Pet Treats Market Research, 2031
The global Pet Treats Market Size was valued at $20.1 billion in 2021, and is projected to reach $29.7 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031.
The change from pet ownership to parenting has been a very vital and defining trend in the pet treats market, specifically in developed countries. One-third of the households in developed countries have a pet, whereas dog or cat pet ownership has dominance. Traditionally, pet owners used to feed their pets from the leftover family meals. However, owing to the rise in awareness regarding the importance of the right pet food, which is manufactured with a focus to improve the health of these animals, has led to a rise in demand for pet treats and other healthy pet food products in the market. According to an in-house survey, the expenditure on pets has increased by 1.5 times as compared to the last decade. The majority of expenditure related to pet food has altogether grown immensely in the last few years with various pet treats market trends.
In addition, with the rise in awareness regarding organic products, the demand for organic pet treats is also rising and is becoming very popular among customers. As consumers become more health conscious and aware of the unhealthy production and cultivation of food crops and their effect on their pets’ health, the demand for organic pet treats food also rises in the market. For instance, benefits associated with organic pet treats include, no usage of harmful chemicals, fertilizers GMO ingredients, pesticides, radiation, or genetic engineering. In addition, according to The Research Institute of Organic Agriculture (FiBL), the global revenue generated from the organic market in 2019 was $123 million with 3.1 million organic agriculture producers globally. Furthermore, Australia had the largest organic agricultural land of 35.7 billion hectares and Europe had 16.5 million hectares, which is equivalent to more than 60% of the global organic area followed by Latin America and Asia-Pacific with 11% and 5.9%, respectively.
It is estimated that globally 1.5% of the farmland is organic and owing to the rise in demand for organic products, the share also rises. Moreover, many consumers have negative perceptions regarding genetically modified organisms, despite endorsements from leading, global scientific organizations, and more than three fourth of consumers globally think non-GMO food products are either somewhat or a lot healthier. The GMOs rank remains at the top list of food concerns among global shoppers. Therefore, key players are also stepping forward to introduce organic pet treats products to fulfill the rise in demand. In addition, the rise in spending on organic products and the increase in disposable income, especially in developing countries, including China, India, Brazil, and Mexico are expected to propel the growth of the pet treats market.
However, the market faces a stiff challenge as the Australian Veterinary Association Ltd. The study found that the majority of the Australian population, which is more than half of the population wishes to own a new dog. However, only 13% of the respondents confirmed that they intend to buy a pet within a year. There are multiple reasons responsible for resistance in pet or dog adoption, such as the responsibility of pet ownership, having an inappropriate home, which are unsuitable for the dog or unsuitable lifestyle, and the fact that other members of the household are not comfortable living with pets.
Expansion of sales channel is the major factor, which is likely to contribute to the pet treats market growth in the near future. Online retail platform is one of the fastest-growing segment in the market. Presently, many retail players manage their own web-based retail stores where customers learn more about the organization and its products. The availability of multiple options of product and their price comparison on online platforms also result in an increase in online shopping. This is beneficial to key players of the market as it eliminates the need for physical outlets or stores and also helps customers to read reviews provided by other users, and compare various stores, products as well as prices by different sellers for particular pet treats. Furthermore, as per World Bank data, in 2019, North America was the leader with approximately 88.4% of the population of internet users, followed by Europe and Central Asia, accounting for around 83.9% of internet users. Some of the popular online retailers in the pet treat markets are Amazon.com and Flipkart.com. Besides sales channels, product availability is rising even in convenience stores and local shops in small regions, which augments the market growth.
The pet treats market is segmented into pet type, form, distribution channel, and region. On the basis of pet type, the market is subdivided into dog food, cat food, and others. On the basis of form, the market is bifurcated into organic and conventional forms. On the basis of distribution channels, the market is classified into online and offline. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain, Russia, and the rest of Europe), Asia-Pacific (China, India, Japan, South Korea, New Zealand, Australia, Singapore, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa, Saudi Arabia, UAE, and rest of LAMEA).
On the basis of form, the conventional segment had the dominating Pet Treats Market Size in the year 2021 and is estimated to reach $24,854.3 million by 2031, with a CAGR of 4.0%. The conventional segment holds the maximum Pet Treats Market Share due to the various benefits offered by conventional farming to farmers, such as ease, convenience, and safety of crops in farming. Conventional farming offers huge availability of raw materials at low cost. Conventionally produced raw materials used for manufacturing pet treats ensures a good amount of yield to the farmers and it generates significant revenue for farmers. Therefore, manufacturers get huge quantities of raw materials for producing pet treats at cheaper costs. These aforementioned factors are expected to propel the growth of the conventional pet treats segment during the Pet Treats Market Forecast period.
