A $500 billion pet market by 2030?
Bloomberg Intelligence forecasts that pet food revenue worldwide is expected to increase by 52% in the coming years.
A new report from the media conglomerate predicts the global pet market to grow from $320 billion (€291B) today to $500 billion (€455B) by 2030, mainly boosted by the growing pet population and increasing demand for premium pet care.
The report forecasts that the US will remain the largest pet market, with sales representing $200 billion (€182B) by 2030 and 40% of the global sales in the segment.
Below are the key findings of Bloomberg’s recently launched Pet Economy Report.
Food growth
Pet food sales will remain the largest spending category and are predicted to see a 52% increase rounding up to over $135 billion (€123B) by 2030.
Driving factors suggested by Bloomberg Intelligence are surging prices, reluctance to change pet diets, and increasingly treating pets as family members.
The research concludes that this may fuel sales of some big pet food manufacturers, such as General Mills, Nestlé, and Smucker, that had 60% of the market in 2022.
Premium fresh frozen (currently 1% of the total spending) may spark merger and acquisition activity, outpacing other sectors.
E-commerce
In the current picture, brick-and-mortar sales near three-quarters of pet spending, and while e-commerce won’t outpace, the category will see a significant increase.
The research forecasts that online sales may double to $60 billion (€54.6B) by 2030, increasing its market capture from 22% to 30%.
Chewy and Amazon are poised to become leading e-commerce players, holding over 70% of sales. Currently, big chains such as Target and Walmart are preferred due to convenience in all-around shopping.
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