The Dog and Cat Foods market in Spain has shown a consistent upward trend from 2013 to 2023, with a notable increase in market size from €884.15 million in 2013 to €1641.3 million in 2023. Over the last two years, the market experienced a 5.01% year-on-year growth in 2022 and a 4.75% in 2023, indicating a robust market despite potential economic headwinds. The compound annual growth rate (CAGR) over the past five years stands at an impressive 7.03%, highlighting sustained growth momentum.
Looking ahead, the market is expected to continue its expansion, with forecasted values reaching €2002.6 million by 2028. This projection represents a 3.15% CAGR over the next five years and an overall growth rate of 16.77% from 2023 to 2028.
Future trends to watch for:
- Increased demand for premium and organic pet foods as pet owners become more health-conscious.
- Growth in online retail channels driven by convenience and expanding e-commerce platforms.
- Innovations in pet food formulas, including functional foods catering to specific health needs.
- Heightened focus on sustainability and ethical sourcing in production and packaging.