The Latest Global Pet Food Industry Statistics Explained
The global pet food market reached a value of nearly $94.6 billion in 2019.
The statistic indicates that the global pet food market generated sales revenue of almost $94.6 billion in the year 2019. This value highlights the substantial size and economic significance of the pet food industry worldwide. The figure reflects the growing trend of pet ownership and the increasing demand for high-quality and specialized pet food products across various regions. The market size suggests that pet owners are willing to invest significant amounts in nutrition and well-being of their pets, contributing to the continued growth and expansion of the pet food market.
It is projected to reach $128.4 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.
This statistic indicates that a particular market or industry is expected to grow significantly over the forecasted period, with its total value estimated to reach $128.4 billion by the year 2027. The compound annual growth rate (CAGR) of 4.5% from 2020 to 2027 suggests a steady and consistent growth trajectory for the industry. This forecast is based on various economic factors, market trends, and historical data analysis, indicating that the industry is likely to expand at a moderate pace over the specified timeframe.
The dog food segment held the highest market share in 2019, contributing more than two-fifths of the market.
The statistic indicates that in 2019, the dog food segment dominated the pet food market by holding the highest market share, accounting for over 40% of the total market. This suggests that dog food products were the most popular and widely consumed among pet owners during that year. The significant contribution of the dog food segment highlights the strong demand and preference for these products in the market compared to other types of pet food such as cat food or bird food. This statistic is crucial for pet food companies and industry analysts to understand the market dynamics, consumer preferences, and potential growth opportunities within the pet food industry.
Organic pet food products are projected to portray the fastest CAGR of 5.0% during the forecast period.
This statistic indicates that organic pet food products are expected to exhibit the fastest Compound Annual Growth Rate (CAGR) of 5.0% over the forecast period. This means that the market for organic pet food is expected to experience significant growth compared to other types of pet food products, showcasing a growing consumer preference for natural and healthy options for their pets. The projected CAGR of 5.0% suggests a steady and consistent increase in demand for organic pet food products, reflecting a trend towards more sustainable and premium choices in the pet food industry.
North America accounted for the highest revenue in 2020 and is projected to maintain its lead by 2027.
The statistic indicates that North America generated the highest amount of revenue in 2020 compared to other regions, implying a strong economic performance. Furthermore, the projection suggests that North America is expected to continue leading in revenue generation until 2027, showcasing a sustained dominance in the market. This trend could be driven by various factors such as a robust economy, technological advancements, consumer preferences, and market dynamics within the region. The data indicates that North America is a key player in the global market landscape and is likely to maintain its competitive edge in the coming years.
Companies like Mars Inc., Nestle, and Hill’s Pet Nutrition, are leading in the global pet food industry.
The statistic implies that companies such as Mars Inc., Nestle, and Hill’s Pet Nutrition hold prominent positions within the global pet food industry. These companies are likely to have a significant market share and strong brand recognition, indicating that they are major players in providing pet food products on a global scale. Their leadership in the industry suggests that they have successfully positioned themselves to meet consumer demands and preferences, maintain quality standards, and demonstrate innovation and competitiveness in a highly competitive market. The mention of these specific companies highlights their influence and success in catering to the needs of pet owners worldwide, solidifying their positions as leaders in the pet food sector.
The mass merchants distribution channel generated the highest revenue in 2019.
The statistic “The mass merchants distribution channel generated the highest revenue in 2019” indicates that among different distribution channels, such as online retail, specialty stores, and department stores, mass merchants were able to achieve the highest revenue figures for that particular year. This suggests that consumers were more inclined to make purchases through mass merchants, which typically offer a wide range of products at competitive prices in a convenient shopping environment. By generating the highest revenue, the mass merchants distribution channel likely played a significant role in the retail industry’s overall performance in 2019 and demonstrated its effectiveness in meeting consumer demands and driving sales.
The Asia-Pacific region is anticipated to register the highest CAGR of 5% from 2020 to 2027.
