Pet Snacks And Treats Market Is Projected to Expand At A CAGR Of 12.1% Between 2024 And 2032

08 Jul 2024

The market for pet snacks and treats is anticipated to develop at a compound annual growth rate (CAGR) of 12.1% during the forecast period of 2024 to 2032. A number of important factors, including the growing humanization of dogs, rising disposable incomes, and increased pet health and wellness awareness, will fuel this growth. This market serves a range of pet needs, including dogs, cats, and other small animals, and includes a wide range of products from chewables to eatable treats. Trends including expanding pet humanization, rising disposable incomes, and growing knowledge of pet health and wellness are driving considerable growth in the pet snacks and treats business. Although the high price of luxury goods acts as a constraint, the industry is anticipated to overcome this obstacle with ongoing innovation and calculated moves from major companies. The thorough market segmentation by product category, pet category, and distribution method offers a thorough grasp of the dynamics and expansion potential of the industry. With North America leading the world in revenue and Asia-Pacific predicted to expand at the fastest rate, compound annual growth rate (CAGR), the global analysis identifies regional trends and potential prospects. The competitive environment highlights the strategic initiatives taken by top businesses to expand their market share and spur innovation. The market for pet snacks and treats is expected to develop significantly overall due to the rising need for wholesome, nourishing products in a variety of areas and distribution methods.

Key Market Drivers

The growing humanization of pets is one of the main factors propelling the market for pet snacks and treats. Pet owners are treating their animals more and more like members of the family, which is driving up the cost of speciality and premium pet supplies. This trend is especially noticeable in industrialised nations with high pet ownership rates, such the United States, Canada, and Western European countries, where pets are frequently spoiled with wholesome, high-quality treats. Pet snacks that are gourmet, organic, and natural are in high demand because they provide health benefits comparable to those of human food, thanks to the growing pet humanization trend. For instance, the emphasis placed on natural and healthful ingredients by companies like Blue Buffalo and Wellness Pet Food has resulted in higher sales. The market has grown significantly as a result of the focus on high-quality goods that satisfy dogs' nutritional requirements and preferences. Furthermore, pet owners are growing increasingly informed about the nutritional needs of their animals and are looking for treats that promote their general health, such dental chews, nutrients for healthy skin and coats, and functional treats that help with mobility or digestion. It is anticipated that the trend towards treating dogs with the same respect and decency as members of the human family will keep propelling the market forward.

The market for pet snacks and treats is also being driven by emerging nations' economic growth and consumers' increasing disposable income. With economies expanding in areas like Latin America and the Asia-Pacific region, more households are able to afford to spend money on pet snacks and treats as well as other non-essentials. For example, pet ownership and pet product spending have increased significantly in nations like China, India, and Brazil. More individuals are adopting pets as companions as a result of changing lifestyles and urbanisation, which is driving up demand for pet care goods. Businesses like Nestle Purina and Mars Petcare have benefited from this trend by growing their footprint in these developing countries and launching products that are catered to the dietary patterns and preferences of the locals. Additionally, as the middle class grows in these areas, more money is being spent on the health and wellbeing of pets, which is driving up demand for high-end and specialty pet treats. Over the next several years, it is anticipated that the market for pet snacks and treats in these developing nations will continue to grow due in large part to the association between rising earnings and rising pet spending.

Another important factor propelling the pet snacks and treats market is the increased public awareness of pet health and wellness. Concerns over the nutritional value and quality of the treats they give their pets are growing among pet owners. Due to increased awareness, there is a desire for goods that benefit pets' general health and wellbeing in addition to being used as treats. Functional foods that target particular health concerns—like dental health, joint health, skin and coat health, and digestive health—have grown incredibly popular. For instance, Zuke's hip and joint treats and Greenies dental chews are well-known for their health advantages and have had significant sales increase. Furthermore, there's a growing movement towards organic and natural pet treats that don't contain artificial flavours, colours, or preservatives. The desire of pet owners to give their animals the finest care possible so they can live long, healthy lives is what is causing this shift towards healthier solutions. The growing quantity of veterinarian endorsements and suggestions for particular health-focused treats is another important factor affecting pet owners' purchase decisions. More solutions are anticipated to be created to address the unique health needs of pets as a result of the growing awareness of this issue.

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The market is driven by several benefits, but one major barrier is the high price of high-quality pet snacks and treats. Specialty and premium treats are more expensive than regular pet treats since they are typically natural, organic, or created with particular health benefits in mind. Many pet owners may be put off by this expense, especially those who own several animals or are in lower income categories. High-end brands, such as Acana and Orijen, have limited market reach because their goods are priced at a level that may not be accessible to many pet owners. Furthermore, customers' desire to spend money on high-end pet products can be influenced by the financial restraints and economic uncertainties that they encounter in different parts of the country. Although there is a market sector that is prepared to spend a higher price for superior items, the general market is still price sensitive. This price sensitivity may cause one to favour less expensive solutions, even though they might not provide the same level of quality or health benefits. One significant obstacle that may hinder the expansion of the industry is the high price of premium goods, particularly in areas where customers place a higher value on affordability than quality.

