A new market analysis forecasts continued growth in the global pet food sector, driven by rising pet ownership, premium nutrition trends, and expanding demand across key markets.
- Global pet food market projected to grow from $87.3 billion in 2020 to $133.4 billion by 2030.
- Market expected to expand at a compound annual growth rate (CAGR) of 4.6% through 2030.
- Dry food segment forecast to post the fastest growth rate among food categories.
- Dog food remains the largest segment of the market.
- Asia-Pacific expected to record the strongest regional growth during the forecast period.
The global pet food market is expected to reach $133.4 billion by 2030, according to a new analysis from Allied Market Research, reflecting sustained demand for companion animal nutrition products worldwide.
The report estimates the market was valued at approximately $87.3 billion in 2020 and projects a compound annual growth rate (CAGR) of 4.6% through 2030.
Dog Food Leads Market Demand
Among pet categories, dog food accounted for the largest share of the market in 2020, representing more than two-fifths of global sales. The segment is also projected to post one of the strongest growth rates during the forecast period, with a CAGR of 4.7%.
The report notes that continued pet humanization and increasing consumer focus on pet health are supporting long-term demand for premium nutrition products.
Dry Food Segment Continues to Expand
By product type, dry food represented the largest category in 2020, accounting for roughly one-third of global pet food sales.
Researchers project the segment will also experience the fastest growth among food types, with a forecast CAGR of 5.3%, outpacing wet food, treats, snacks, and other product categories.
Specialty Retail Maintains Leading Position
Specialized pet stores remained the dominant sales channel in 2020, generating more than one-third of global market revenue.
The channel is expected to retain its leading position through the forecast period while also delivering the fastest growth among distribution channels, according to the report.
Asia-Pacific Emerges as Key Growth Region
North America continued to hold the largest regional share of the pet food market in 2020, accounting for more than one-third of global revenue.
However, Asia-Pacific is expected to deliver the strongest regional growth through 2030, with a projected CAGR of 5.1%, highlighting increasing pet ownership and spending across developing markets.
Major companies identified in the report include Mars Petcare, Nestlé Purina PetCare, Hill’s Pet Nutrition, Blue Buffalo, Diamond Pet Foods, WellPet, The Hartz Mountain Corporation, Deuerer, Heristo AG, and Big Heart Pet Brands.
Information sourced from the company’s press release.
