Pet Snacks and Treats Market Size is valued at USD 36.1 billion in 2023 and is predicted to reach USD 89.2 billion by the year 2031 at a 12.2% CAGR during the forecast period for 2024-2031.
Pet snacks and treats are those extra bits of food that animals like dogs and cats get from time to time. To cater to various pet nutritional needs or preferences, these foods can be found in many formats, such as biscuits, jerky, chewable sticks, and soft treats. The growing number of pet owners is fueling the pet snacks and treats industry. The main drivers of this trend are the emphasis on pet well-being, the need for high-quality and valuable products, and the tendency toward considering pets more like humans. An increasing concern for the well-being of pets has contributed to a change in consumer tastes towards products made with natural and organic components, which has further increased demand. In addition, there is a rising popularity of pets as members of the family and a trend toward treating them more like people. Premium, all-natural, and healthful dog products are moving up the consumer priority list. New product developments and the ease of online shopping are driving demand for pet snacks and treats even further.
However, the market growth is hampered by the high cost of pet snacks and treats, the product's inability, and strict regulations in the pet snacks and treats market. The market for pet snacks and treats was significantly affected by the COVID-19 outbreak. At first, pet food sales spiked as a result of panic buying and subsequent stockpiling. The demand for pet snacks and treats was driven up as the lockdowns continued, and more people preferred to adopt or foster them.
However, sales of premium products were hit because some customers opted for more affordable alternatives due to economic uncertainty. Distribution and production were also impacted by problems with the supply chain and a lack of available workers. The inherent importance of pet care was demonstrated by the market's resiliency in the face of adversity. Another factor that changed the competition was the rise of online shopping. Furthermore, e-commerce and digital marketing are important for increasing the reach of products, and creative flavors and packaging designs attract customers and support the pet snacks and treats market expansion.
Competitive Landscape
Some of the pet snacks and treats market players are
- Colgate Palmolive Company
- General Mills Inc.
- Mars, Incorporated
- Merrick Pet Care
- Nestlé S.A.
- Off-Leash Pet Treats
- Spectrum Brands, Inc.
- The J.M. Smucker Company
- VAFO Group a.s.
- Wellness Pet, LLC
- Other Prominent Players
Market Segmentation:
The pet snacks and treats market is segmented based on product, pet type, and distribution channel. Product segment is categorized into eatable and chewable. Pet type segment includes dogs, cats, and others. Distribution channel segment includes supermarkets & hypermarkets, pet specialty stores, online, and others.
Based On The Pet Type, The Dog Pet Snacks And Treats Market Segment Is Accounted As A Major Contributor To The Pet Snacks And Treats Market
The dog's pet snacks and treats market is expected to maintain a major global market share in 2023 on account of pet humanization is on the rise, and pet owners are looking for high-quality items that prioritize their pets’ health. Dogs and their owners typically form strong bonds through the usage of treats, which facilitate pleasant interactions between the two. The expansion of the pet industry is being propelled by rising disposable money, which in turn is funding new flavor and nutrition advancements, which are all contributing to the sector's growth.
Eatable Segment To Witness Growth At A Rapid Rate
Eatable makes up the bulk of pet snacks and treats because the demand for eatable pet snacks and treats is being propelled by the growing knowledge of the need for pet food and treats that have functional benefits, such as promoting skin, coat, and joint health. In response to this rising demand from consumers, major companies in the sector are releasing a wide array of items, especially in countries like the US, Germany, China, the UK, and India.
In The Region, The North American Pet Snacks And Treats Market Holds A Significant Revenue Share
The North American pet snacks and treats market is predicted to represent the highest market share in revenue in the near future. The regional growth is due to people paying more attention to pet health and welfare and increasing demand for pet snacks and treats in emerging nations. Innovation in tastes, components, and health advantages is encouraged by the existence of major participants in the market, as well as the rising pet owners' purchasing capacity and per capita income. In addition, Asia Pacific is projected to expand rapidly in the global pet snacks and treats market because there is a high prevalence of pet ownership, and people are gradually spending more on their pets’ health and happiness since they consider them part of the family. The need for high-quality snacks and treats is being driven by customers in Asia-Pacific who have a preference for premium and health-oriented products in the area.
Recent Developments:
- In January 2024, VAFO Group, a leading European manufacturer of luxury pet food, finished buying out Dagsmark Petfood, a firm based in Finland. The acquisition of Dagsmark recently enhanced VAFO's offering and opened up new avenues for growth into further Nordic markets. With this transaction, Dagsmark gains access to more resources and knowledge to support its continued growth.
- In Feb 2024, Unreasonable Food and Mars announced the start of a three-year collaboration to promote sustainability and Net Zero by 2050. Four key pillars will be the emphasis of the Mars Unreasonable Food partnership: Reimagining Sustainable Packaging, Improving Farmer Livelihood, Changing Food Supply Chains, and Shaping the Future of Food.
Pet Snacks and Treats Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 36.1 Bn |
|
Revenue Forecast In 2031 |
USD 89.2 Bn |
|
Growth Rate CAGR |
CAGR of 12.2% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Mn, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Product, Pet Type, And Distribution Channel |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; Southeast Asia; South Korea |
|
Competitive Landscape |
Mars, Incorporated; Nestlé S.A.; The J.M. Smucker Company; General Mills Inc.; Colgate Palmolive Company; Off-Leash Pet Treats; Wellness Pet, LLC; Merrick Pet Care; Spectrum Brands, Inc, and VAFO Group A.S. |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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