Pet food market to exceed $130,000M

The global market for pet food is projected to reach a value of $133,430.9 million by 2030.

by Katie Pfaff

The global market for pet food is projected to reach a value of $133,430.9 million by 2030. The increase would total to a growth rate of 4.6% CAGR during the forecast period of 2021 to 2030, according to a report by Values Reports, a market analysis firm. The 2020 value of the market was estimated at a value of $87,268.2 million in 2020.

Market increase is forecast based on an uptick in disposable income as well as demand for food alternatives like organic and natural formulations. In addition, growth factors such as greater online sales, humanization of pets, and higher rates of owning pets have led to a spike in the market.

Moving forward, the market is expected to grow with the strength of several segments, namely premium pet foods and dry food, which is convenient. When looking at the individual market segments, dog food is expected to capture the largest share by type of pet with a 4.7% CAGR based on 2020 value of $39,646.2 million compared to a forecast of $61,049.5 million by 2030. Among segments by type of food, dry food is projected to attain a 2030 value of $47,937.5 million, up by a CAGR of 5.3% from a 2020 value of $29,386.8 million.

By geography, the North American region is forecast to reach the greatest market share in 2030 with an estimated value of $48,435.4. The increase would mark a CAGR of 5.0% from a 2020 value of $30,369.3 million. For the sales channel segment with the market, pet shops which offer specialized products is though to attain the largest share of the market. The segment was valued at $31,414.8 in 2020 and is expected to grow at a CAGR of 5.1% to a 2030 value of $50,533.1 million.

Source: https://www.prnewswire.com/news-releases/pet-food-market-size-to-reach-usd-133-430-9-million-by-2030-at-cagr-4-6---valuates-reports-301469632.html

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