Global pet food market set to reach $199 billion by 2034, Fortune Business Insights report says

The global pet food market is set to expand from $135 billion in 2026 to $199 billion by 2034, a 48% increase, according to a 2026-2034 report by Fortune Business Insights cited by Milano Finanza. The market is advancing at a compound annual growth rate of 5%, supported by continued pet ownership across the major economies.

Global and European trajectory

Growth is steady rather than explosive, with premium and functional products doing more of the work than raw volume. In Europe the market is climbing toward €40 billion, at a compound annual growth rate of 4% between 2025 and 2030, according to the data reported by Milano Finanza.

Italy: cats lead by value

In Italy, the pet food market for dogs and cats topped €4 billion in 2025. Cat food dominates by total revenue with €2.35 billion, or 56% of market value, on 383,000 tonnes sold. Dog food follows at €1.85 billion, or 44% of the market, on a larger 427,000 tonnes sold, according to monitoring by the Schesir Respect My Nature Index. The gap shows cats moving less weight but more money, as feline lines carry a higher price per kilo.

Buyers overwhelmed by choice

Rising product variety is leaving owners confused. In the GlobalPets survey on cat food consumption and buyer preferences, 57% of cat owners say the sheer range of products makes choosing food difficult, while 66% find it hard to judge whether ingredients benefit their cat. Among dog owners, nearly half call choosing the right food the hardest part of pet care, and 52% — rising to 68% of Millennial owners — consider pet nutrition more complicated than human nutrition. Giorgio Montefusco, Marketing & Trade Marketing Director of Schesir, told Milano Finanza that oversupply, misinformation and the humanization of pets are pulling owners away from animals' real nutritional needs.

Ten trends shaping demand

• Longevity feeding: antioxidants, joint protectors and cognitive-support nutrients to add healthy years, not just years.
• Ancestral and nature-first diets: high shares of quality animal protein, few carbohydrates and no superfluous additives.
• Pet biohacking: targeted ingredients aimed at energy, immunity and inflammatory response.
• Gut-brain axis and microbiome: prebiotics and postbiotics for digestion, immunity and mood.
• Hyper-personalization: diets tailored to breed, lifestyle, age and even DNA or microbiome analysis.
• Clean label and radical traceability: short labels, clear ingredients and supply-chain tracking.
• Upcycled ingredients and sustainability: fish and meat cuts unused by the human food industry, cutting waste.
• Emotional and cognitive support: calming foods with chamomile, valerian and specific amino acids.
• Texture innovation and gastronomy: soufflés, broths and shreds to aid hydration, especially for cats.
• Climate-resilient nutrition: ingredients with lower water and soil impact.

For importers, exporters and manufacturers, the direction is clear: value is outpacing volume, and demand is shifting toward premium, functional and transparently sourced products across both mature and expanding markets.