US pet food market forecast at US$30 billion by 2022
Changing lifestyles are expected to aid pet food market growth.
The US pet food market had a value of US$24.60 billion in 2016 and will reach more than US$30.01 billion in 2022, according to a market research report. The report “Pet Food Market (Wet Food, Dry Food, Nutrition, Snacks and Others) for Cats, Dogs and Other Animals: U.S Industry Perspective, Comprehensive Analysis and Forecast, 2016 – 2022,” forecast that the US pet food market is anticipated to grow at a CAGR of slightly above 3.36 percent between 2017 and 2022.
Pet food industry analysis
The report, published by Zion Market Research, defined pet food as ready to serve food for pets such as dogs, cats, fish, birds and others. A sample of the analysis was offered online.
The increasing trend for ready to serve pet food is likely to drive the pet food market in coming years, stated the report’s analysts. Moreover, the sharp rise in discretionary income, along with changing lifestyles, are expected to aid the pet food market growth.
Growing trends towards a choice of different pets in US is likely to intensify the market growth in the forecast period, according to the report. However, stringent regulations implemented by the government on the nutritional level of pet food may impede the growth of the pet food market. Nevertheless, ongoing intense research and development for introducing innovate and nutritional food products are likely to optimize the further growth of the market in upcoming years.
Major economic forces in the pet food market
US accounted for the majority of global pet food sales in 2015 and is further expected to fortify the pet food market in near future, according to the report. As per the National Pet Owners Survey in 2015 around 60% of US houses hold pets. This factor is likely to positively impact on the pet food market in this region.
There almost 300 manufacturers operating in pet food sector in US which in total produce approximately 7 million tons of pet food annually, according to the report.
Some of the global major players identified by the report in the pet food industry are Mars Petcare Inc., Big Heart Pet Brands, P&G PetCare, Nestle Purina PetCare, Hill’s Pet Nutrition, Diamond Pet Foods, Deuerer, Blue Buffalo, WellPet and Heristo AG.