The Pet Food Processing Marketis expected to be valued at US$ 6,684.4 million in 2024. In contrast, the 2023 value was marked at US$ 6,348.0 million. The market is expected to progress at a modest rate over the forecast period, with a CAGR of 4.0%. By 2034, the value of the market is forecasted to have inflated to US$ 9,112.7 million.
The need for pet food processing is growing along with rising adoption rates of pets and the subsequent demand for pet food. A growing number of pet owners are becoming knowledgeable about the benefits of specialized pet food and thus the demand is being churned for pet food processing. Further, the variety of pet food desired by pet owners is being fulfilled by pet food processing.
With rising pet adoption worldwide, markets related to pet food, including pet food processing, are set to be bolstered. With pet food acquiring new dimensions due to the inclusion of added flavors and non-meat ingredients, pet food processing is set to play a key role in ensuring there is enough diversity in pet food available. The market value for pet food processing is expected to reach US$ 9,112.7 million by 2034.
“The trend among pet owners is to treat the pet as a member of the family. Thus, the focus of pet owners is not just on nutrient-rich essential food. Pet owners are also buying bite-sized treats in the form of kibbles or biscuits for their pets. The manufacturing of pet treats represents a significant opportunity for pet food processing,” says Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.).
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Key Takeaways from the Pet Food Processing Market
- The pet food processing market is anticipated to be US$ 6,684.4 million in value in 2024.
- Dry food is the most manufactured form in pet food processing. For 2024, dry pet food is expected to contribute to 65% of the market share.
- Pet food processing predominantly produces dog food. Dog food is anticipated to account for 45% of the market share.
- Japan is one of the most promising countries in the market. The CAGR for Japan over the forecast period is anticipated to be 6.0%.
- China is another Asian country where significant growth is predicted. For the 2024 to 2034 period, the CAGR for China is pegged at 5.0%.
- The market is expected to register a CAGR of 5.6% in Germany over the forecast period.
Competition Analysis of the Pet Food Processing Market
Improvement in processing facilities by establishing new plants or making improvements to existing ones is a key concern for many market players. Start-up culture is evident in the market. Many small-scale companies are being taken over by multinational giants, while others are looking for investments.
Following are the prominent companies in the market:
- Buhler Holding AG
- GEA Group
- The Middleby Corporation
- Andritz Group
- Selo
- Baker Perkins Ltd.
- Purina
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Recent Developments in the Pet Food Processing Market
- In December 2023, Nugape Pet Food was the recipient of a certificate from the International Featured Standards (IFS) highlighting the company’s commitment to safety and sustainability.
- In November 2023, Bioriginal Food & Science Corp. acquired Softgel Co.
- In August 2023, Chinese market player Gambol Pet Group raised funding to the tune of US$ 219.7 million after going public.
Key Segments
By Product Type:
- Mixing & Blending Equipment
- Forming Equipment
- Baking & Drying Equipment
- Cooling Equipment
- Others
By Form:
- Wet Food
- Dry Food
By Application:
- Dog Food
- Cat Food
- Fish Food
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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