Key Market Insights

The global pet food market was valued at US$128.94 billion in 2025. It is projected to grow from US$134.46 billion in 2026 to US$199.5 billion in 2034, representing a CAGR of 5.05% over the forecast period. North America dominates the pet food market, holding a 41.71% market share in 2025.

Pet food is available in various forms globally, such as dry food, wet food, and treats. These products can be animal-based or plant-based. Sales are conducted through multiple distribution channels, such as hypermarkets/supermarkets, specialty stores, and online channels. The market has experienced significant growth in recent years due to the increasing number of pets worldwide. Furthermore, the market is expected to experience rapid growth during the forecast period due to the growing trend towards pet humanization.

Nestlé Purina Pet Care, Colgate-Palmolive, J.M. Smucker Company, Hill's Pet Nutrition, Inc., and Mars Inc. are some of the key players in this industry, shaping the landscape by launching new products and pet food solutions.

Market Drivers

Global Pet Ownership Increases Driving Market Growth

Global pet ownership has been steadily increasing in recent years, particularly in emerging economies. Rapid demographic changes, rising income levels, and the COVID-19 pandemic are some of the key factors driving this growth. For example, according to the Animal Health Organization, approximately 2 million people adopted pets in the UK during the COVID-19 lockdown, compared to approximately 1 million in Australia during the same period.

The growth in pet ownership is particularly evident in emerging economies such as Latin America, Asia Pacific, the Middle East and Africa, and Eastern Europe. The rapid growth in pet adoption/ownership is primarily due to the expansion of the middle-class population, which has positively impacted pet ownership in these regions. Furthermore, disposable income is a significant factor driving pet ownership. Consequently, pet ownership has been growing rapidly in rapidly developing countries in Asia Pacific and Eastern Europe. Additionally, according to the Animal Health Organization, pet ownership in China increased by 113% between 2014 and 2019. In comparison, pet ownership in South Korea increased by 50%.

The rapid growth of pet anthropomorphism is driving global market growth.

In recent years, the global market has observed a significant shift in pet-owning culture. A notable cultural change is the increasing anthropomorphism of pets, with companion animals being viewed as family members or even humans by their owners. This trend has increased demand for premium pet products, as people are more willing to buy healthy, high-quality food for their pets. The rise of pet anthropomorphism is largely driven by millennials. For example, according to animal health organizations, approximately one-quarter of pet owners in the United States are millennials. Pumpkin Pet Insurance, a US pet insurance company, notes that many millennial couples prefer to adopt pets before having children. As pet ownership becomes a training wheel before parenthood, pet owners are increasingly health-conscious and are seeking healthy food for their pets. Premium food has recorded rapid growth in recent years and is expected to continue driving market growth.

Market Restrictions: Strict Government Regulations to Curb Market Growth

Pet food is subject to strict regulations, especially in developed countries such as the United States and other European countries. In these developed markets, the entire supply chain, from the ingredients used in production to sales and marketing, undergoes rigorous inspection of animal feed. Therefore, stringent regulations related to commercialization can be a significant limiting factor, as they increase the cost of developing new products and lead to significant product similarity, thus intensifying market competition. Furthermore, lower acceptance of premium or high-priced products in some developing markets may hinder market growth.

Market Opportunities: Key Players Focus on Expanding Production to Drive Market Growth

Global demand for pet food and care products has been steadily increasing over the past few years, creating continuous opportunities for industry players. Consequently, companies anticipating positive growth in product demand in the coming years are investing heavily in expanding production capacity to meet future market demand. Capacity expansion will play a crucial role in shaping the evolving industry landscape and driving growth in the global pet food market. For example, in September 2025, Pet Factory, one of Europe's emerging pet food distributors, invested $23 million to open a new, state-of-the-art production facility for pet food production. The 9,000-square-meter production plant is designed to meet the highest European standards, incorporating advanced technologies from Germany and the Netherlands, and is certified by IFS, ISO 14001, and ISO 22000.