On March 26, 2014
US petfood spending keys on wellness, treats
Petfood sales growth is fueled by the same drivers that have benefited our industry for several years
Overall US pet care spending is projected to grow nearly 5% this year, topping out at US$58.5 billion, according to the American Pet Products Association (APPA). Of that, US petfood spending is expected to reach US$22.62 billion by the end of 2014, after increasing 4.5% in 2013 to a total of US$21.57 billion, APPA said.Interestingly, in presentations given during APPA's Global Pet Expo in March and also at Petfood Forum 2014, David Sprinkle, research director for Packaged Facts, pegged US petfood spending for 2013 at US$26.1 billion; he said the figure had been adjusted upward from earlier projections because his firm's data sources now include sales from Walmart and other outlets previously not covered. However, that represented only 3.7% growth from 2012. (APPA does not divulge its data sources, so it's difficult to explain the discrepancy between its figures and Packaged Facts'.)Whichever set of data you use, petfood spending is still growing, at least in the US and many other markets around the world, and even the lower growth rate is one that most other consumer product goods industries would die for. Fueling the growth are the same drivers that have benefited our industry for several years now: continuing humanization of pets and consumer focus on health and well-being, for their pets even more than for themselves.Sprinkle presented data from a Packaged Facts pet shopper survey, conducted in January and February of this year, showing that 51% of US dog owners and 44% of US cat owners purchase at least ...