Market Insight:
Pet snacks & treats are pet food products offered to the pets as healthy snacks or appreciation and pampering treats. Pet owners across the globe are spending heavily on their pet food products to ensure their pets consume best quality and healthy food. Pet treat manufacturers are exploiting this opportunity and launching new pet snacks and treats made from fresh ingredients such as tomato, carrots, spinach, and sweet potato among others. For instance, Pet Tao LLC provides food therapy Harmony treats and functional supplements targeted at both cats and dogs.
Based on type, the global pet snacks & treats market has been segmented into chewable, and eatables. The eatable segment gained the highest market share in 2017 and is expected to grow at a higher rate during the forecast period owing to the high availability of eatable snacks and treats in the market. Eatables are available as both snacks and treats, whereas, chewable are mainly targeted as pet treats.
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Key Players Review:
Some of the key players in the global pet snacks & treats market are Mars, Incorporated (US), Nestlé S.A. (Switzerland), Colgate-Palmolive Company (US), The J. M. Smucker Company (US), LUPUS Food (Santa Luzia), Diamond Pet Foods (US), Charlee Bear Products (US), and Addiction Foods (US).
Industry Segment:
The global pet snacks & treats market has been segregated, by pet, into dogs, cats, birds, fish, and others. The dogs’ segment is expected to dominate the global pet snacks & treats market during the assessment period as they account for the major share of pets adopted by the people. As per the survey conducted by the American Pet Products Association, 48% of the US population own a dog as a pet. The same segment is projected to grow with the fastest CAGR during the forecast period due to the major preference of pet owners towards dogs, as compared to other pet species.
The global market for pet snacks & treats has also been classified, by category, as conventional, and organic. The conventional segment is projected to dominate the market due to the high and easy availability of pet snacks & treats made from conventional ingredients. However, the organic segment is expected to grow with faster growth rate owing to the increasing preference for organic and natural products among the pet owners, especially in the developed markets. The trends in the pet snacks & treats market are following the human snacking trends as the behavior of pet owners while feeding their pets mimics their own snacking behavior.
The global market for pet snacks & treats has also been classified, by distribution channel, as store based, and non-store based. The store-based segment is expected to account for a major share in the global pet snacks & treats market due to the higher penetration of such products in the brick & mortar stores. However, the non-store-based segment is anticipated to project a higher CAGR during the forecast period owing to the surging trend of online shopping, especially among the working population.
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Regional Analysis:
On the basis of region, the global pet snacks & treats market has been segmented by North America, Europe, Asia-Pacific, and RoW.
North America is expected to gain the lion’s share in the global pet snacks & treats market due to the presence of major market players in the region. In addition, pets are considered as a family member and are thus, pampered by providing healthy and tasty snacks and treats, which in turn is boosting the sales of pet snacks & treats in the region.
The pet snacks & treats market in Asia-Pacific is expected to exhibit the highest CAGR due to the rising disposable income of the people in Asia-Pacific, which enables them to buy premium quality and healthy snacks & treats for their pets.
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