Strong Growth Expected in Pet Food Market Through 2028
The global pet food market is estimated to grow by $41 billion through 2028 as suppliers continue developing new products to meet the needs of pet owners seeking higher-quality ingredients for their fur babies, according to a new report from Technavio.
With an estimated compound annual growth rate of 6.15%, growing demand for organic pet food is driving market growth, with a trend towards increasing demand for pet food with savory ingredients and smaller portions, the report said.
This trend is expected to continue as more vendors launch savory varieties, catering to the increasing preference for flavorful pet food. Additionally, the rise in popularity of smaller dog breeds is leading vendors to offer smaller portions of both dry and wet pet food. This trend is anticipated to gain momentum during the forecast period, contributing to the growth of the global pet food market.
Other key findings of the Technavio report include:
- Pet owners are increasingly prioritizing the dietary needs of their pets, leading to a surge in demand for home-cooked food and premium pet products.
- Millennials are driving pet expenditure with their love for pets and concern for their health. Body size, oral system health, and specific dietary requirements influence the choice of pet food.
- Market trends include stockpiling of pet products, customized and personalized offerings, and obesity prevention.
- High-priced products with long shelf-life, such as animal meal-based and plant-based sources, are in demand.
