The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The animal and pet food market have witnessed robust growth in recent years, with the market size surging from $256.18 billion in 2023 to $278.62 billion in 2024, exhibiting a commendable Compound Annual Growth Rate (CAGR) of 8.8%. The expansion in the historic period can be attributed to various factors such as the increasing trend of pet ownership, the flourishing animal agriculture sector, humanization of pets, global meat consumption, and the impact of regulations and standards.

• Key Drivers of Historic Growth:
  • Growing pet ownership
  • Flourishing animal agriculture
  • Humanization of pets
  • Global meat consumption
  • Impact of regulations and standards

Outlook for the Future: Anticipated Surge

The upward trajectory of the animal food market is expected to persist, projecting a market size of $379.41 billion in 2028, driven by a CAGR of 8.0%. Anticipated growth factors in the forecast period include an emphasis on health and wellness for pets, sustainability and ethical sourcing, customized and personalized diets, and the burgeoning influence of digital marketing and e-commerce. Notable trends in this period encompass grain-free and grain-inclusive diets, protein-rich and meat-first formulations, natural and organic pet food, and the rise of alternative protein sources and functional ingredients.

• Forecasted Growth Catalysts:
  • Health and wellness for pets
  • Sustainability and ethical sourcing
  • Customized and personalized diets
  • Digital marketing and e-commerce
  • Emerging trends: grain-free diets, protein-rich formulations, natural and organic pet food

Regional Dominance: Asia-Pacific Takes the Lead

In 2023, Asia-Pacific emerged as the largest region in the animal food market. This region’s dominance can be attributed to various factors, including a burgeoning population with a rising disposable income, an increasing awareness of pet health, and a growing inclination towards pet ownership.

Read The Full Animal Food Market Report Here:
https://www.thebusinessresearchcompany.com/report/animal-food-global-market-report

Market Players and Innovations

Major companies in the animal food market are at the forefront of innovation to drive profitability. Noteworthy advancements include products like LALPROBIOME, a microbial pet nutrition solution developed by Lallemand. This product line incorporates yeast and bacterial strains utilized in pet food, treats, and supplements, offering benefits such as immunological support, antioxidant optimization, digestive care, and cognitive performance in pets.

• Innovations Driving Profitability:
  • Introduction of LALPROBIOME by Lallemand S.A.S.
  • Utilization of microbial pet nutrition solutions
  • Focus on immunological support, antioxidant optimization, digestive care, and cognitive performance

Market Segmentation

The animal food market is segmented based on type, ingredients, and distribution channels, providing a comprehensive understanding of its diverse landscape.

1) By Type:

• Poultry Feed
• Cattle Feed
• Aquaculture Feed
• Other Animal Food

2) By Ingredients:

• Cereal
• Oilseed Meal
• Supplements
• Other Ingredients

3) By Distribution Channel:

• Supermarkets/Hypermarkets
• Convenience Stores
• E-Commerce
• Other Distribution Channels

Get A Free Sample On The Global Animal Food Market Report:
https://www.thebusinessresearchcompany.com/sample_request?id=2053&type=smp

The Animal Food Global Market Report 2023  provides an overview of the animal food market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The animal food market forecast analyzes animal food market size, animal food market share, leading competitor and their market positions.

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