Pet food to reach a worldwide value of nearly $120B
by Katie Pfaff
Market analysis firm, Brand Essence Market Research, forecasts that the global market for pet food will grow at a CAGR of 4.1% across a 7-year period from 2020 to 2027. The sector is expected to attain a value of $118.77 billion by the end of 2027, up from the 2020 value of $89.65 billion.
The pandemic saw a significant increase in the number of pets adopted, including exotic pets like lizards, birds, and fish, according to the company. The increase in pet ownership has led to an uptick in the need for pet foods of all types though dog food sector is expected to continue to take the largest share. Dog food accounted for $55.73 billion in 2020, and is forecast to grow at a CAGR of 4.17% and to amass a value of $73.51 billion by the end of 2027.
Pet owners are also seeking food options that have better nutrition or are organic. In particular, pet owners are increasingly seeking foods that are “clean,” aid in digestion, healthy skin, cognition, and that provide anti-inflammatory effects. Akin to other human food trends, pet parents are seeking more information and transparency on food ingredients, manufacturing, and safety. Building food trends include alternative proteins like insect-based food and single-serve meals.
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