PUBLISHER: The Business Research Company | PRODUCT CODE: 1428230
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428230
Pet snacks and treats are specially crafted food items designed for pets, typically including dogs, cats, birds, or small mammals. These treats are given occasionally as rewards or supplements alongside their regular meals. Formulated to be flavorful and attractive to pets, these snacks and treats serve various purposes such as encouraging positive behavior, aiding in training, or simply expressing affection. While regular pet food provides essential nutrition, these treats contribute to the enrichment of the pets' lives.
The primary categories of pet snacks and treats include eatables and chewables. Eatables encompass a variety of food items designed to be consumed as sustenance, providing enjoyment, nutrition, and enrichment for pets. These treats are available in both conventional and organic categories, catering to different pet types such as dogs, cats, birds, fish, among others. Distribution channels for pet eatables include supermarkets, hypermarkets, specialty pet stores, online platforms, and more.
The pet snacks and treats research report is one of a series of new reports from The Business Research Company that provides pet snacks and treats market statistics, including the pet snacks and treats industry's global market size, regional shares, competitors with a pet snacks and treats market share, detailed pet snacks and treats market segments, market trends and opportunities, and any further data you may need to thrive in the pet snacks and treats industry. This pet snacks and treats market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The pet snacks and treats market size has grown rapidly in recent years. It will grow from $42.41 billion in 2023 to $47.55 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The historical growth can be ascribed to sustainability and ethical practices, treats for pet training and behavior, diverse product offerings, and the impact of social media.
The pet snacks and treats market size is expected to see rapid growth in the next few years. It will grow to $75.59 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The anticipated growth in the forecast period can be attributed to the increasing ownership of pets, the humanization of pets, a focus on health and wellness, the premiumization of pet products, and urbanization with busy lifestyles. Notable trends expected in the forecast period encompass innovation in packaging, the introduction of functional dental treats, the incorporation of cultural and regional varieties, the development of interactive and enrichment treats, and the inclusion of CBD and hemp.
The anticipated growth in the pet snacks and treats market is expected to be driven by the increasing expenditure on pet health. Pet health, encompassing the overall well-being of various domesticated animals such as dogs, cats, birds, and small mammals, is a focal point for pet owners. Pet snacks and treats play a crucial role in training sessions, support dental hygiene, and contribute additional nutrients to ensure a comprehensive diet. As an illustration, in June 2023, the American Pet Products Association reported that Americans spent $136.8 billion on pet health in 2022, marking a significant increase of 10.68% from the $123.6 billion spent in 2021. Consequently, the growing investment in pet health is steering the growth of the pet snacks and treats market.
The significant factor poised to drive the growth of the pet snacks and treats market is the expanding e-commerce industry. E-commerce, a term denoting electronic commerce, involves the online buying and selling of goods and services. With consumers increasingly seeking unique and specialized treats for their pets, online platforms provide an ideal avenue for these brands. For example, data from the United States Department of Commerce in May 2021 revealed a substantial 39.0 percent increase in US e-commerce sales during the first quarter of 2021 compared to the same period in 2020. Thus, the ongoing expansion of the e-commerce industry contributes to the growth of the pet snacks and treats market.
The pet snacks and treats market is witnessing a significant trend towards product innovations, with major companies focusing on the development of inventive products to maintain their market standing. For instance, in May 2022, Wellness Pet Company, a US-based pet food company, introduced Good Dog by Wellness, a brand featuring all-natural dog treats. Tailored for growing puppies, the Good Dog-happy puppy treats are grain-free snacks with triple puppy care and purposeful ingredients such as veggies and omega-rich flaxseed. These bite-sized treats are designed to support brain development, immune health, and overall well-being, providing pet parents with various options to address specific health and training needs, whether it's promoting good behavior in young puppies or maintaining the overall health of dogs of all ages.
Major players in the pet snacks and treats market are also venturing into the development of new products, such as non-GMO vegetable proteins, to gain a competitive advantage. Non-GMO vegetable proteins refer to plant-derived protein sources produced without the use of genetically modified organisms (GMOs). For instance, in June 2023, BENEO GmbH, a Germany-based food production company, unveiled a new toolbox of high-quality, non-GMO vegetable proteins for the pet food market. This initiative responds to the growing demand for natural, plant-based, and sustainable pet food products. The toolbox includes rice protein, vital wheat gluten, and faba bean protein concentrate, each offering specific nutritional benefits such as hypoallergenic and highly digestible properties, along with application benefits such as improving texture in various types of pet food. This launch addresses the increasing interest in plant-based ingredients among pet owners and provides pet food manufacturers with versatile solutions to create innovative, nutritious, and environmentally friendly pet food options.
In July 2021, General Mills Inc., a US-based food manufacturing company, completed the acquisition of the pet treats business from Tyson Foods Inc. for $1.2 billion. This strategic move aims to enhance General Mills Inc.'s pet treats portfolio, encompassing brands such as nudges, top chews, and true chews, acquired from Tyson Foods Inc., a US-based food corporation specializing in pet treats and snack products.
Major companies operating in the pet snacks and treats market report are Cargill Incorporated, Nestle S.A., Mars Incorporated, General Mills Inc., The J.M. Smucker Company, Unicharm Corporation, Spectrum Brands Holdings Inc., Hill's Pet Nutrition Inc., Big Heart Pet Brands Inc., Diamond Pet Foods Inc., Blue Buffalo Co. Ltd., Affinity Petcare S.A., Freshpet Inc., Schell & Kampeter Inc., Sunshine Mills Inc., Champion Petfoods LP, WellPet LLC, American Pet Nutrition Inc., Redbarn Pet Products LLC, BARK Inc., NutriSourcePet, Simmons Pet Food Inc., Ainsworth Pet Nutrition LLC, Addiction Foods LLC, Newman's Own Inc., Castor & Pollux Private Limited, Old Mother Hubbard, Charlee Bear Products LLC, Cloud Star, Canidae.
North America was the largest region in the pet snacks and treats market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the pet snacks and treats market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pet snacks and treats market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The pet snacks and treats market consists of sales of dental chew, biscuits, and freeze-dried treats. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Pet Snacks And Treats Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pet snacks and treats market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pet snacks and treats ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The pet snacks and treats market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.