Global pet food market growth set to rise to $400 billion in 2023 - analysts

The Business Research Company estimates that the pet food market reached $366.13 billion last year. Thus, it is expected to grow by 8.7% over the year.

The upward trend in the volume of the animal feed market in terms of money will be observed in the coming years. On average, the market will add another 7.6% per year. By 2027, it is expected to grow to $534.36 billion.

The increase in market volume in monetary terms is affected by global inflation (in particular, rising commodity prices), as well as supply chain disruption.

In addition, experts expect to see an increase in investment in this line of business. Over the next 5 years, the pet food market will be able to fully recover from the CORONAVIRUS pandemic.