Understand How The Pet Snacks And Treats Market Is Set To Grow In Through 2023-2032
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The global pet snacks and treats market is in for substantial growth, projected to rise from $37.79 billion in 2022 to $42.41 billion in 2023, with a compound annual growth rate (CAGR) of 12.2%. The market is anticipated to reach $66.62 billion by 2027, with a CAGR of 12%. Let’s delve into the driving force behind this surge – the increasing spending on pet health – and explore the trend of product innovations shaping this thriving industry.
- Paws and Claws Well-Being: Spending on Pet Health:
- The growth of the pet snacks and treats market is propelled by increased spending on pet health.
- Pet health encompasses the overall well-being of various domesticated pets, and treats play a crucial role in promoting their health.
- According to the American Pet Products Association, Americans spent $136.8 billion on pet health in 2022, reflecting a significant increase of 10.68% from the previous year.
- Pet snacks and treats serve as rewards during training, contribute to dental hygiene, and provide essential nutrients for a balanced diet.
- Industry Leaders at a Glance: Major Players in the Pet Snacks and Treats Market:
- Key players in the pet snacks and treats market include Cargill Incorporated, Nestle S.A., Mars Incorporated, and many others.
- These industry leaders contribute to the market’s vibrancy, setting trends, and shaping the competitive landscape.
- Trend Spotlight: Product Innovations in Pet Snacks and Treats:
- Product innovation emerges as a significant trend, with major companies focusing on developing new and inventive products.
- Wellness Pet Company, a US-based pet food company, introduced Good Dog by Wellness in May 2022 – an all-natural brand of dog treats.
- The Good Dog-happy puppy treats are specially designed for growing puppies, featuring purposeful ingredients like veggies and omega-rich flaxseed.
- These grain-free snacks support brain development, immune health, and overall well-being, offering pet parents a variety of options to address specific health and training needs.
- Market Segmentation: Unraveling the Dimensions of Pet Snacks and Treats:a) By Product:
b) By Category:
c) By Pet Type:
- Other Pets
d) By Distribution Channel:
- Supermarkets And Hypermarkets
- Specialty Pet Stores
- Other Distribution Channels
5. Regional Dynamics:
- North America takes the lead as the largest region in the pet snacks and treats market in 2022.
- Asia-Pacific is poised to be the fastest-growing region in the forecast period, indicating evolving market dynamics.
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The Pet Snacks And Treats Global Market Report 2023 provides an overview of the pet snacks and treats market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The pet snacks and treats market forecast analyzes pet snacks and treats market size, pet snacks and treats market share, leading competitor and their market positions.
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