Pet Food Market size was valued at USD 95.1 billion in 2019 and is poised to grow from USD 99.1 billion in 2023 to USD 139.29 billion by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).
Pet food market to experience more innovations as compared to human food. The pet food industry constantly is introducing fresh products with just cat and dog food capturing nearly more than 50% of the innovative products segment. Nearly 1/3of the innovations took place in the past year by just the new entrants in the market.
Humanization is the key trend observed in the pet food market. Most pet owners highly prefer pet foods that imitate their taste. Hence, there has been a significant rise in premium pet food products with raw, organic, and natural food, substantially growing. This ultimately gives better freedom to the pet owners to choose the best products for their pets. The specialist food products comprising the ones that focus on health benefits remain to be popular and have given strong growth. Premium, healthy, luxury, as well as functional foods, are transferring to the mainstream since owners are seen to be more focused on their companion’s diet. The nutrition field is moving at a speedy pace and offering is also evolving.
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Flavored Pre-Mixes, Sustainable Resources, Addition of Eggshells to Drive the Pet Food Ingredients
Several pet foods today contain vital vitamins, nutrients, and minerals to maintain optimal animal health while encouraging growth. Nonetheless, such health-focused foods are not satisfactory to their pallets, turning them into picky eaters. Most pet owners deal with this by adding pills or supplements to the favorite food of pets which enhances their dependence on medicines. To control this, many new entrants in the market are producing ingredients like flavored pre-mixes that increase the taste of companion animals. Whole foods with oils are not very much preferred, many kinds of oils are associated with health benefits. Due to this, many start-ups are using sustainable resources like insects to create oils that enhance pet health. Besides, eggshells contain protein, calcium, and minerals comprising fluoride, strontium, selenium, and magnesium, of which none are at present used by pet food producers. Hence, billions of eggs are produced, and their shells are wasted every year. To curb this, new entrants are producing raw materials from these eggshells.
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In August 2023, Mars Incorporation, a pet food major, invested ₹800 crores on the 2nd phase expansion of manufacturing facility situated in Telangana. The company signed a memorandum of understanding with the Telangana government for expanding the manufacturing plant with extra investment of ₹500 crores.
In May 2024, Nestlé Purina is invested CHF 200 million to increase its pet food manufacturing plant in Silao, Mexico. This expansion will comprise the addition of a 3rd line for pet food (wet) and a 4th line for pet food (dry), making it the largest pet food factory in Latin America.
In January 2024, Hill’s Pet Nutrition announced novel products and improvements to its #1 US Vet Recommended therapeutic pet food line, Hill’s Prescription Diet, in front of NAVC’s VMX 2024. These products are made with Hill’s Science of Taste that focuses on taste preferences, assuring that pets enjoy their food while also meeting nutritional demands.
In September 2022, Diamond Pet Foods innovated a nearly USD 260 million manufacturing & distribution center in Rushville, Indiana. The company says that the growing demand for pet food and expanding pet ownership in the United States has supported this growth in its Midwest presence.
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The pet food industry is witnessing exceptional transformation and growth driven by quickly changing consumer choices and values. Pet owners today only prefer the best food for their companion animals and this market has it all to offer. The market, being dynamic in nature, is all set to flourish remarkably in the years to come with such speedy innovations.
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