Allied Market Research published a report, titled, "Pet Food Market - Global Opportunity Analysis and Industry Forecast, 2025-2034," valued at $128.7 billion in 2024. With a projected CAGR of 6.1% from 2025 to 2034, the market is expected to reach $226.53 billion by the end of 2034. Rise in disposable incomes, humanization of pets, demand for natural and organic ingredients, and increase in focus on specialized nutrition for pet animals are propelling the pet food industry toward significant growth and market expansion, the research firm says.
- By pet type, the dog segment dominated the global pet food market in 2024 and is anticipated to maintain its dominance during the forecast period.
- By food type, the dry food segment dominated the global pet food market in 2024 and is anticipated to maintain its dominance during the forecast period.
- By sales channel, specialized pet shops segment dominated the global pet food market in 2024 and is anticipated to maintain its dominance during the forecast period.
The report finds that the rise in nuclear families has significantly influenced the pet food market, as pets are often regarded as key family members in smaller households. With fewer dependents and higher disposable incomes, many pet owners are willing to invest in premium foods that offer better health and nutritional benefits. Young couples and single professionals, in particular, are driving demand for organic, grain-free, and breed-specific diets.