The statistic “The Asia-Pacific region is anticipated to register the highest Compound Annual Growth Rate (CAGR) of 5% from 2020 to 2027” indicates that the Asia-Pacific region is expected to experience the fastest rate of growth compared to other regions over the specified time period. This suggests that economic activities, market trends, or other relevant factors in the Asia-Pacific region are projected to show significant expansion and development. A CAGR of 5% implies a consistent annual growth rate of 5% over the entire period, highlighting the region’s potential for sustained progress and opportunities for businesses, investors, and other stakeholders operating in the area.
The wet pet food segment is anticipated to register the fastest CAGR of 4.8% during 2020–2027.
The statistic indicates that the wet pet food segment is expected to experience the highest Compound Annual Growth Rate (CAGR) of 4.8% between 2020 and 2027 compared to other segments in the pet food industry. This suggests a strong upward trend in consumer demand for wet pet food products over the forecasted period. Factors such as increased awareness of pet nutrition, shifting preferences towards premium and high-quality pet food, and the perception of wet pet food as a more natural and healthy option for pets could be driving this growth. Companies operating in the pet food industry may capitalize on this trend by focusing on product innovation, marketing strategies, and expanding their offerings in the wet pet food category to leverage the projected market growth opportunities.
A significant factor fueling the growth of the pet food industry is the humanization of pets leading to a focus on their nutritional and overall health.
The statistic highlights the key driver behind the growth of the pet food industry, which is the increasing trend of humanizing pets. As people are viewing their pets more as family members, they are placing greater importance on their pets’ well-being, including their nutrition and overall health. This shift in perspective has led to a growing demand for high-quality pet food products that cater to specific dietary requirements and health concerns of pets. Manufacturers in the pet food industry are responding to this trend by developing a wide range of premium and specialized pet food options, thereby contributing to the industry’s growth trajectory.
The U.S. pet food market alone is projected to reach $13.3 billion by 2023.
The statistic indicates that the pet food market in the United States is forecasted to grow significantly and reach a value of $13.3 billion by the year 2023. This projection suggests a strong demand for pet food products within the U.S., likely driven by factors such as an increasing pet population, rising awareness of pet health and nutrition, and a growing trend towards premium and specialized pet food products. The anticipated growth in the market size highlights the importance of the pet industry within the U.S. economy and presents opportunities for businesses operating in the pet food sector to capitalize on this expanding market.
Around 42% of the global pet food market is taken up by dry food.
The statistic that around 42% of the global pet food market is taken up by dry food indicates the significant market share that dry pet food products hold worldwide. This suggests that dry pet food is a highly popular choice among pet owners compared to other types of pet food such as wet or semi-moist varieties. The data highlights the preference for dry pet food in the market, possibly due to factors such as convenience, longer shelf life, affordability, and ease of storage. Understanding this statistic can offer valuable insights to pet food manufacturers, retailers, and other stakeholders in the industry to tailor their product offerings and marketing strategies to capitalize on the demand for dry pet food products.
Cat food is the fastest-growing segment within the pet food industry globally.
The statement “Cat food is the fastest-growing segment within the pet food industry globally” indicates that the market for cat food products is experiencing rapid growth compared to other segments of the pet food industry worldwide. This statistic suggests that there is an increasing demand for cat food products, whether it be due to rising cat ownership rates, shifting consumer preferences towards higher quality pet food, or other factors driving growth in this particular market segment. As a result, companies operating in the pet food industry may consider investing more resources into the production and marketing of cat food products to capitalize on this trend and potentially capture a larger share of the growing market.
The online sales channel of pet food is expected to grow at the fastest CAGR of 6.2% during 2020-2027.
