Fresh Pet Foods to Drive Fresh Pet Food Market at a Striking 10% CAGR through 2031
WESTFORD, MASSACHUSETTS, UNITED STATES, July 15, 2024 /EINPresswire.com/ -- Fresh Pet Food Market size was valued at around USD 10.8 billion in 2022 and is expected to rise from USD 11.9 billion in 2023 to reach a value of USD 25.5 Billion by 2031, at a CAGR of 10% over the forecast period (2024–2031).
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Fresh pet food is gaining remarkable popularity since pet owners are highly preferring foods that are not only nutritious but also fresh for their pets. The leading pet food brands like JustFoodForDogs and Freshpet witnessed notable sales in the past few years owing to the addition of fewer additives and preservatives in pet foods. These foods are minimally processed and contain familiar ingredients that help pet owners choose them wisely. Besides these, the recently launched foods support the skin and coat of animals, improve their digestibility, enhance looks, and quality ingredients. In 2022, the global fresh pet food market size is accessed at $25.5 million.
High Preference for Online Shopping of Personalized Pet Foods to Fuel the Market Growth
Pet foods now include meat alternatives since pet owners prefer eco-friendly and sustainable options for their pets just like human nutrition. These diets are useful for pets who are sensitive to animal proteins or suffering from food allergies. Also, people are choosing to shop for pet foods online since it allows them to personalize nutrition for their animals. These diets are specially prepared to satisfy unique needs like health conditions, nutritional needs, and breeds.
Introduction of Alternate Proteins to Dominate the Market over 4-5 years
The following are the key Fresh Pet Food Trends that will shape the growth of the market in the next 5 years
The launch of alternate proteins like insects may help to overcome food sustainability issues in the coming 4-5 years. Nonetheless, the younger pet owners are expected to ignore this due to budget constraints. The innovations in pet food will be encouraged by materials and format, baby food packaging covers, mainly for kittens and puppies. More than 50% of pet owners in Canada feel more like pet parents as compared to being a pet owner, growing to 55% for the population aged 18-24.
Growing Preference for Refrigerated Food Products and Increased Pet Food Sales
The growth in sales of pet food demonstrates that pet owners are willing to spend more on innovations like fresh consumables containing higher amounts of nutrition. Hence, the food making brands can potentially use wellness-oriented qualities that match with the young pet owners. Moreover, additional pet products along with the market potential for fresh pet food show expansion signs in the coming years. Consumers usually associate fresh varieties mainly refrigerated products with natural and healthier consumables. These attributes of consumers are expected to further propel the market.
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Emergence of Retail Segment and Rising Innovations to be Seen over Next 10 years
The global fresh pet food market will considerably benefit from retailers. The retail segment is projected to emerge as a specialist pet food service and singly branded pet food stores in the supermarkets. The next 10 years will witness more innovations in sustainability, and with food makers preferring more climate-friendly substitutes to wheat, corn, and rice will attract a larger customer base. Moreover, a large population of pet owners in Asia Pacific are inclined towards giving their pets foods that are harmless to the environment.
Latest Headlines and Headlights
March 2022: Cloud Star, a dog treat food producer launched ‘Wag More Bark Less Sandwich Cookies’. The novel human-grade dog treat brags of a filling of peanut butter sandwiched between quality baked biscuits.
March 2024: PetPlate announced expansion into more than 700 PetSmart stores across the nation online ‘PetSmart.com’. This milestone signifies PetPlate's dedication to providing pet parents with better and quality access to nutritious and vet-nutritionist specially designed food for its beloved animals.
September 2022: Diamond Pet Foods declared its expansion in Indiana. The company also revealed that this new Rushville facility will be fully functional from 2024. The company invested USD 259 million in the new facility, which is projected to create nearly 170 jobs.
June 2024: Evermore Pet Food, women-owned dog food firm launched it is the first prepared food commercially. The food is available in both the pet and human food category. It achieved complete (BCC) Better Chicken Commitment compliance via its use of Mary’s Heirloom Pasture-Raised Slow-Growth Chicken in the dog food chicken recipe.
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With the increasing additions in pet food, consumers are today accessible to a wide range of consumable options for their pets. Also, pet owners can increase their pet’s healthy life than just increasing their life span. With added nutrition in their diet that not only helps better digestion, but also makes them active, appealing, and calm as compared to the pets with the conventional foods. Hence, the market is projected to boost significantly in the coming years with increasing focus on food sustainability.
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