Market Segmentation Analysis

Treats that can be eaten or chewed are the two product categories into which the pet snacks and treats market is divided. Due to their broad appeal and diversity, edible delicacies brought in the most money in 2023. Pet owners love edible treats because they are readily consumable, come in a variety of flavours and nutritional profiles, and are easy to eat. Examples of edible treats are biscuits, jerky, and other snack forms. There is always a demand for the large variety of edible treats offered by brands like Pedigree and Purina, which satisfy a variety of pet tastes and nutritional requirements. But between 2024 and 2032, chewable sweets are predicted to expand at the fastest compound annual growth rate (CAGR). The demand for chewable treats, which lessen plaque and tartar buildup, has increased due to pet owners' growing knowledge of oral health. Goods with dental benefits, including Dentastix and Greenies, are becoming more popular as more pet owners place a higher priority on their animals' teeth health. Chewable treats are a desirable choice for pet owners who want to keep their animals busy and entertained since they also give pets longer-lasting engagement. It is anticipated that chewable treats' rise will be fueled by the twofold advantages of dental care and engagement, which will also increase their market share and appeal.

The market comprises goods for dogs, cats, and other small animals when broken down by type of pet. Due to the high cost of dog-related products and the vast number of dog owners, dog treats generated the largest income in 2023. Treats for training, rewarding, and health reasons are in greater demand since dogs are perceived as more engaging pets. Dog treat manufacturers, such as Milk-Bone and Blue Buffalo, offer a wide range of goods to suit varying dog breeds, sizes, and nutritional needs. Nonetheless, it is projected that the cat treats market would grow at the fastest rate between 2024 and 2032. The market for cat treats is being driven by the rising popularity of cats as pets, especially in metropolitan areas, and the rising understanding of the significance of feline health and nutrition. Cat food products like Temptations and Greenies are becoming more and more popular since they are tasty and healthy at the same time. The market for cat treats is predicted to expand as a result of the emphasis on providing specialised nutrition and the growing trend of spoiling cats with premium treats. Treats for other tiny animals, including hamsters and rabbits, are also becoming more popular, albeit more slowly, which is changing the dynamics of the market as a whole.

Supermarkets and hypermarkets, pet specialty shops, internet channels, and other outlets are included in the market segmentation by distribution channel. Supermarkets and hypermarkets brought in the most money in 2023 because of their convenience and extensive reach. Pet owners can readily access and purchase products from these retail establishments during their routine shopping visits, as they provide a wide variety of food and treats for their pets. A wide range of pet treats are stocked by big retailers like Tesco and Walmart, which helps explain their substantial market share. Nonetheless, from 2024 to 2032, the internet distribution channel is anticipated to grow at the fastest rate. Online sales of pet snacks and treats are being driven by the expansion of e-commerce and consumers' growing preference for online shopping because of its convenience, increased product selection, and affordable prices. Pet owners are turning to websites like Amazon, Chewy, and Petco because of their wide selection of products, simplicity in making comparisons, and home delivery options. Online shopping has become increasingly popular since the COVID-19 epidemic, and this trend is predicted to continue as more people discover the convenience of online marketplaces. Online platforms also frequently include discounts, personalised recommendations, and subscription services, which improve the purchasing experience and encourage client loyalty.

Geographic Trends

The markets for pet snacks and treats are examined geographically in Latin America, North America, Europe, Asia-Pacific, the Middle East, and Africa. Due to the high rates of pet ownership and the region's well-established pet care sector, North America produced the most income in 2023. Due to the high cost of pet supplies and the vast number of pet owners, the United States is a prominent market. North America's supremacy is further bolstered by the existence of major participants in the industry and an abundance of new items. Nevertheless, throughout the projected period of 2024 to 2032, the Asia-Pacific area is anticipated to see the highest CAGR. The region's market is expanding as a result of the fast urbanisation, rising disposable incomes, and expanding pet ownership trend in nations like China, Japan, and India. The growing middle class population and growing knowledge of pet health and wellness are driving up demand for high-quality, specialty pet treats. In addition, the Asia-Pacific area is seeing rising pet adoption rates and more expenditure on pet care items as a result of the expanding influence of Western culture and lifestyles. Europe, which is dominated by nations like the UK, Germany, and France, where pet ownership is common and pet nutrition and health are highly valued, also accounts for a sizable portion of the industry.

Competitive Trends

Several major manufacturers, such as Mars Petcare, Nestle Purina, Hill's Pet Nutrition, The J.M. Smucker Company, Blue Buffalo, Wellness Pet Food, General Mills Inc., Colgate Palmolive Company, Off-Leash Pet Treats, Merrick Pet Care, Spectrum Brands, Inc., and VAFO Group a.s. are present in the highly competitive pet snacks and treats market. To improve their market position, these organisations are concentrating on strategic efforts including product innovation, expanding into emerging markets, and mergers and acquisitions. For example, to improve its products in the premium pet treat market, Mars Petcare has been increasing its product portfolio through acquisitions, such as the purchase of Blue Buffalo. Nestle Purina has been making research and development investments in order to launch cutting-edge solutions that meet the changing needs of pet owners. With a significant focus on scientifically developed treats that target certain health conditions, Hill’s Pet Nutrition is well-represented in the veterinary-recommended market. The J.M. Smucker Company, well-known for its Milk-Bone brand, has been using its high level of brand awareness to stay one step ahead of the competition. Pet owners who are health-conscious have been drawn to Blue Buffalo and Wellness Pet Food's natural and organic product offerings. It is anticipated that these strategic endeavours will propel competitive dynamics and stimulate innovation within the pet snacks and treats industry, guaranteeing long-term market expansion and advancement.

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