January 2, 2024 – The global Petfood market, valued at US$99.10 billion in 2022, is projected to grow steadily at a 4.3 percent compound annual growth rate (CAGR), reveals Emergen Research. Increasing pet adoption and a growing awareness of pet health drive this growth. Owners prioritise both physical and mental well-being for their pets, spurring manufacturers to innovate stress-reducing food products.
Plant-based foods offer digestibility, hypoallergenic properties and anti-inflammatory benefits, boosting dogs’ immune systems and minimising sickness. Chasing plant-based diets for pets can save numerous animal lives, significantly reducing meat consumption. For example, PawCo’s recent launch of proprietary plant-based dog food showcases a blend of fruits, vegetables and plant-based proteins, meeting rising demands for diverse petfoods.
This trend is expected to fuel global market growth in petfood during the forecast period.