The animal food market is expected to develop at a compound annual growth rate (CAGR) of 5.4% throughout the forecast period, with a global market size of USD 105.4 billion in 2024. Globally, rising disposable income is fueling the pet adoption industry's expansion. Growing pet health concerns are a major factor propelling market expansion. The expansion of this sector is probably going to be greatly aided by convenience. The market's need for animal feed is being driven by the growing popularity of organic pet food.

Along with the growing humanization of pets, the market is anticipated to rise rapidly over the course of the projected period. Globally, there is a sharp rise in demand for meat. The production of meat is rising significantly in emerging countries like China, India, and Brazil.

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Growth Drivers

The industry is expanding rapidly because to the increased need for feed, which promotes immunity and natural growth. Shrimp and salmon farming are two important sectors of the aquaculture business that are expanding quickly. In the market, sustainable manufacturing and sourcing of feed ingredients are becoming more popular. Agriculture's digital transformation promotes market expansion.

The demand for high-end and specialty food products is rising as more people begin to treat their dogs like members of the family. Pet ownership has increased, particularly after the epidemic, which has fueled market expansion. The market's demand is being driven by the growing trend of pet humanization.

Segmentation

Pet Type

·         Dog

o   Wet Food

o   Dry Food

o   Snacks/Treats

·         Cat

o   Wet Food

o   Dry Food

o   Snacks/Treats

·         Others

By Source

·         Animal

·         Plants

By Distribution Channel

·         Hyper Markets/ Super Markets

·         Specialty Store

·         Online Channels

·         Others

By Region

·         Asia-Pacific

·         North America

·         Latin America

·         Middle East and Africa

·         Europe

Key Players

·         He J.M. Smucker Company

·         Nestle Purina

·         Mars, Incorporated

·         LUPUS Alimentos

·         Total Alimentos

·         Hill’s Pet Nutrition, Inc.

·         General Mills Inc.

·         WellPet LLC

·         The Hartz Mountain Corporation

·         Other Players

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