In the coming years, from 2021-2026, the global petfood market is projected to register a compound annual growth rate (CAGR) of 4.6% during this forecast period.

In 2020, North America held the largest share of the market and accounted for almost half (41.7%) of the overall market. Other large petfood markets include the US, the UK, France, Brazil, Russia, Germany, and Japan.

Petfood manufacturers are offering premium products targeteed towards pet owners due to a growing trend of humanisation and parenting of pets. Young populations of pet owners, for example, are willing to spend more money on healthy and natural petfood, to ensure the health and well-being of their pet.

In the long term, the premiumisation of petfood and humanisation of pets are expected to remain key drivers for the market growth during this forecast period. As this is a worldwide humanisation trend, there is a growing interest in pet health and nutrition.

Increased pet humanisation and ownership, private label store brands and growing urbanisation are considered the main drivers behind North America’s petfood market’s growth. Consistent with a desire to ensure pets have the best diets, locally-sourced and ethically-ourced products are propelling the market forward.

The global petfood market itself is fairly consolidated in terms of which companies accounted for major market share. The top five (beginning with the largest market share) include Mars, Inc; The J.M Smucker Company; Colgate-Palmolive Company; Nestle Purina Petcare Company; and Diamond Petfood.

Recent developments with regards to petfood companies and their activities oversaw Nestle Purina Pertcare invest USD $182 million to expand its pet care products facility in Virginia. Furthermore, Mars Inc launched wet cat food under its Whiskas brand and Hill’s Pet Nutrition opened a new nutrition innovaiton centre, to develop products specially for small and miniature dogs.

For more information, visit Mordor Intelligence’s website, HERE.