The prepared pet food production value in Spain has shown a general upward trend, growing from 710.4 million Euros in 2013 to 1340 million Euros in 2023. Over the last two years, the year-on-year variation has been around 5%, indicating a steady growth. The compound annual growth rate (CAGR) over the last five years stands at 4.44%, showing a maintained growth despite economic fluctuations.
Looking ahead, forecasted data suggests continued growth, reaching 1650 million Euros in 2028. The anticipated average annual growth rate (CAGR) over the next five years is projected to be around 3.29%, with a total increase of 17.58% from 2023 to 2028.
Future trends to watch include the rising consumer preference for premium and organic pet food products, advancements in pet food nutritional science, and the increasing influence of e-commerce in pet food sales. Additionally, sustainability and environmental impact considerations are likely to shape production and packaging innovations in the pet food industry.
