Pet ownership in the US has hit an all-time high, with 78 million dogs and 86 million cats in 65% of households, according to the American Pet Products Association (APPA).

APPA says 80 million households in the US have a pet, including 8 million that are new pet owners. Thirty-three percent of minority households now have a dog or cat, also an all-time high.

The high rate of pet ownership means pet food sales will keep rising. Packaged Facts estimates that domestic pet food sales will rise 16% from 2015 to 2018 to reach $33 billion. Packaged Facts says frozen/refrigerated cat and dog food and cat treats led volume gains in 2014. The global pet care products market was $90 billion in 2014, according to Euromonitor.

In the US in 2014, 95% of dog owners bought dry food, 37% bought wet food, 34% bought both, and 78% bought biscuits/treats. Ninety-five percent of cat owners bought dry food, 51% bought wet food, 47% bought both, and 44% bought treats. Premium products made up for 42% of pet food sales.

Fifty-two percent of pet owners say they are looking for no byproducts in the pet food products they purchase, 50% are looking for all natural, and 47% are looking for real meat as the No. 1 ingredient.

 Trends show pet owners are looking for exciting flavors and textures for their pets, such as gravies, juices, cheese and bacon.