founder at Future Market Insights.
Competitive Landscape
Prominent players in the pet food and supplement market are Mars Petcare, Nestlé Purina Petcare, Hill's Pet Nutrition, The J.M. Smucker Company, Blue Buffalo, Diamond Pet Foods, Spectrum Brands, Nutro Products, Wellness Pet Food, Merrick Pet Care, and Ainsworth Pet Nutrition, among others.
Company Portfolio
- Hill's Pet Nutrition focuses on offering scientifically formulated pet food and supplements tailored to meet the nutritional needs of pets at different life stages and with various health requirements. Their product portfolio includes prescription diets recommended by veterinarians for managing specific health conditions.
- The J.M. Smucker Company offers a range of pet food and supplement options designed to provide pets with balanced nutrition and support their overall health. Their product lineup includes both traditional and natural food options, as well as supplements formulated to address specific health concerns such as skin and coat health or digestive support.
Key Coverage in the Pet Food and Supplement Industry Report
- Pet food trends
- Healthy pet nutrition
- Premium pet supplements
- Organic pet food
- Holistic pet care
- Specialty pet diets
- Pet Insurance Market
- Pet Toys and Accessories Market
Segmentation Analysis of the Pet Food and Supplement Market
By Product Type:
- Dog
- Cat
- Freshwater Fish
- Others
By Source:
- Organic
- Conventional
By Distribution Channel:
- Offline
- Online
By Food Type:
- Wet Food
- Dry Food
- Snacks/Treats
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Browse Full Report! https://www.futuremarketinsights.com/reports/pet-food-and-supplement-market
About the Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
Have a Look at Related Research Reports of Consumer Product Domain
The pet toys market could reach a value of US$ 5.90 billion. The market is growing, with a projected value of US$ 2.89 billion in 2023, and is now working to capitalize on its presence in both the commercial and residential sectors, which include homes, pet hotels, and daycare facilities.
The pet furniture market is estimated to be valued at US$ 2 billion in 2023 and is expected to reach a valuation of US$ 3.7 billion by 2033. The adoption of pet furniture is likely to advance at a CAGR of 6.3% during the forecast period.
The global pet bathing supplies market is projected to have an average-paced CAGR of 6.0% during the forecast period. The current valuation of the market is US$ 8,565.0 million in 2023. The market value of the pet bathing supplies market is anticipated to reach a high of US$ 15,338.6 million by the year 2033. The analysts of Future Market Insights have recorded a historical CAGR of 3.0% during 2018 to 2022.
The pet stain remover and odor control market is estimated to be valued at US$ 9 billion in 2023 and is expected to reach US$ 14 billion by 2033. The adoption of pet stain remover and odor control likely to advance at a CAGR of 4.5% during the forecast period.
The overall pet oral care market share is projected to reach US$ 17,016.0 million by 2033, following a moderate CAGR of 3.3% from 2023 to 2033. As per newly released data by Future Market Insights (FMI), the net worth of the global pet oral care market is estimated at US$ 12,298.5 million in 2023.
The pet tick and flea prevention market is expected to record a value of USD 9,722.5 million in 2024. The industry is forecast to expand at a CAGR of 4.3% in the ten-year time frame. The revenue projection for pet tick and flea prevention is going to be USD 14,812.3 million by 2034. Primary industry drivers are surging adoption of pets and rising incidences of zoonotic diseases.
The global demand for pet monitoring cameras is expected to exhibit a CAGR of 5.5% per year to US$ 54.3 million in 2022 . Due to a greater number of dual-income households, consumers can spend more on their companion animals.
The pet car seat market is estimated to reach a valuation of US$ 2.8 Billion in 2022 and is projected to surpass US$ 5.0 Billion by 2032, at a CAGR of 4.7% from 2022 to 2032. The share of the pet car seat market in the global pet care market is approximately 3%-6%.
The pet lodging market is estimated to be valued at US$ 4 billion in 2023 and is expected to total US$ 7 billion by 2033. The adoption of pet lodging likely to advance at a CAGR of 5.7% during the forecast period. The increasing trend of humanizing pets has significantly impacted the pet lodging market.
The pet care market is estimated to be valued at US$ 211.1 billion in 2023 and is expected to total US$ 430 billion by 2033. The adoption of pet care is likely to advance at a CAGR of 7.4% during the forecast period. As pets ascend from mere companions to cherished family members, the pet care landscape is evolving.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries. Join us as we commemorate 10 years of delivering trusted market insights. Reflecting on a decade of achievements, we continue to lead with integrity, innovation, and expertise.
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