The global pet food market is poised for substantial growth, with projections indicating a reach of USD 136.82 billion by 2028 and a compound annual growth rate (CAGR) of 4.96% from 2021 to 2028. In 2020, the market was valued at USD 93.94 billion, as highlighted in the "Pet Food Market, 2021-2028" report by Fortune Business Insight.

Information Source - https://www.fortunebusinessinsights.com/industry-reports/pet-food-market-100554

Market Dynamics:

1. Pandemic-Driven Pet Adoption Boost:
   • With the global shift to remote work, an increasing number of people embraced pet ownership during the pandemic.
   • Studies suggest that pet adoption reduces loneliness and depression, contributing to a surge in demand for pets.
   • Mars Petcare reported a 6.5% growth in combined sales of cat and dog treats between February and May 2020.

Market Segmentation:

1. Animal Type:

   • The market is segmented into Dogs, Cats, and Others.
   • Dogs held a dominant market share of 58.34% in 2020, driven by high expenditure on their well-being and the introduction of new dog treats.

2. Form and Distribution Channels:

   • Form segmentation includes dry and wet pet food, as well as snacks treats.
   • Distribution channels comprise supermarkets/hypermarkets, specialty pet food stores, online channels, and others.

3. Regional Analysis:

   • Regions include North America, Europe, Asia Pacific, South America, and the Middle East Africa.
   • North America led the market in 2020, with the U.S. witnessing increased pet adoption, contributing to a market value of USD 36.22 billion.
   • Europe is expected to show significant growth due to increased spending on sustainable and transparent pet food, with the U.K. leading the market.

Market Drivers:

1. Rising Pet Ownership in Developing Economies:

   • The global increase in pet adoption, especially in developing regions, is a key driver of market growth.
   • Factors such as urbanization, nuclear family trends, and pet humanization contribute to the demand for nutritious and quality pet food.

2. Increasing Per Capita Income:

   • Rising per capita income enables consumers to invest in organic and high-quality pet food products.
   • The availability of pet products at varied price points offers a range of options for consumers.

Competitive Landscape:

1. Investments and Expansions:

   • Key players are focusing on facility expansions and substantial investments to strengthen their market position.
   • Mars, Inc. invested USD 200 million in the expansion of its Royal Canin plant in Lebanon in March 2021.
   • Nestle Purina Petcare declared a USD 550 million investment to expand its food manufacturing facility in Georgia in December 2020.

2. Key Players:

   • Prominent companies in the global pet food market include Mars Incorporated, Nestle S.A., The J.M. Smucker Company, Colgate-Palmolive Company, General Mills, Inc., Diamond Pet Foods, Heristo AG, Tiernahrung Deuerer GmbH, Merrick Pet Care, Inc., and WellPet LLC.