Global developments and trends in the pet industry

The largest shifts, in value terms, have been in pet nutrition. This market was valued at $94.2 billion(€80.4 billion) in 2024.

Pet owners have gravitated towards healthy pet foods over the past decade, and this trend accelerated substantially in 2024 as the availability of pet healthcare became a challenge in certain regions. A key development was an increase in consumer preference for unique proteins, although traditional proteins still dominate.

North America accounts for a lion’s share of the pet industry with 67% of US households owning a pet. The US pet care market alone was estimated to be worth $99 billion (€84.5 billion) in 2020.

Asian and European markets have also witnessed a steady increase in pet adoption, and the pet care markets in these regions are estimated to grow at a CAGR of approximately 6% over the coming decade. This is in tune with the average estimated CAGR of 6% for the global pet industry, which is estimated to reach a value of $343 billion (€292.7 billion) by 2030.