MARKET REPORT 78 FEED & ADDITIVE MAGAZINE October 2023 2022, a 5.7% increase from 2021, when the production was 10.60 million metric tons. Latin America ranked third, with a production of 8.86 million metric tons in 2022, a 19.22% increase from 2021, when the production was 7.43 million metric tons. Although Asia-Pacific is the world's largest producer of many types of feed, it lags behind in pet food production. Based on data compiled by Alltech, pet food production of the region, which was 2.27 million tons in 2021, increased by 1.65% in 2022 and amounted to 2.48 million tons. MARKET GROWTH EXPECTATIONS There are different forecasts for the global commercial scale of the pet food market. Maximize Market Research, one of the 4 different research companies that have recently updated their reports, reveals the highest estimates of market size. According to the company's report, the global pet food market size was valued at USD 133.9 billion in 2022 and the total pet food market revenue is expected to grow at a CAGR of 5.2% from 2023 to 2029, reaching nearly USD 190.94 billion. According to the company's data, the pet food market, which reached a size of USD 140.9 billion in 2023, will reach a commercial volume of USD 233.9 billion by 2033. Another research company Brainy Insights points in part to a smaller commercial volume. According to the company's report, the global pet food market was valued at USD 103.5 billion in 2022 and will grew at a CAGR of 4.5% from 2023 to 2032. The market is expected to reach USD 160.8 billion by 2032. Market Research Future (MRF) has the lowest market size forecasts among 4 research companies. According to MRF's report, pet food market size was valued at USD 95.9 billion in 2022. The pet food market industry is projected to grow from USD 101.74 billion in 2023 to USD 145.15 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.1% during the forecast period (2023 - 2030). Future Market Insights is the company offering the second highest forecast. According to the report of FMI, the global pet food market industry size is expected to reach USD 117.69 billion in 2023. During the forecast period 2023 to 2033, global pet food sales are likely to soar at 6.4% CAGR. By 2033, the total market value is projected to cross a mark of USD 220.47 billion. This represents a significant improvement compared to the CAGR of 4.6% witnessed during the historical period 2018 to 2022. It is anticipated that the market is expected to sustain a moderate growth trajectory in the coming years, according to the report. Based on the forecast data of these 4 companies, it can be said that the pet food market size is around USD 117.34 billion on average in 2023. Assuming an average growth expectation of 5.5% CAGR, it can be projected that the global pet food market will grow to USD 201.39 billion by 2033. MARKET DRIVERS & RESTRICTIONS Evolving consumer attitudes drive transformation in the pet food market. According to the report of Maximize Market Research, the global pet food market is undergoing a transformative shift driven by evolving consumer attitudes and preferences, with the tendency to humanize pets taking centre Pet Food Production by Region (MMT) Source: 2023 Alltech Agri-Food Outlook Africa Asia-Pacific Europe Latin America Middle East North America Oceania Grand Total 2021 0.454 2.267 11.587 7.434 0.090 10.600 0.452 32.884 2022 0.342 2.478 11.778 8.863 0.106 11.200 0.502 35.27 Growth (%) -24.57% 9.33% 1.65% 19.22% 17.25% 5.66% 11.06% 7.25%
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