Pet Food - Australia

Australia

Revenue in the Pet Food market amounts to US$3.06bn in 2024. The market is expected to grow annually by 3.42% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$59,740m in 2024).
In relation to total population figures, per person revenues of US$114.60 are generated in 2024.
In the Pet Food market, volume is expected to amount to 1.24bn kg by 2029. The Pet Food market is expected to show a volume growth of 2.2% in 2025.
The average volume per person in the Pet Food market is expected to amount to 42.1kg in 2024.

Key regions: Russia, Spain, Philippines, United Kingdom, India

Market

Region

Region comparison

Currency

Analyst Opinion

The Pet Food Market in Australia is facing slow growth, due to factors such as low consumer awareness, limited distribution channels, and lack of innovation. Despite the negligible growth rate, increasing pet ownership and a shift towards premium and organic pet food products are expected to drive market growth.

Customer preferences: The Pet Food Market within The Food market in Australia has seen a significant rise in demand for organic and natural pet food products. This trend is driven by consumers' growing awareness of the importance of their pets' health and wellbeing, as well as their desire to align their own dietary preferences with their pets. This has resulted in a shift towards more sustainable and ethically sourced pet food options, with a focus on high-quality, whole food ingredients. Additionally, there has been a rise in demand for personalized and customized pet food options, catering to specific dietary needs and preferences of individual pets.

Trends in the market: In Australia, the pet food market is experiencing a surge in demand for natural and organic products, as consumers become more health-conscious and prioritize quality ingredients for their pets. Additionally, there is a growing trend towards personalized pet food, with companies offering customized options based on breed, age, and health needs. These trends signify a shift towards a more premium and personalized pet food market, creating opportunities for industry stakeholders to differentiate their products and cater to evolving consumer preferences. This trajectory also has potential implications for traditional pet food manufacturers, who may need to adapt and innovate to remain competitive in this evolving market.

Local special circumstances: In Australia, the Pet Food Market is heavily influenced by the country's geographical location, as it is known for its vast and diverse landscape. This has resulted in a wide variety of ingredients and flavors being used in pet food products, catering to the unique palates of Australian pets. Additionally, the country's strict regulations on pet food safety and labeling have created a high level of trust in the market, leading to a strong demand for premium and natural pet food options. The cultural value placed on pet ownership in Australia also drives the market, with many pet owners willing to spend more on their furry companions' nutrition and well-being.

Underlying macroeconomic factors: The Pet Food Market in Australia is heavily influenced by macroeconomic factors such as consumer spending, disposable income, and overall economic stability. As the economy grows and consumer spending increases, there is a higher demand for pet food products. Additionally, government policies and regulations, such as import and export laws, can also impact the market. In recent years, there has been a trend towards premium and natural pet food products, driven by consumer preferences for healthier options. This is further supported by the growing awareness of pet health and wellness, as well as the increasing number of pet owners in Australia. Overall, the Pet Food Market is expected to continue its growth trajectory, driven by favorable macroeconomic conditions and evolving consumer preferences.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the total consumer spending on food, which comprises all private household spending on food that is meant for at-home consumption (out-of-home consumption is not accounted for).

Modeling approach:

Market sizes are determined through a top-down approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as in-house market research, national statistical offices, international institutions, trade associations, companies, the trade press, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the exponential trend smoothing is well suited for forecasting the Food market with a projected steady growth. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.