NEWARK, Del., Nov. 28, 2023 (GLOBE NEWSWIRE) — U.S buy snacks and treats for pets size is poised for significant growth and is expected to reach from 13,684.5 million US dollars in 2024 to US$22,215.1 million by 2034. Sales of pet snacks and treats are set to record a CAGR 5.0% from 2024 to 2034.
Key Forces Shaping its Future Shop for pet snacks and treats:
- Pet owners prioritize quality over affordability and focus on tasty and nutritious foods and natural supplements.
- Pet parents in the digital generation prefer to shop online. Product accessibility on e-commerce platforms and social media marketing strategies drive its sales.
- Millennials are open to new and advanced products, unlike older generations. These reasons fuel dogs face market expansion because they are willing to spend money on premium pet products.
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Barriers to the Global Pet Coin Industry:
- Expensive snacks made from various products make it difficult for lower income groups to purchase these treats. Hence, growth in the market is set to be hampered by the high cost of many premium, durable products despite their accessibility.
- Extensive regulations can hinder the growth of pet snacks and face the growth of the market. Policies enacted by western nations pose a challenge to the expansion of the pet market. It is expected that strict commercialization of these products may cause market expansion.
Asia Pacific Pets Industry Growth Catalysts:
- The growing trend of pet ownership and increased awareness of pet nutrition and health is fueling the growth of the Asia Pacific market.
- The growing disposable income of pet owners and seeing their pets as members of the family is stimulating the demand for pet grooming.
Shaping North America Pet Treats Market Trends:
- The cat snack industry is dominated by North America, which has a well-established pet care sector and a strong emphasis on pet welfare.
- The dynamics of the pet treat market in North America is driven by premium as consumers look for natural, high-quality treats that also serve a purpose for their pets.
- In North America, e-commerce is widespread and offers customers easy access to a huge variety of pet snacks and treats.
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Insights into the dynamics of the European dog treat market:
- The trend of humanizing pets and the demand for sustainable and organic products are driving the steady growth of the European pet treats market.
- There is a growing need for healthy, portion-controlled treats in the European pet snack and treat industry due to growing awareness of pet obesity and the value of preventive health care.
- Pet owners in Europe are interested in new sources of protein for their pets and prefer local ingredients.
“Opportunities are emerging in the dynamic market as consumer pet snacking trends shift toward premium, health-conscious alternatives. The industry’s capacity for innovation is highlighted and companies are urged to adapt to the changing needs of pet owners. Continued growth in the profitable pet chews sector depends on maintaining the flexibility of product offerings and capitalizing on developing market dynamics.” – Views Sneha VergheseSenior Consultant for Consumer Goods and Products at Future Market Insights (FMI).
- The dog segment in the pet type category to take share 42.8% from 2024 to 2034.
- In the distribution channel category, the specialty pet store segment gained market share 87.3% between 2024 and 2034.
- Sales of pet snacks and treats in the United States are expected to show a CAGR 4.4% in 2024.
- The market for pet snacks and treats in Germany is set to grow into a CAGR 3.5% in 2024.
- The pet snacks and treats industry in France is expected to accelerate at a CAGR 4.4% between 2024 and 2034.
- Sales of pet snacks and treats in China are expected to grow at CAGR 9.1% until 2034.
- The pet snacks and treats industry in India is expected to grow at a CAGR 6.4% in 2024.
The dog treats market is distinguished by the presence of a few major multinational companies located around the world. Nestlé Purina is expected to be the market leader among all of them. Other major pet snack and treat vendors are focusing on research and development to create high-quality products with broader applications.
- Hill’s Pet Nutrition acquired Nutriamo’s production facilities in May 2022. With this acquisition, Hill’s hoped to help open Europe’s first canned pet facility. The acquisition was a critical step in the global supply chain strategy to meet pet parents’ growing demand for scientific nutrition.
- Hill’s Pet Nutrition introduced its innovative Weight Management & Active Mobility pet food in March 2022. The solution is clinically proven to help dogs achieve and maintain a healthy weight while providing increased mobility support.
Vital Pet Snacks and Treats Market Manufacturers:
- Mars, Incorporated and its subsidiaries
- SCHELL & KAMPETER, INC.
- The JM Smucker Company
- Hill’s Pet Nutrition, Inc.
- Addictive foods
- Wellness Pet Company
- Spectrum Brands, Inc.
- Unicharm Corporation
- Blue Buffalo Co., Ltd
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Key segmentation of the pet snacks and treats market
By distribution channel:
- Supermarkets and Hypermarkets
- Pet specialty stores
- In connection
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. He has worked on 200+ research papers related to Consumer Retail.
Her work focuses primarily on facilitating strategic decisions, planning and managing cross-functional business technology technology projects, and driving successful implementations. He has helped create insightful, relevant analysis of food and beverage market reports and studies that include consumer, retail and manufacturer market research perspectives. He has also contributed to many magazine and food magazine bulletins.
Explore FMI’s broad coverage of the consumer products market sector:
- The global pet soothing products market size is projected to witness remarkable growth from 2023 to 2033. According to the research report published by Future Market Insights, the global market is projected to exceed a valuation of US$ 16.41 billion in 2023. It is likely to reach a valuation of 28 .83 USD billion by 2033.
- The Demand in the UK pet grooming market is estimated to surpass the valuation of US$ 553.1 million in 2023, growing at a CAGR of 5.7% during the forecast period (2023 to 2033). Market sales are expected to exceed $960.4 million by the end of 2033.
- The IMF estimates a valuation of $14932.7 million by 2023 for the growth of the pet care market. Furthermore, the market has the potential to reach a valuation of $37462.6 million by 2033.
- The market share for pets expected to be valued at USD 70.1 billion in 2022. Sales are expected to grow at a CAGR of 5.7% during the forecast period, to reach a value of USD 122.1 billion by 2032.
- The dog food market analysis The value is expected to reach US$ 45,631 million in 2023. Future Market Insights (FMI) estimates that global dog food sales are likely to be valued at US$ 81,224.9 million by 2033, growing at a CAGR of 6% in the period .
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award recipient, and member of the Greater New York Chamber of Commerce) offers deep insights into the drivers that fuel market demand. FMI is the leading global provider of market intelligence, consulting, advisory services and events for the packaging, food and beverage, consumer technology, healthcare, industrial and chemical markets. With a massive team of over 5000 analysts worldwide, FMI provides global, regional and local expertise on various sectors and industry trends in over 110 countries.
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