Euromonitor International’s report “The State of Global Pet Care: Trends and Growth Opportunities” detailed pet food industry analysts’ observations and projections about global market trends for pet foods, treats and products.
2017 pet food industry data
Euromonitor projects the global pet care market to reach sales of US$110 billion in 2017, with two percent growth, a continuation of 2016 growth. However, US pet food sales volume continue with a decline or stagnation as the dog population continues to decline, while sales value grows as Americans increasingly humanize their pets.
In 2017, Canada’s pet food market will grow more dynamically than in 2016. US pet food market sales by volume continues to decline or stagnate, while value grows.
Growth forecasts for pet food industry
The pet care industry will continue three percent growth globally in constant terms on average up to 2022, according to Euromonitor analysts, which will add $US 18 billion in incremental growth.
The global pet care industry has grown by three percent on average over the past five years, adding US$14 billion in incremental growth.
Within the pet care market, dog and cat treats continue to be the best performing subcategories. Cat treats experienced yearly double-digit growth over the past five years.
Therapeutic dog and cat food in general, and calorie-controlled offerings in particular, have enjoyed growing demand. Sales in North America of this type of product grew by almost 20 percent from 2012 to 2017, wrote Euromonitor researchers.
Regional trends in pet food market growth
Euromonitor pet food industry analysts believe China will grow to become the third largest pet care market in the world by 2022.
For Canada, Euromonitor expects a 2.2% growth in constant value sales over the next five years.
