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Pet Snacks And Treats Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global pet snacks and treats market was valued at USD 21.2 billion in 2022 and is projected to expand at a CAGR of 5.2% from 2023 to 2030. The growing demand for healthy snacks and treats for pets is driving the market growth. Pet owners are becoming more conscious of their pet’s health and are looking for pet snacks and treats that are natural, healthy, and free from preservatives, additives, and artificial colours. As a result, pet owners are increasingly opting for snacks and treats made from natural ingredients and are free from artificial ingredients.
Moreover, the demand for pet snacks is also rising due to the increasing number of pet owners. Consumers are increasingly preferring to keep pets as companions, which is further driving the demand for pet snacks and treats. Additionally, pet owners are spending a large amount of money on pet snacks and treats, which is creating an opportunity for players in the pet snacks and treats market. The rising demand for organic pet snacks and treats is also providing an impetus to the market growth.
Furthermore, the introduction of innovative pet snacks and treats is also expected to boost the market growth. For instance, in June 2021, Nestlé launched a new cat snack range, Purina Fancy Feast Gourmet Naturals, with no artificial colours, flavors, or preservatives. The product range is made with natural ingredients, such as real poultry and fish, with the addition of essential minerals and vitamins. Other product launches, such as meat chips and fruit-based snacks, are also expected to drive the market growth.
The rising trend of premiumization is another major factor driving the market growth. Pet owners are increasingly opting for premium pet snacks and treats that are made from natural ingredients and are free from preservatives, additives, and artificial colors. Furthermore, the increasing number of pet cafes and pet-friendly restaurants has also contributed to the growth of the market. These venues are offering pet snacks and treats as a part of their menu, which is further creating an opportunity for players in the pet snacks and treats market.
Product Insights
The treats segment dominated the market and accounted for the highest share in 2019. The demand for pet treats has been increasing because of the presence of a wide range of products available in the market. The pet treats segment has been experiencing rapid growth due to the increasing demand for high-protein snacks, as well as the growing number of health-conscious pet owners. According to an article published in the International Business Times, in December 2020, the pet treats market is projected to reach USD 15.7 billion by 2025, at an average annual growth rate of 6.6%.
The dry snacks segment is expected to register the highest CAGR of 7.4% during the forecast period. The growing demand for dry snacks for pets is driven by the growing health consciousness among pet owners. According to an article published in the Veterinary Times, in February 2020, pet owners are increasingly looking for healthy and nutritious snacks for their pets. In addition, the increasing affordability of pet snacks and treats is driving the growth of this segment. Furthermore, the introduction of innovative products, such as grain-free treats and snacks, has further fueled the demand for dry snacks for pets.
Distribution Channel Insights
The retail stores segment accounted for the major share of the pet snacks and treats market in 2022. The rising preference among pet owners for retail stores for purchasing food and treats for their pets is boosting the growth of the segment. Retail stores offer a wide variety of pet food and snacks from various brands, providing pet owners with the convenience to choose the product as per their preference. Furthermore, pet owners can also avail the services of experts to help them understand the nutritional content of the product.
The online segment is anticipated to register the highest CAGR of 8.2% over the forecast period. The rising trend of online shopping among pet owners is propelling the growth of the segment. Online stores offer pet owners convenience and time-saving benefits, allowing them to compare prices, read product reviews, and compare product ingredients before making a purchase. Additionally, the rising adoption of subscription-based services in the pet food industry is also driving the growth of the segment.
Type Insights
The natural snacks segment accounted for the largest revenue share of 63.7% in the year 2022. The increasing demand for natural and organic snacks for pets is the major driver for this segment. The growing awareness about the health benefits of natural ingredients such as fruits and vegetables among pet owners is driving the demand for natural snacks. Furthermore, pet owners are increasingly willing to pay premium prices for natural snacks as they are aware of the nutritional benefits associated with it.
