Pet Treats Market Expected to Reach $29.7 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Pet Treats Market," The Pet Treats Market Size was valued at $20.1 billion in 2021, and is estimated to reach $29.7 billion by 2031, growing at a CAGR of 4.2% from 2022 to 2031. 

There is a large consumer shift towards veganism was found during the vegunary’s challenge in 2020. As many as 6% of the U.S. population said that they are vegan, which was just 1% in 2014. In addition, there were more than 500,000 participants who signed up for vegunary’s challenge in 2021, which was 25% more than the challenge of 2020, which had 400,000 participants only. This shows rise in consumer shift towards plant-based products or called vegan products and is expected to remain positive in the future. In addition, owing to the growth in health awareness regarding pets and various food allergies, pet owners now shift towards vegan pet food to avoid any skin allergy or health issue among their pets. Therefore, the rise in the trend towards veganism coupled with pets’ health awareness and benefits of vegan pet food propel the demand for vegan pet treats among pet owners. 
However, the market faces stiff challenges as per the Australian Veterinary Association Ltd. The study found that majority of the Australian population, which is more than half dreams 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, 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. Moreover, various public places, such as restaurants, malls, and hotels restrict the entry of pets, including dogs. These factors collectively restrict pet adoption, which in the process restraints the Pet Treats Market Growth.

The pet treats market is segmented into pet type, form, distribution channel, and region. On the basis of pet type, the Pet Treats Market is subdivided into dog food, cat food, and others. On the basis of form, the market is bifurcated into organic and conventional. On the basis of distribution channel, 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 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).

Key findings of the study

• On the basis of form, the conventional segment dominated the global market in 2021, and is estimated to reach $24,854.3 million by 2031, with a CAGR of 4.0%. Conventional pet treats segment holds the maximum Pet Treats Market Share due to various benefits offered by convention farming to the farmers, such as ease, convenience, and safety of crops in farming. Conventional farming offers huge availability of raw material at low cost. 
• By pet type, the dog segment was the dominated the global market in 2021 and is likely to remain dominant during the Pet Treats Market Foreacst period, with a CAGR of 4.2%. Dog treats generated the highest revenue in 2021 owing to increase in 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 needed and is more economically cost-effective. 
• By distribution channel, the offline segment dominated the global market with a CAGR of 3.9%. However, the online segment is likely to be the fastest-growing segment during the forecast period. 
• Region-wise, North America, dominated the global Pet Treats Industry and is likely to remain dominant during the forecast period. The North America market is strongly driven by pet humanization, strong growth in pet ownership, increasing consciousness towards pets’ health, and increasing Pet Treats Market Trends of premium and super-quality pet treats. As per American Pet Products Association, more than 65% of the U.S. households own a pet, and thus, results into one of the biggest Pet Treats Industry in the globe. 

The players operating in the global pet treats market adopt various developmental strategies to increase their market share, gain profitability, and remain competitive in the market. 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.