BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global pet snacks and treats market to grow at a CAGR of 6.2%, reaching a value of USD 122.72 billion by 2028. Expansion of global pet snacks and treats market is due to major factors, such as a shift in people’s attitude toward pet healthcare and wellness, improved financial conditions, and changing consumer behavior. Growing acceptance of pet adoption among the high-income and middle-income groups is also expected to drive market growth. Media advertising is expected to be an emerging distribution channel in online retailing. Veterinarians advise using products that provide additional benefits through innovative dental care, such as rawhide chewables that are easy to consume. However, allergies to active ingredients are expected to limit the market growth.
Rising pet ownership supports market growth
The high adoption rate of pets has increased demand for pet care products, including chewable and cookie pet treats. Pet owners have also been visiting veterinarians regularly to ensure the overall health and well-being of their companion animals. Because of the COVID-19 pandemic, there was an increase in puppy adoptions and training, as well as more time spent at home with pets due to lockdown measures; this has significantly increased demand for training treats and snacks for pets around the world.
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Launch innovative products
Continuous product launches to meet the soaring demand and rising product adoption are hallmarks of the market’s growth, which is encouraging for the expansion of the pet snacks and treats market. For instance, the Wellness Pet Company debuted the Good Dog by Wellness brand in May 2022. The company produces treats made with premium, natural ingredients that have been designed to offer functional benefits and encourage good behavior in dogs. These come in three different varieties: Tender Toppers, Happy Puppy, and Training Rewards. The market for vegetarian and vegan foods could benefit from the growing ethical preference for a vegan diet among pet owners. Additionally, well-known companies including Mars Incorporated and its affiliates, Nestlé, and Wellness Pet Company sell their products using either their sales force or outside brokers and distribution partners. Due to their wider distribution networks, e-commerce portals’ notable growth is likely to create more growth opportunities for the market for pet snacks and treats. Manufacturers around the globe, have been influenced by this to sell their goods online, through companies, such as Amazon, Walmart, Chewy, Inc., Petco Animal Supplies, Inc., and BarkBox.
Challenge: Highly processed pet snacks and treats can be harmful
Highly processed snack foods irritate the gut flora, which is essential for maintaining a positive mood and mental health. Furthermore, dogs’ stomachs, hearts, and brains are all sensitive to what they eat or drink, just like humans. Any type of imbalance can contribute to inflammation and stress, negatively impacting their mental health. Like humans, dogs can develop allergies and intolerances to food ingredients. Low-quality pet snacks and treats are not gentle on the stomach, hard to digest and cause allergic reactions in pets. This results in hampering the market growth.
Global Pet Snacks and Treats Market – By Pet Type
Based on pet type, global pet snacks and treats market is segmented into Cats, Dogs, Guinea Pigs, Rabbits, Amphibians, Birds, Reptiles, Fish, and Others. Among these, the dogs segment dominates the global pet snacks and treat market. Adoption of dogs as pets is significantly high globally, which is a key factor for the dogs segment’s dominance in the global market. The adoption of more dogs and cats worldwide is a result of the humanization of animals. Market for natural and higher-quality dog snacks and treats is being driven by the excessive cost of maintaining and caring for dogs. Another key factor in the segment’s expansion is the introduction of dog treats and nutrient-dense food. Moreover, cat ownership is expected to grow significantly in the coming years, due to its minimal maintenance needs and high level of human friendliness.
Impact of COVID-19 on Global Pet Snacks and Treats Market
Disruptions in the global dog and cat snacks and treats supply chain were noted during COVID-19 pandemic outbreak’s initial stages. Due to a lack of workers, raw materials, and transportation restrictions, there were supply chain disruptions. However, after the lockdown was lifted, business as usual resumed. Additionally, increased pet adoption, escalating demand for premium dog and cat food, and a shift in manufacturing strategies by pet snack producers have all benefited dog and cat snacks and treats sales globally. Additionally, during the lockdown, pet owners stocked up on dog and cat snacks and treats, which resulted in a temporary increase in sales.
Leading players in global pet snacks and treats market include Nestlé, Hill’s Pet Nutrition, SCHELL & KAMPETER, INC., Mars, Incorporated and its Affiliates, Addiction Foods, Wellness Pet Company, Spectrum Brands, Inc., The J.M. Smucker Company, Blue Buffalo Co., Ltd, Unicharm Corporation, WellPet LLC, Diamond Pet Foods, Blue Buffalo Pet Products, Inc., and Hill’s Pet Nutrition. Global pet snacks and treats market is highly fragmented with the presence of several manufacturing companies. The market leaders retain their supremacy by spending on research and development, incorporating innovative technology into their goods, and releasing upgraded items for customers. Various strategies, including strategic alliances, agreements, mergers, and partnerships, are used.
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