This statistic suggests that the online sales channel for pet food is projected to experience the most rapid growth in terms of Compound Annual Growth Rate (CAGR) of 6.2% over the period from 2020 to 2027. This forecast indicates a significant increase in online sales of pet food products compared to other distribution channels. Factors such as the convenience of online shopping, a shift towards e-commerce due to technological advancements, and changing consumer preferences towards buying pet products online are likely driving this growth. The CAGR indicates a consistent annual growth rate over the specified time frame, highlighting the sustained expansion expected in the online sales of pet food.
The global market for natural pet foods was worth $8.2 billion in 2017.
The statistic states that the global market for natural pet foods had a total value of $8.2 billion in the year 2017. This figure signifies the combined worth of sales or revenue generated from the sale of natural pet food products worldwide during that specific year. This statistic highlights the substantial size and growth potential of the natural pet food industry, indicating a significant consumer demand for healthier and more organic options for their pets. Analyzing market trends and spending patterns within this industry could provide valuable insights for businesses and investors looking to capitalize on the growing popularity of natural pet foods.
Dry food accounted for 39% of dog food sales worldwide in 2020.
The statistic that dry food accounted for 39% of dog food sales worldwide in 2020 indicates the proportion of total dog food sales attributed to dry dog food products. This suggests that dry dog food is a popular choice among consumers globally, representing a significant market share within the pet food industry. Given that dogs have different dietary needs and preferences, the popularity of dry dog food may reflect factors such as convenience, cost-effectiveness, and perceived nutritional benefits. Understanding the dominance of dry dog food in the market can be valuable for pet food companies in developing marketing strategies and product offerings to cater to the preferences of dog owners around the world.
Over 57% of pet food sold in North America in 2020 was dry food.
The statistic that over 57% of pet food sold in North America in 2020 was dry food indicates that dry pet food was the dominant type of pet food product consumed in the region during that year. This statistic suggests a strong preference for dry pet food among North American pet owners, potentially due to factors such as convenience, shelf stability, cost-effectiveness, and perceived health benefits. Understanding this market share can help pet food manufacturers, retailers, and marketers tailor their product offerings and promotional strategies to better meet consumer demand and capitalize on the popularity of dry pet food in North America.
The global pet food packaging market was valued at $8.95 billion in 2019.
The statistic “The global pet food packaging market was valued at $8.95 billion in 2019” implies that the total worth of pet food packaging products sold worldwide in 2019 amounted to $8.95 billion. This figure represents the economic value generated by the pet food packaging industry during that year and suggests the substantial demand for packaging solutions within the pet food sector. The statistic serves as a key indicator of the market size and growth potential within the pet food packaging industry, highlighting the significant revenue opportunities and financial scale of this particular market segment.
In 2020, dog food sales accounted for approximately 70% of total pet food sales in Brazil.
The statistic that in 2020, dog food sales accounted for approximately 70% of total pet food sales in Brazil indicates a strong preference for dog food among pet owners in the country. This suggests that the market for dog food is larger and more dominant compared to other categories of pet food, such as food for cats, birds, or fish. The high proportion of dog food sales could be attributed to the relatively higher number of pet dogs compared to other pets in Brazilian households, as well as the perception that dogs require specialized diets and nutrition. This information is valuable for pet food manufacturers and retailers looking to target their products effectively in the Brazilian market.
The global pet food industry is expected to increase at an annual rate of 2.5% from 2022 to 2024.
This statistic suggests that the global pet food industry is projected to experience a growth rate of 2.5% per year from 2022 to 2024. This indicates a positive trend in the industry, implying that there is likely an increasing demand for pet food products over the specified time frame. The 2.5% annual growth rate suggests a steady and moderate expansion of the market, which could be attributed to factors such as rising pet ownership rates, increasing disposable incomes, and evolving consumer preferences for high-quality pet food products. Overall, this statistic indicates a promising outlook for the global pet food industry over the next few years.
References
0. – https://www.www.reportsnreports.com
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2. – https://www.www.prnewswire.com
3. – https://www.www.researchandmarkets.com
4. – https://www.www.alliedmarketresearch.com
5. – https://www.www.meticulousresearch.com
