Pet Food Market Expected to Reach $226.5 Billion by 2034

According to a new report published by Allied Market Research, titled, “Pet Food Market," The pet food market size was valued at $128.7 billion in 2024, and is estimated to reach $226.5 billion by 2034, growing at a CAGR of 6.1% from 2025 to 2034.

The pet food market is experiencing significant growth driven by increasing pet ownership worldwide, fueled by rising disposable incomes among consumers. Key factors and trends propelling this market include the growing prevalence of nuclear families, the rapid humanization of pets, and heightened awareness of pet health. However, challenges such as rising pet obesity rates and frequent pet food recalls may somewhat restrain market growth during the forecast period. On the other hand, expanding pet ownership in developing countries and the surge in e-commerce sales present promising opportunities for the global pet food market growth.

According to pet food market report, the market is segmented by pet type, food type, sales channel, and region. By pet type, the market is divided into dogs, cats, and others. The increasing number of nuclear families and their preference for dogs as companions and for security led to dogs generating the highest revenue in 2024. By food type, the market includes dry food, wet food, treats & snacks, and others. Dry food dominates this segment due to its convenience, easy storage without refrigeration, and affordability compared to other food types.

In terms of sales channels, the market is categorized into supermarkets & hypermarkets, specialized pet shops, online channels, and others. Regionally, the market is divided into North America, Europe, Asia-Pacific, and LAMEA, with North America accounting for the highest revenue in 2020 and expected to maintain market leadership throughout the forecast period.

The rise in disposable income, particularly in urban areas, has led to more households owning pets and increasing their spending on pets such as dogs, cats, and fish. This surge in pet ownership has attracted numerous multinational companies to establish operations in various regions through manufacturing and distribution facilities. For example, Perfect Companion, a Thai multinational company, recently opened a new factory in Zhenjiang province.

Flavor trends have also begun to shape the pet food market, with beef gaining popularity in both dry and wet food categories, while chicken remains the most favored flavor. The demand for natural, organic, and nutritious pet foods continues to grow, driven by their grain-free properties and associated health benefits for pets, thus driving pet food market share.

Global population growth, rising incomes in developing countries, and urbanization have all contributed to increased pet food production. This growth parallels the expanding pet population and subsequent humanization of pets, leading consumers to favor premium pet food products to reduce health risks. Consequently, producers have lucrative opportunities to develop therapeutic and nutritional pet foods, helping them secure larger market shares.

Consumers tend to prefer cats over dogs as cats are easier to manage owing to their smaller size and simpler dietary care. As a result, the cat food segment is expected to grow faster than dog food. Wet cat food, in particular, is experiencing modest growth as it provides higher nutritional value and benefits pets' oral & dental health.

Pet owners are increasingly attentive to their pets' dietary needs, opting for functional foods tailored to breed and age. Pets are regarded as full family members and receive treats, snacks, and premium foods similar to their owners. Pet parents seek unique, natural, organic, and flavorful ingredients, prompting manufacturers to respond by producing organic and healthy pet food products.

The pet food market trends is largely fueled by rapid pet humanization, increasing pet ownership, and rising demand for therapeutic foods. Pet humanization has heightened focus on pets’ health, weight management, and overall wellness, driving strong demand for premium and super-premium pet food products. For example, Italian pet owners particularly believe these high-quality products promote better health for their pets.

Leading companies in the pet food industry include Mars Petcare Inc., The Hartz Mountain Corporation, Big Heart Pet Brands, Nestlé Purina PetCare, Diamond Pet Foods, Hill’s Pet Nutrition, Deuerer, WellPet, Blue Buffalo, and Heristo AG. These key players employ various strategies such as product launches, partnerships, collaborations, joint ventures, and acquisitions to expand their market presence and strengthen their competitive position.

KEY FINDINGS OF STUDY

• On the basis of pet type, the dogs segment held the major share in 2024.
• On the basis of food type, the dry food segment held the major share in 2024.
• On the basis of sales channel, the specialized pet shops segment held the major share in 2024.
• On the basis of the region, North America held the major share in 2024.