The global petfood market will grow by 4.2 percent annually over the next six years, increasing from US$58.6 billion in 2011 to US$74.8 billion by 2017, according to a report published by Transparency Market Research of Albany, New York, USA.
The report projects the US market for petfood sales will increase 3.2 percent in 2012, growing at an annual rate of 3.5 percent over the next six years, from US$21.7 billion in 2011 to US$26.6 billion in 2017. The report says that dry petfood accounts for the largest type of petfood consumed globally, followed by snacks and treats, and then wet food.
The report also projects the Asia Pacific market will grow at the fastest pace over the next six years, while the European market, second largest to the US, will grow at an annual rate of 4.4 percent from 2011 to 2017. The report attributes this global market growth to consumers' higher disposable incomes, changing lifestyles, and a trend of more "nuclear families" and other people having pets in their homes.
Commercial petfood makers are creating mixers and diets
that require consumers to get involved with preparation
US trade data show petfood faring relatively
For more about sustainability in petfood, watch
Jan Hoijtink's Petfood Forum 2010 PowerPoint, "Corporate
social responsibility: from whim to a matter of
As an industry, are we missing a huge opportunity to take advantage of another aspect of the human-pet bond?
Now is the time for packagers, producers, marketers and manufacturers to capitalize on the traveling with pets trend
While petfood shoppers continue to show strong brand loyalty, pet products have not been immune to the store brand swing
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