In 2022, the pet food processing market is valued at $5 billion and is expected to grow by 5.3% annually in the next ten years to finally reach $8.4 billion in 2032.
The market already grew by 3.4% annually between 2017 and 2021, showing some growth potential.
North America is the current pet food processing leader and is expected to continue leading in the next ten years.
There are several important factors to consider. The first is growth in pet ownership, and as around 67% of American families have pets, the market has a lot of customers. The customers are also likely to spend more, since most of them consider their pets a part of their family.
Eco-friendly packaging is another factor expected to boost sales as more people become aware of environmental protection. Also, interest in sustainability is likely to help further growth and earnings.
Sustainability is not only great for the environment but is also highly profitable. The high profit comes from the process called rendering, during which leftover bones or meat get transformed into quality pet food.
The pet food processing companies are also trying alternative proteins for both sustainability and higher earnings.
For example, insects don’t need a lot of resources spent on them but are a great source of protein. Also, artificially created proteins are expected to take off, since they are sustainable, animal product-free, but still, contain proteins.
The growth of processed pet food might be stopped only by the growing concern about preservatives found in some processed food. More owners are choosing preservative-free fresh and raw food for their cats and dogs and are turning to organic food.
But, with all the factors taken into account, the pet food processing market is on the rise and is not likely to be stopped.