Globally, dog food market to become US$64 Billion by 2024

The global dog food market has been growing at a moderate rate over the past few years. This can be accredited to factors such as the introduction of fortified product varieties, the trend of pet humanization and initiatives taken by several governments.

Dog food refers to commercially prepared food which provides a proper nutritional diet to dogs. It is available in dry (kibble), wet and semi-moist forms. Dog food is generally fortified with ingredients such as oatmeal, potatoes, pea protein, bone meal, chicken, sugar-based sweeteners and liver chunks. As a result, it is extremely rich in carbohydrates, proteins, vitamins and minerals, and helps in maintaining appropriate weight and energy levels. Dog food also increases immunity, improves digestion, and strengthens bones, muscles, and teeth.

The rising trends of premiumization and pet humanization across the world have led to a shift towards premium dog food products which have enhanced nutritional content. Moreover, manufacturers are developing innovative and healthier product varieties which comply with stringent manufacturing standards. Further, a number of initiatives have been taken by the governments of several countries to promote awareness about the overall wellness of pets and the importance of using high-quality pet food products. Some of the other factors contributing to the growth of the market include the rising culture of dog ownership, growing geriatric population, elevating income levels and improving standards of living. Looking forward, the dog food market is anticipated to cross US$ 64 Billion by 2024, at a projected CAGR of nearly 4% over the next five years.

Dog food market trends

Based on types, dry food represents the most popular product type, holding the majority of the market share. Other major segments include dog treats and wet dog food. On the basis of pricing types, the market has been bifurcated into mass products and premium products. Amongst these, premium products account for the largest market share as they are mostly preferred by dog owners worldwide.

Based on ingredients, the market has been segregated into animal-derived and plant-derived products. Currently, animal-derived dog food represents the leading segment, holding the dominant share. On the basis of distribution channels, dog food is majorly distributed through supermarkets and hypermarkets. Other key distribution channels include speciality stores, online and others.

Region-wise, the market has been divided into North America, Asia Pacific, Western Europe, Eastern Europe, Latin America, and the Middle East and Africa. Currently, North America accounts for the largest share, exhibiting a clear dominance in the market. The leading players operating in the market include Nestlé Purina PetCare, Mars Petcare Inc., Hill's Pet Nutrition, Proctor & Gamble Co., and Del Monte Foods.

(With inputs from IMARC Group)