Growing Opportunities in the Pet Food Market

In a report from Future Market Insights, the pet food processing industry is booming due to increased pet ownership and a growing demand for specialized pet food. The market is projected to reach US$ 6,684.4 million in 2024, showing a 4.0% annual growth rate. By 2034, it is expected to reach US$ 9,112.7 million.

The rise in pet adoption is fueling the need for pet food processing. Advanced techniques, such as rendering, are helping manufacturers reduce costs. Plant-based materials are also being used to meet the preferences of vegan and vegetarian pet owners.

Despite the global increase in pet food adoption, concerns persist about the quality of raw materials. However, the market is poised for growth, especially in the production of pet treats, presenting a significant opportunity for the pet food processing industry.

The market is dominated by dry pet food, contributing to 65% of the market share in 2024, with dog food leading at 45%. Japan and China are expected to experience substantial growth, with forecasted Compound Annual Growth Rates (CAGRs) of 6.0% and 5.0%, respectively. Germany is also expected to register a 5.6% CAGR over the forecast period.

Competitive players, including Buhler Holding AG, GEA Group, and The Middleby Corporation, are focusing on enhancing processing facilities. Start-ups are emerging, with smaller companies being acquired by larger players.

Recent developments in the market include Nugape Pet Food receiving a safety and sustainability certificate, Bioriginal Food & Science Corp. acquiring Softgel Co., and Chinese market player Gambol Pet Group raising US$ 219.7 million after going public.

Nandini Roy Choudhury, Client Partner for Food & Beverages at Future Market Insights, Inc., with 7+ years of consulting experience, guides industry leaders on growth strategies. FMI, headquartered in Dubai, provides market intelligence and consulting services globally, aiding businesses in navigating challenges and making informed decisions.