Market Trends of pet treats Industry
Cats are the second-largest adopted pets globally due to their rising adoption for companionship and growing awareness about the benefits of owning a cat
- Globally, cats are being less adopted as compared to the adoption of dogs. In 2022, the cat population accounted for 24.8% of the global pet population, and it increased by 19.2% between 2017 and 2022. The share of cats is higher in Europe as they consider them a symbol of luck or fortune from historical times; Russia has a high population of cats as pets. The high growth of the cat population globally was because of the rise in pet humanization. Cats also require less space to live compared to dogs and can stay alone in a home for longer while no human is available to take care of the cat. For instance, between 2017 and 2022, more than 70% of pet parents, including cat parents in Russia and the United States, considered cats as family members, friends, or children.
- Cat adoption increased significantly during the COVID-19 pandemic as people had to stay indoors. Cats can stay indoors without being cooped up and are silent animals compared to dogs, which increased their adoption during the pandemic. During the pandemic, the United States witnessed higher adoption of cats as pets because of the work-from-home culture, leading to a demand for companionship and an increasing number of millennials becoming pet owners. For instance, in 2022, millennials were 33% of pet parents in the United States. The higher adoption of cats during the pandemic is expected to boost the pet treats market for a longer period.
- Factors such as an increase in the adoption and purchase of cats and rising pet humanization are expected to help the growth of the pet cat population, further boosting the pet treats market during the forecast period.
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Increasing pet expenditure observed due to rising premiumization and growing health concerns, with dogs accounting for the most expenditure
- Globally, there is a trend of increase in pet expenditure, which increased by 22.7% between 2017 and 2022 because of the rising premiumization and growing health concerns. Dogs have a higher share of pet expenditure, accounting for 46.3% in 2022. They have a higher share due to the higher consumption of pet food than cats and being fed with premium pet food.
- Pet parents invest in premium quality pet food as they are concerned about their pets' well-being. There has been a rise in providing other services such as pet grooming, pet daycare, and pet walking for better socialization with other pets and good-looking pets. This trend has been witnessed in North America, Europe, and Asia-Pacific. For instance, treats accounted for 13% of pet expenses in the United States in 2022. Moreover, people purchase premium pet food as they want their pets to consume high-quality food and are willing to pay premium prices. In the United States, about 40% of pet parents purchased premium pet food in 2022, and in Hong Kong's cat food market, premium pet food, including treats, accounted for 75% of pet food sales in 2022.
- There has been a shift in purchasing pet treats from offline to online stores, especially after the COVID-19 pandemic, because of the large number of pet products available on websites. However, in some countries, such as the Netherlands, pet parents prefer purchasing from pet stores due to the quality of their products. In the United States, online pet care sales, including treats, increased from 32% in 2020 to 40% in 2022. Premiumization and growing concern about health are the factors expected to contribute to the increasing pet expenditure during the forecast period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- North America and Asia-Pacific have the highest dog populations due to evolving pet ecosystems, along with the availability of dogs for adoption and purchase from animal shelters
- The evolving pet ecosystem and rising availability of acquisition channels for other animals' adoption are driving the other pets market globally
