Pet Food - G20

Revenue in the Pet Food market amounts to US$135.70bn in 2024. The market is expected to grow annually by 5.11% (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$27.24 are generated in 2024.
In the Pet Food market, volume is expected to amount to 51.26bn 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 9.0kg in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Pet Food Market in The Food market in G20 has seen minimal growth, influenced by factors such as changing consumer preferences, increasing demand for premium pet food, and growing concerns about pet health and nutrition.

Customer preferences: As pet ownership continues to rise, consumers are becoming more discerning about the quality and ingredients in their pet's food. This has led to a growing demand for natural and organic pet food options, as well as a focus on sustainable and ethically-sourced ingredients. Additionally, there has been a shift towards personalized pet food solutions, with owners seeking out customized diets based on their pet's specific nutritional needs and preferences. This trend is driven by a growing awareness of the importance of proper pet nutrition and the desire to provide the best possible care for their beloved furry companions.

Trends in the market: In the Pet Food Market within The Food market, there is a growing trend towards natural and organic pet food products. This is driven by a rising awareness among consumers about the health benefits of natural ingredients for their pets. In addition, there is an increasing demand for personalized and customized pet food options, with companies offering tailored diets based on specific pet health needs. These trends are significant as they reflect the changing preferences of pet owners and the increasing focus on pet health and well-being. They also present opportunities for industry stakeholders to tap into the growing demand for natural and personalized pet food products.

Local special circumstances: In China, the Pet Food Market is growing rapidly due to the rising disposable income and the increasing trend of pet ownership. The country's unique cultural values and traditional beliefs also play a significant role in the demand for high-quality and specialized pet food products. Additionally, the Chinese government's regulations on pet food safety have led to a shift towards premium and organic pet food options, driving market growth.

Underlying macroeconomic factors: The Pet Food Market within The Food market is impacted by macroeconomic factors such as consumer purchasing power, disposable income, and overall economic stability. In countries with strong economic growth and rising incomes, there is a growing demand for premium and specialized pet food products. On the other hand, in countries facing economic challenges, consumers may opt for more affordable pet food options. Additionally, government policies and regulations on animal welfare and food safety also play a role in shaping the market landscape for pet food products.

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.