The pet treat market is experiencing robust growth, with a projected value of US$ 14,231 million by 2034, driven by increasing pet ownership and a growing awareness among pet owners about their pets’ health and wellness. The market is characterized by a steady rise in demand for high-quality, nutritious pet treats, reflecting the evolving preferences of pet owners.
The trend is set to continue, with the market projected to reach a whopping US$ 14,231 million by 2034. This growth is expected to be fueled by the increasing awareness among pet owners about their pets’ health and wellness, driving demand for high-quality and nutritious pet treats.
Pet treats are a type of dietary supplements given to dogs and cats for snacking. As pets get bored quickly and very easily, to keep them engaged, active, and entertained, pet owners choose to treat them with pet treats.
Pet owners nowadays have become more cautious than before about what their pets are eating. Hence, they are becoming more aware of the ingredients used in pet treats. In response to this, manufacturers are launching organic pet treats in the market.
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The growing bond between pet owners and their pets is a significant factor driving market growth. As pets become increasingly integrated into families, pet owners are seeking products that prioritize their pets’ health and well-being. This growing emotional connection between pet owners and their pets is fueling the demand for premium and high-quality pet treats, driving market expansion.
“Increasing demand for organic ingredients in pet treats, along with high preference for chewable and vegetarian pet treats for puppies and kittens is expected to fuel sales in the market over the assessment period,” says an FMI analyst.
Key Takeaways:
- Demand for pet treats grew at a 5.50% CAGR between 2024and 2034.
- Sales of pet treats for puppies are expected to gain traction at a considerable pace.
- The U.S. will dominate the North America pet treats market over the assessment period owing to high demand for organic pet treats.
- Rising pet adoption in Germany will place it as a lucrative pocket in the Europe pet treat market.
- Growing emphasis on multi-protein diets for pets will drive the New Zealand pet treats market.
Competitive Landscape
The pet treat market, driven by increasing spending from pet owners, is a competitive sector with steady growth, segmented by treat type and distribution channels such as online, specialty stores, and supermarkets.
The market is dominated by key players like Tyson Foods, Merrick Pet Care, Saturn Petcare Group, Wellness Pet Company, and Natural Treats. These companies offer a diverse range of treats for pets and focus on product innovation, marketing, and distribution to remain competitive in the market. Their presence and diverse offerings cater to the diverse needs of pet owners.
- Tyson Foods, under General Mills Inc., launched a new line of dog treats under the Nudges brand, featuring treats made with high-quality protein and natural ingredients.
- Merrick Pet Care introduced a new line of jerky treats made with limited ingredients, catering to pets with allergies and sensitivities.
- Saturn Petcare Group, owned by Heristo AG, launched a new line of organic dog treats, appealing to pet owners who prefer organic and natural products.
Recent Developments
- In 2024, Aihtsham Rashid introduced a 100% halal-certified pet food company in the United Kingdom, starting with cat food.
- In 2024, Green Boy, a global plant-based food ingredients supplier, launched a new division focusing on providing pet food manufacturers with a wide range of plant-based ingredients, including starches, sweeteners, proteins, and fibers.
- In 2023, Omni, a United Kingdom-based vegan pet food company, introduced its first meat-like vegan dog food product and plans to expand its international presence by launching sales in Western Europe, aiming to secure a major share of vegan pet food sales in these countries.
- In 2023, TasFoods launched Isle & Sky, a premium pet treat brand, in Australia, capitalizing on pet food’s US$ 3 billion market and a 2.7% CAGR. The company plans to expand its Mainland markets.
- In 2023, National pet food retailer Tarting, introduced a vegan dog food and treats line with Wild Earth, offering Maintenance and Performance formulas in various flavors and superfood treats. The products will be available in Los Angeles and New York City stores and online.
Key Companies
- Purina PetCare (Nestle)
- Pedigree® (Mars, Incorporated)
- Hill’s Pet Nutrition, Inc. (Colgate Palmolive Company)
- Diamond Naturals (Schell & Kampeter, Inc.)
- The J.M. Smucker Company
- Tyson Foods (General Mills Inc.)
- Merrick Pet Care
- Saturn Petcare Group (Heristo AG)
- Wellness Pet Company
- Natural Treats (Pet Treats Wholesale Ltd.)
- The Dog Treat Company (Healthful Pets)
- Others
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Key Investment Highlights:
- Steady Growth Trajectory: With a modest CAGR of 5.50%, the pet treat market offers a stable and predictable growth trajectory for investors seeking long-term investment opportunities.
- Premiumization Trend: The shift towards premium and high-quality pet treats presents lucrative opportunities for investors to capitalize on the growing demand for natural ingredient-based products catering to health-conscious pet owners.
- Innovative Formulations: Companies investing in research and development to introduce innovative formulations and functional treats targeting specific health concerns of pets can gain a competitive edge and capture market share.
- Market Expansion Potential: The rising bond between pet owners and their pets is driving increased spending on pet treats, creating opportunities for market expansion and revenue growth.
Market Segmentation of Pet Treats
By Pet Type:
- Dog
- Cat
- Others
By Pet Life-stage:
- Adult
- Kitten/ Puppy
- Others
By Product Type:
- Granules & Flakes
- Chunks & Nuggets
- Sticks & Wafers
- Kibbles & Pellets
- Shredded & Sliced
- Others
By Packaging Type:
- Raw
- Powdered
- Dry & Dehydrated
- Liquid & Gravy
- Canned
- Frozen & Freeze-dried
- Others
By Flavor:
- Unflavoured
- Flavored
- Bacon & Beef
- Chicken & Duck
- Cheese
- Cod & Fish
- Egg
- Fruit & Berries
- Lamb & Pork
- Liver
- Mint
- Peanut Butter
- Others
By Sales Channel:
- Hypermarkets /Supermarkets
- Convenience Stores
- Discount Stores
- Online Retail
- Other retail Formats
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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