PUBLISHER: Allied Market Research | PRODUCT CODE: 1193189
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193189
The global pet treats market was valued at $20,066.4 million in 2021, and is projected to reach $29,715.5 million by 2031, registering a CAGR of 4.2%. North America dominated the global market in 2021, and is estimated to reach $10,697.6 million by 2031, with a CAGR of 5.1%.
The change from pet ownership to parenting has been a very vital and defining trend in the pet treats market, specifically in developed countries. One-third of the households in the developed countries have a pet, where dog or a cat pet ownership have dominance. Traditionally, pet owners used to feed their pets from the leftover family meals. However, owing to the rise in awareness regarding the importance of right pet food, which are manufactured with a focus to improve health of these animals, has led to the rise in demand for vegan pet food in the market. According to the inhouse survey, the expenditure on pets increased by 1.5X as compared to last decade. The majority of expenditure related to pet food has altogether grown immensely in the last few years with various pet food market trends.
The organic trend is rising and becoming very popular among customers. As consumers become more health-conscious and aware of the unhealthy production and cultivation of food crops and its effect over their pets' health, the demand for organic vegan pet food also rises in the market. For instance, benefits associated with organic vegan pet food include, no usage of harmful chemicals, fertilizers GMO ingredients, pesticides, radiation, or genetic engineering. In addition, according to The Research Institute of Organic Agriculture (FiBL), the global revenue generated from the organic market in 2019 was $123 million with 3.1 million of organic agriculture producers globally. Furthermore, Australia had the largest organic agricultural land of 35.7 billion hectares and Europe had 16.5 million hectares, which is equivalent to more than 60% of the global organic area followed by Latin America and Asia-Pacific with 11% and 5.9%, respectively. Moreover, many consumers have negative perceptions regarding genetically modified organisms, despite endorsements from leading, global scientific organizations, and more than three fourth of consumers globally think non-GMO food products are healthier. The GMOs rank remains in the top list of food concerns among global shoppers. Therefore, key players are also stepping forward to introduce organic pet food products to fulfill the rise in demand. In addition, the rise in spending on organic products and the increase in disposable income, especially in developing countries, including China, India, Brazil, and Mexico are expected to propel the growth of the organic pet treats market.
The pet treats market is segmented into pet type, form, distribution channel, and region. On the basis of pet type, the market is subdivided into dog food, cat food, and others. On the basis of form, the market is bifurcated into organic and conventional. On the basis of distribution channel, the market is classified into online and offline. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, New Zealand, Australia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
The players operating in the global pet treat market adopt various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. Key players operating in the market include, Benevo, Hill's Pet Nutrition, Evolution Diet, Freshpet, Mars, Incorporated, Nestle S.A., Supreme Petfoods, THE PACK, V-Dog, Wild Harvest, Heristo AG, Diamond Pet Foods, Captain Zack, Pet Munchies, Arden Grange, Royal Canin SAS, And The Pet Beastro.
According to the market players, the major obstacle faced by them attributed to the COVID-19 pandemic, was the disruption of the supply chain. Furthermore, all supply channels were nearly shut down in the first quarter of 2020 during the pandemic. However, online distribution channels, such as Amazon.com, Flipkart, eBay, Esty, Rakuten, and Newegg showed high sales growth amid the pandemic.
Key Benefits For Stakeholders
By Pet Type
By Form
By Sales Channel
By Region