Pet Food Market Size, Share & Trends Report

Pet Food Market Size, Share & Trends Analysis Report By Pet Type (Dog [Wet Food, Dry Food, Snacks/Treats], Cat [Wet Food, Dry Food, Snacks/Treats], Others), By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-559-5
  • Number of Report Pages: 200
  • Format: PDF, Horizon Databook

Research Methodology

A three-pronged approach was followed for deducing the smart home market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for pet food market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of pet food market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Pet Food Market Categorization:

The pet food market was categorized into four segments, namely pet type (Dog, Cat), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The pet food market was segmented into pet type, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The pet food market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-five countries, namely, the U.S.; Canada; Mexico; Germany; the UK; Italy; France; Spain; Poland; Ukraine; Russia; Turkey; China; India; Japan; South Korea; Indonesia; Malaysia; Vietnam; Thailand; Australia; Brazil; Argentina; Middle East; and South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Pet food market companies & financials:

The pet food market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • The J.M. Smucker Company - The J.M. Smucker Company. is engaged in the production and distribution of branded food and beverage products across the globe. The company operates through four segments, namely U.S. Retail Pet Foods, U.S. Retail Coffee, U.S. Retail Consumer Foods, and International and Away from Home. It has a broad portfolio, which includes various products, such as cat food, dog food, coffee, peanut butter, pet snacks, frozen handheld products, fruit spreads, portion control products, shortening & oils, baking mixes & ingredients, and juices & beverages. The company sells its products through online shops, brokers, wholesalers, club stores, pet specialty stores, discount stores, and mass merchandisers. It operates through more than 30 manufacturing facilities and sales offices in North America. The company’s pet food manufacturing facilities are located in Pennsylvania, New York, Alabama, and Kansas.

  • The Hartz Mountain Corp. - The Hartz Mountain Corporation is engaged in the production and distribution of pet food products. The company provides over 2,000 pet care products for various types of pet animals, such as birds, cats, dogs, fish, reptiles, and small animals. Its product portfolio comprises treatment aids, accessories, cat litter, supplements, food products, and health and wellness products. Products manufactured are sold under brand names, namely Just for Cats, Oinkies, Wardley, Home Protection, UltraGuard, Bonanza, Chew ‘n Clean, Dura Play, Groomers Best, MultiCat, Hartz, Delectables, and Cattraction.

  • Mars, Inc. - Mars, Inc., along with its subsidiaries, engages in the manufacturing and distribution of chocolates, pet care products, and food products in the U.S. and internationally. The company operates through four business segments, namely Mars Petcare, Mars Wrigley, Mars Food, and Mars Edge. Its product portfolio comprises pet; medicine, nutrition, food products; readymade meals, sauces, relishes, and cooking aids; chocolates, chewing gums, candies, mints, and drinks; hot chocolate drinks, teas, and coffees. The company also offers insights to dog owners; DNA testing kits for canines; natural substrates for plants; and CocoaVia. It operates in about 80 countries including the U.S., Canada, Mexico, the UK, Belgium, Russia, Germany, China, Japan, India, Brazil, Argentina, and South Africa.

  • Hill’s Pet Nutrition, Inc. - Hill’s Pet Nutrition, Inc. is a subsidiary of Colgate-Palmolive Company (Colgate). The company specializes in the production of dog and cat food solutions. It manufactures pet food through its Hills pet nutrition division, which is available in over 80 countries. Diet solutions offered by the company are customized for additional needs including large breed, grain feed, nursing, or pregnant, and small & mini breed. The company also has a fully equipped, and highest-standard veterinary hospital certified by the American Animal Hospital Association.

  • Nestlé Purina - Nestlé Purina, previously known as Ralston Purina, was formed in 2001 following its acquisition by Nestlé SA, a Swiss multinational company. The company is engaged in the manufacturing of nutritional and health-related consumer goods. Products offered by the company include breakfast cereals, baby food, confectionery, dairy products, pet food & snacks, ice creams, and others. Some of these brands include Nescafe, Smarties, Nespresso, Nesquik, KitKat, Maggi, Vittel, and Stouffer’s. The company operates in more than 86 countries with 450 factories worldwide.

  • LUPUS Alimentos - LUPUS Alimentos is a manufacturer and supplier of pet food in Central & South America. The company operates in "Standard" to "Super Premium" segments and continually invests in expanding its product line, including snacks, treats, foods with functional ingredients, and chewable products, canned in instantaneous preparation to meet the nutritional needs of cats and dogs. It manufactures a line of safe and healthy food for cats, dogs, aquarium fishes, horses, birds, and other animals, as well as a line of beauty and hygiene. The company has three manufacturing units in Santa Luzia - MG, Rio Bonito - RJ, and Feira de Santana - BA.

  • Total Alimentos - Total Alimentos is primarily engaged in the production of animal feed products and belongs to the ADM group. The company operates through one business segment, namely pet food, and distributes its products globally. Its brand categories are segmented as super-premium, premium special, premium, and standard. The company partnered with the University of Illinois, U.S., and collaborated with numerous Brazilian universities to develop innovative and safe food products for pets. Its products are HACCP, GMP, and ISO 9001 certified.

  • General Mills Inc. - General Mills Inc. is engaged in the production and distribution of pet food products, which are produced using fruits, vegetables, and whole meats with no chemical ingredients. It offers healthy pet food solutions for specifically cat and dog species. The company’s food product portfolio comprises cereals, dough, fruits, ice creams, meals, organic, pasta, pet food, pizzas, snacks, soup, spices, vegetables, and yogurt. It sells its products through various online retailers, specialty stores, and other retail partners in the U.S.

  • WellPet LLC - WellPet LLC is a family-owned company engaged in the manufacturing of pet food products. The company offers specialized food with balanced nutritional value for pet animals. It offers a variety of pet food through its six brands, namely Wellness, Holistic Select, Old Mother Hubbard, Eagle Pack, Sojos, and Whimzees. Pet food products manufactured are natural without the inclusion of artificial ingredients, preservatives, and fillers. The company has also established the WellPet Foundation to support the groups assisting animals to rehabilitate and live healthier lives.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Pet Food Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Pet Food Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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