The artificial snacks segment is anticipated to expand at the highest CAGR of 8.7% over the forecast period. The growing demand for convenience and easy availability of artificial snacks is driving the market. The artificial snacks are easy to store and are widely available in supermarkets, pet stores, and online stores. Furthermore, the increasing usage of artificial flavors and colors to make snacks attractive to pets is driving the market.
Regional Insights
Europe is expected to be the largest market for pet snacks and treats, due to increasing demand from pet owners. The increasing number of pet adoptions and rising awareness about pet nutrition is also driving the market in the region. High disposable income and the growing pet food industry in the region are also fostering market growth. For instance, in April 2021, Mars Petcare launched a range of pet treats in the United Kingdom.
In Asia Pacific, the market is expected to witness the fastest growth owing to the increasing number of pet owners and growing pet food industry. Rising disposable income of pet owners in the region is also driving the growth of the market. For instance, in February 2021, Nutri-Vet launched a range of premium dog treats in India.
Financial Projections
In this part of the pet snacks and treats products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the pet snacks and treats products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a pet snacks and treats products business comes from retail sales, online sales, and wholesale sales. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, selling of pet related products, and marketing services.
Projecting Expenses
In this section, all the regular expenses related to keeping the pet snacks and treats products business running will be described. The list of operating expenses includes wages, cost of materials, manufacturing and packaging costs, shipping costs, advertising, research and development, and others.
Key companies & market share insights
Some of the major players operating in the pet snacks and treats market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Mars Petcare launched the Goodness Me! Grain Free Treats, which are nutritious and free from grain, corn, and wheat.
– In August 2022, Nestle Purina Petcare launched new treats that are rich in protein, grain-free, and contain no artificial flavors or preservatives.
– In October 2022, Hill’s Pet Nutrition launched a variety of natural puppy treats that are made with real meat and vegetables.
Some of the prominent players in the pet snacks and treats market include:
– Mars Petcare
– Nestle Purina Petcare
– Hill’s Pet Nutrition
– Big Heart Pet Brands
– Deuerer GmbH
– The J.M. Smucker Company
– Blue Buffalo Company
– Del Monte Foods
– Calico Cottage Inc.
– Procter & Gamble Co.
Global Pet Snacks and Treats Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global pet snacks and treats products market based on product type, distribution channel, form, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Biscuits & Cookies
– Chews & Bones
– Soft Treats
– Meat-Based Treats
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Specialty Pet Stores
– Supermarkets & Hypermarkets
– Online
– Others
3. Form Outlook (Revenue, USD Million, 2017 – 2030)
– Dry
– Wet
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of Growth in the Pet Snacks and Treats Market?
[A]: Growing demand for pet snacks and treats is primarily attributed to the rising pet adoption rates, increasing purchasing power of pet owners, growing awareness about pet health and nutrition, and increasing demand for premium pet snacks and treats. Additionally, the introduction of innovative pet snacks and treats with natural ingredients, attractive packaging, and attractive flavours are other factors driving the growth of the market in the forecast period.
[Q]: Who are the Key Players in the Pet Snacks and Treats Market?
[A]: The key players in the pet snacks and treats market are Mars Incorporated, Nestle Purina PetCare Company, The J.M. Smucker Company, Spectrum Brands, and The Hain Celestial Group.
[Q]: What are the Factors Restraining the Pet Snacks and Treats Market?
[A]: Factors such as rising concerns about obesity and other health-related issues in pets, rising cost of pet snacks and treats, and the availability of cheaper substitutes are limiting the growth of the pet snacks and treats market.
[Q]: What are the Different Types of Pet Snacks and Treats?
[A]: The pet snacks and treats market is segmented into dry snacks, semi-moist snacks, and wet snacks. Dry snacks include biscuits, bars, and crunchy snacks; semi-moist snacks include meat-based snacks; and wet snacks include meat-based snacks and dairy-based snacks.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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