Increased Spending on Premium Products to Drive Global Pet Food Market

Triton Market Research presents the ‘Global Pet Food Market’ report sectioned by Animal Type (Cats {Wet Cat Food, Dry Cat Food, Treats & Mixes for Cats}, Dogs {Wet Dog Food, Dry Dog Food, Treats & Mixes for Dogs}, Other Animal Types), by Food Type (Wet Food, Dry Food, Other Food Types), by Distribution Channel (Store-based, Veterinary, E-commerce, Other Distribution Channels), and by Regional Outlook (Europe, Middle East and Africa, Latin America, Asia-Pacific, North America).

The report further discusses the Market Summary, Industry Outlook (Impact Analysis, Porter’s Five Forces Analysis, Market Maturity Analysis, Industry Components, Regulatory Framework, Key Buying Impact Analysis, Key Market Strategies, Drivers, Challenges, Opportunities, Analyst Perspective), Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2023-2030).

Triton Market Research’s report implies that the global pet food market will grow with a CAGR of 7.91% in the forecast years between 2023 and 2030.

The expansion of the pet food market is largely driven by the rising number of D2C pet brands & start-ups, as well as owners’ willingness to pay for premium pet food products. The rise in people’s disposable income has enabled them to splurge on premium food. This is also supported by the fact that many owners do not consider spending on pets as a luxury expense and consider them as part of their family.

Also, with the growing awareness, pet owners are finally beginning to understand how their pets’ dietary habits affect their health. Many a time, the nutrition information provided by pet food manufacturers on their product labels may be deceptive. Besides, several pet foods available in the market today contain substances like carbs, sugar, and yeast, which can cause weight gain. Factors such as these affect the pet food market’s growth prospects.

The market in the Asia-Pacific is estimated to grow at the fastest rate globally, over the forecasted period. The regional market is expected to witness strong growth, benefiting from the rise in the pet population and consumers’ increasing focus on pet welfare.

Leading names operating in the pet food market include Nestle Purina Petcare, Diamond Pet Foods, Blue Buffalo Pet Products Inc, Hill’s Pet Nutrition Inc, Champion Petfoods LP, Farmina Pet Foods, Unicharm Corporation, Mars Petcare Ltd, Inaba Foods Co Ltd, and Wellness Pet Company.

The level of industry rivalry is high in the studied market. Established players, such as Nestle Purina Petcare, Mars Petcare Ltd, and Hill’s Pet Nutrition Inc, account for the lion’s share of the market. However, competitors have an advantage due to pricing and novel ingredients. These leading companies have expanded their product lines and increased their emphasis on R&D, which has helped them strengthen their market position. Moreover, several market giants have specialized and improved the scope of their product ranges by acquiring businesses already existing in these areas.