Trends to Leverage in the Global Pet Food Market 2023

1
Trends to Leverage in the Global Pet Food Market
2023
Pet animal adoption has escalated majorly post
2020, mainly as a result of COVID-19-induced
loneliness. Statistics suggest that 85 million
families across the world own some kind of pet.
This has consequently increased the sales of food
products for these companion animals, which is
expected to propel the global pet food market at
a CAGR of 7.91 in the forecast period
2023-2030. An interesting trend driving this
growth is that of pet humanization, as owners are
increasingly treating their pets like family
members. And thus, pet care trends now mirror
human trends, especially the soaring demand for
high-quality food. Also, due to heightened
awareness of their pets nutritional needs,
owners are willing to spend more on
health-focused and premium quality food products.
Premiumization Trend underpins Growth
Prospects As the pet humanization trend gathers
momentum and disposable income rises, owners are
more likely to splurge on luxurious products for
their pets. According to FEDIAF, Europeans spent
over 20.3 billion on pet food, supplies, and
services in 2021, which is reflective of the
increasing pet ownership in the region. Increased
spending by buyers is expected to drive the
Europe pet food market at a CAGR of 7.41 over
the forecast period. Premium pet food is sourced
from superior quality ingredients, and has high
protein content to cater to
the taste buds and health needs of carnivores
like cats and dogs. To cater to its growing
demand,
2
manufacturers are coming up with innovative
products that are free of antibiotics, synthetic
hormones, artificial colors flavors,
preservatives, etc. Japan-based Inaba Foods Co
Ltd is one such market player, which has gained
prominence as one of the leading brands offering
premium dry and wet cat food. Furthermore,
several manufacturers have expanded their premium
product portfolio with distinct offerings for
various breeds, kittens, puppies, and lactating
mothers. Organic and vegan pet foods, as well as
gourmet and artisanal pet foods, have also
emerged as favorites, in line with the
premiumization trend. Physical v/s Digital
Stores How are Distributors Competing for Buyer
Attention? While e-commerce sites have always
been a reliable purchasing medium, the pandemic
brought about a paradigm shift in the way people
shop. Due to the easy availability of pet food
online, the e-commerce distribution channel is
anticipated to witness the fastest CAGR of 8.89
during 2023-2030. In addition to convenience and
comfort, online shopping allows buyers to
thoroughly research products and compare costs
benefits before making a purchase. With the help
of established e-com platforms like Amazon and
Chewy, several pet food providers have been able
to increase the sales and subscriptions for their
products. However, this has placed a degree of
pressure on physical pet food outlets, such as
supermarkets and specialty stores, thus pushing
them to innovate. In June 2021, Australian retail
giant Coles rolled out a self-serve doggy treat
bar at its physical stores, in a bid to attract
customers in light of the growing online
competition. The humanization and premiumization
trends are encouraging pet owners to turn to
retail stores, especially pet superstores, as
they offer specialized care and products that
meet increasingly segmented, high-end demand.
Store-based distribution channels dominate the
market, with the highest revenue of 94947.82
million in 2022. Countering Challenges with
Targeted Solutions Based on a 2018-2019 study by
the American Pet Products Association, an
estimated 56 million cats and 50 million dogs are
overweight. The alarming statistics are a result
of factors like overindulgence of certain foods
and treats sedentary lifestyles of owners and
their pets inappropriate nutritional advice from
veterinarians and a failure to acknowledge the
seriousness of even slightly extra body
fat. However, the lack of transparency on
nutritional labels of products is also a major
contributor to the growing obesity epidemic,
which can cause several chronic illnesses. In
this regard, therapeutic diets and nutritional
supplements are recommended, as their intake
ensures adequate nutrient balance for optimum
health of pet animals. Supplements containing
vitamins, probiotics, fish oil, and even CBD, are
becoming increasingly popular, which is
contributing to the global animal nutrition
market growth. Call to Sustainability
Manufacturers Aim to Lower their Carbon
Pawprint Humanization has enabled pet owners to
have a more hands-on approach towards their fur
babies, which has resulted in them becoming more
conscious of their purchase decisions. This has
enlarged the spotlight on sustainability and
compelled market players to rethink all aspects
of their offerings, from
ingredient sourcing to manufacturing to packaging.
3
Sustainable packaging is particularly witnessing
high demand. And realizing its growth potential,
several players in the global pet food packaging
market have started offering sustainable
solutions. For example, in November 2020,
US-based pet food giant, Mars Petcare Ltd,
announced its decision to incorporate recycled
polypropylene plastic for packaging some of its
popular products. Premium brands stand to largely
benefit from the rising ethical consciousness and
sustainability demands of pet parents. As the
trends of pet humanization and premiumization
evolve further in the years to come, the
companies that stay informed and adapt to these
changes will shape the outlook of the pet food
market. FAQs Q 1) What are the revenue
estimates for the global market? Estimates by
Triton Market Research suggest that, the global
pet food market, which was valued at 124579.70
million in 2022, will reach a revenue of
227690.72 million by 2030. Q 2) Which are the
food types covered in the market report? Dry
food, wet food, and other food types are covered
in the market report. Q 3) Which are the other
animals studied in the animal type segment? Other
animals include pets like birds, rabbits,
tortoises, lizards, and fish.