Conventional extruded kibble continues to dominate the global pet food market, yet alternative formats are rapidly gaining traction, albeit at different rates. According to Cascadia Capital’s “Pet Industry Overview: Summer 2024” report, while classic kibble sales have seen modest growth of 2% to 4%, four alternative formats have surged by over 20% in recent years.
The report highlights freeze-dried, air-dried, baked, and fresh pet foods as leading the charge in this trend. Freeze-dried pet food, for instance, is praised for its ability to preserve nutritional integrity while offering convenience and a longer shelf life. Similarly, air-dried pet food retains nutrients through a gentle drying process, appealing to health-conscious pet owners.
Baked pet food stands out for its low-temperature cooking, which helps maintain natural nutrients and enhances palatability. Meanwhile, fresh pet food, known for its minimal processing and high moisture content, attracts owners looking to provide a diet akin to homemade meals.
Despite their rapid growth, these alternative formats have not yet supplanted conventional kibble. Cascadia’s analysts caution that more extensive sales data over longer periods are needed to accurately assess the valuation and long-term viability of these brands in the market.
Overall, these trends reflect a broader shift towards natural and minimally processed diets in the pet food industry, meeting the increasing demand from consumers for premium and superpremium products tailored to their pets‘ nutritional needs and preferences.
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