The pet food and supplements market in the United States is expected to grow at a compound annual growth rate of 6.2% through 2034. Pet owners in the United States are increasingly willing to pay a premium for high-quality pet food. Pet health and wellness are becoming increasingly important in the United States. Pet owners are looking for products that support pets’ overall health, address specific health concerns, and provide functional benefits.
NEWARK, Del., August 14, 2024 (GLOBE NEWSWIRE) — The global pet food and nutritional supplements market will reach a valuation of 119.1 billion US dollars in 2024, due to factors such as cross-category innovation. The trend will create new opportunities for the market, resulting in a forecasted CAGR of 5.8% between 2024 and 2034 and reaches a total value of approx. 210.0 billion USD until 2034.
Cultural changes, including declining birth rates in some regions and a growing number of single-person households, are contributing to the rise in pet ownership. Pets often serve as companions and surrogate family members in these situations, driving demand for high-quality pet food and nutritional supplements.
Subscription models for pet food and supplements provide convenience and cost savings for pet owners, while also providing brands with recurring revenue streams and opportunities to upsell and cross-sell additional products. Social media platforms have become powerful channels for pet-related content, with pet influencers and pet-centric communities driving trends and influencing purchasing decisions.
Brands can use influencer partnerships and social media marketing to reach their target audience and build brand awareness. Pet food manufacturers are expanding their reach into new markets through strategic partnerships, acquisitions and distribution agreements.
The globalization trend offers brands the opportunity to capitalize on diverse consumer preferences and enter new market segments. The pet food industry is placing increasing emphasis on strict manufacturing standards, quality assurance protocols and product testing, and consumer awareness of food safety and quality is increasing.
Brands that prioritize safety, transparency and reliability can differentiate themselves in the market. Interest in alternative protein sources for pet food, such as insect-based proteins, plant-based proteins and cultured meat, is growing as concerns grow about the environmental impact of traditional meat production.
Key findings from the market study
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The global pet food and nutritional supplements market was 111.5 billion US dollars in 2023.
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From 2019 to 2023, market demand increased CAGR of 7.5%.
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The market in Korea is growing CAGR of 8.0% until 2034.
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After pets, the dog segment makes a CAGR of 5.6% until 2034.
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The market in China is expected to CAGR of 6.6% until 2034.
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As for the source, the conventional segment is responsible for a CAGR of 5.4% until 2034.
“Brands that innovate in this area can appeal to environmentally conscious consumers while addressing sustainability concerns,” says Sudip Saha Managing Director and co-founder of Future Market Insights.
Competitive environment
Prominent players in the pet food and supplements market include Mars Petcare, Nestlé Purina Petcare, Hill’s Pet Nutrition, The JM Smucker Company, Blue Buffalo, Diamond Pet Foods, Spectrum Brands, Nutro Products, Wellness Pet Food, Merrick Pet Care and Ainsworth Pet Nutrition.
Company portfolio
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Hill’s Pet Nutrition focuses on providing scientifically formulated pet foods and supplements tailored to the nutritional needs of pets at different life stages and with different health requirements. Their product portfolio includes prescription diets recommended by veterinarians to treat specific health conditions.
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The JM Smucker Company offers a range of pet foods and supplements to provide your pets with balanced nutrition and support their overall health. Their product range includes both traditional and natural food options, as well as supplements designed to address specific health concerns such as skin and coat health or digestive support.
Key topics in the pet food and nutritional supplements industry report
Segmentation analysis of the pet food and nutritional supplements market
By product type:
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Dog
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Cat
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Freshwater fish
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Miscellaneous
According to source:
By sales channel:
By food type:
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Wet food
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Dry food
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Snacks/Treats
By region:
Browse the full report! https://www.futuremarketinsights.com/reports/pet-food-and-supplement-market
About Future Market Insights’ Consumer Product Division
The Consumer Products team at Future Market Insights provides expert analysis, time-efficient research and strategic recommendations with the aim of delivering authentic insights and accurate results to help clients worldwide. With a repertoire of over 100 reports and over 1 billion data points, the team has been closely analyzing the market across 50+ countries for over a decade. The team provides a concise analysis of the key trends including competitive landscape, profit margin and research development efforts.
Author:
Sudip Saha is the Managing Director and Co-Founder of Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and is constantly generating media buzz with his thought leadership. His extensive experience in market research and project management and consumer electronics is likely to continue to be the leading end-user sector in Asia Pacific, EMEA and the Americas, reflecting his growth-focused approach to clients.
He is a strong believer and advocate of innovation-based solutions and emphasizes on tailoring solutions to meet the requirements of each individual client. His foresight and visionary approach recently earned him the Global Icon in Business Consulting award at the ET Inspiring Leaders Awards 2022.
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The pet car seat market is expected to reach a value of $2.8 billion in 2022 and exceed $5.0 billion by 2032, growing at a compound annual growth rate of 4.7% between 2022 and 2032. The pet car seat market accounts for approximately 3-6% of the global pet care market.
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