By pet type, the dog segment dominated the global market in 2021, with $9,022.6 million in 2021, and is likely to remain dominant during the forecast period, with a CAGR of 4.2%. Dog treats generated the highest revenue in 2021, owing to an increase in the trend of nuclear families and their demand to keep dogs for companionship and security. It has been observed that pet owners prefer dry treats over canned or wet treats as it is easy to store, no refrigeration is needed, and is more economically cost-effective. However, health and wellness trend are increasingly apparent in the dog treats the market as owners are getting more conscious, concerning pets’ health and thus, are switching from dry treats to nutritional and organic treats.
By sales channel, the offline segment dominated the global Pet Treats Industry and is estimated to reach $25,834.9 million by 2031, with a CAGR of 3.9%. However, the online segment is likely to be the fastest-growing segment during the forecast period. Online or e-commerce sales has outpaced the other modes of sales channel. E-retail sales has witnessed a continued growth, around 61% of global online purchases have been made. Some of the major online websites, such as PetSmart, PetCo, and Chewy.com among others offer all types of pet treats from key brands, such as Blue Buffalo, Hills’s Pet Nutrition, and Royal Canin, and include each flavor for respective animals. Consequently, it leaves customers with several benefits, such as ease of buying from a single platform, availability of wider options, updated latest treats products, home delivery services, and affordable and discounted prices. Online sales have been showing a continuous growth over the years.
The players operating in the pet treats market adopt various developmental strategies to increase their Pet Treats Market Share, gain profitability, and remain competitive in the Pet Treats Industry. Key players included in the Pet Treats Market Analysis are, Benevo, Hill’s Pet Nutrition, Evolution Diet, Freshpet, Mars, Incorporated, Nestle S.A., Supreme Petfoods, THE PACK, V-Dog, Wild Harvest, Heristo AG, Diamond Pet Foods, Captain Zack, Pet Munchies, Arden Grange, Royal Canin SAS, And The Pet Beastro.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the Pet Treats Market Analysis from 2021 to 2031 to identify the prevailing pet treats market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the pet treats market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global pet treats market trends, key players, market segments, application areas, and market growth strategies.
Pet Treats Market Report Highlights
| Aspects | Details |
 Market Size By 2031 | USD 29.7 billion |
 Growth Rate | CAGR of 4.2% |
 Forecast period | 2021 - 2031 |
 Report Pages | 237 |
 By Pet Type |
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 By Form |
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 By Sales Channel |
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 By Region |
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 Key Market Players | The Pet Beastro, Mars Petcare Inc, Hill's pet nutrition Inc, The Hartz Mountain Corporation, Pet Munchies, Royal Canin, Canine India, wild harvest, V-Dog, arden grange pet foods, , Nestle S.A., Captain Zack, The Pack |
Analyst Review
The pet industry has witnessed a rapid humanization of pets in developed and developing regions. The pet owners are increasingly nursing their cats, dogs, birds, and other pets like family members. With the pet food constituting around 76% of the pet care industry, the pet treats manufacturers focus on offering the quality treats as per the owners’ tastes & preferences. According to Pet Food Industry, around 95% of pet owners consider their pets to be a part of the family. Therefore, the quality of ingredients used for the preparation of pet treats is taken into consideration while purchasing. The rising pet humanization has staggered the overall pet treats market.
However, concerns regarding the health of the pet has gained huge traction from the last few years, owing to owners’ love toward their pets and strict government policies. For instance, as per the law of Queensland government, pet owners are required to register their pets in the council areas and provide their pets with the required appropriate shelter, food, and total care. In addition, the government also provide extensive animal welfare to provide utmost care, love, and best possible quality of life to them. However, with the rise in disposable income of the pet owners, the spending over nutrition and food has raised from the owners side to minimize the risk of any possible animal diseases among their dogs. Therefore, growing awareness regarding proper vaccination and importance of pet food for dogs among owners propel the whole pet health industry, which contributes to the growth of the pet food in the market.
The global pet treats market was valued at $20,066.4 million in 2021, and is projected to reach $29,715.5 million by 2031, registering a CAGR of 4.2%.
From 2022-2031 would be forecast period in the market report
$20.1 billion is the market value of pet treats market in 2021.
2021 is base year calculated in the pet treats market report
Benevo, Hill’s Pet Nutrition, Evolution Diet, Freshpet, Mars, Incorporated, Nestle S.A., Supreme Petfoods, THE PACK, and V-Dog are the top companies hold the market share in pet treats market.
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