The pet ownership trend is closely tied to global demographic changes, with millennials (adults in their 20s and early 30s) driving the growth. They represent a growing number of pet owners because they are more likely to have children later in life, work from home or in a mixed manner, and have higher levels of income and education.
According to the American Pet Products Association (APPA), millennials now make up 32 per cent of pet industry consumers in the US and see their pets in a new light compared to their parents' generation. Today, millennials are three times more likely to own a pet than to be a parent.
Baby boomers, who make up 27 percent of pet owners, Generation X, 24 percent, and Generation Z, 14 percent, are also likely to accelerate the "pet craze."
Among pet brands, the number of food brands is the largest at present, because pet food is in great demand all year round. According to the Pet Food Market Size, Share and Trends Analysis Report released by Grand View Research, the global pet food market size is worth $94.76 billion in 2021 and is expected to grow at a compound annual growth rate of 4.4% from 2022 to 2030.
Increasing consumer awareness of natural and organic pet food has forced manufacturers to shift their focus from synthetic to natural products, which has become one of the major forces influencing the global market.
North America dominates the market, accounting for 49.9% of global revenue in 2021. The demand for pet food in the region is mainly due to consumer awareness of the beneficial effects of pet health and the increasing trend of pet humanization.
The growing demand for pet food is also driving the number of brands in the category. According to a previously released GfK report, the number of brands has increased by 71 percent to 630 since 2011. The number of stock keeping units (SKUs) rose 88% to 22,000 over the same period. As a result, more and more food companies are paying attention to this area, not just pet companies.
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