The pet food market in US is expected to cross $34 billion, growing at a CAGR of 4% during the forecast period 2017-2022
LONDON, Nov. 28, 2017 /PRNewswire/ -- The pet food market in US is expected to cross $34 billion, growing at a CAGR of 4% during the forecast period 2017–2022. The increasing number of pet ownership globally is the major factor for growing demand for pet food. Additionally, people are getting more aware of harmful preservatives and other additives used in the edible substance for pets and hence, the demand for premier and organic food for pets is increasing globally. With increase in the number of US households with pets, the 'pet parenting' trend prevalent among millennials, and increased adoption of shelter animals are expected to fuel the growth of the pet food market in the US.
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Mars Inc., Nestle, M. Smucker Company, Colgate-Palmolive are the leading players in the market. The dog food segment is likely to lead the market in US, followed by the cat food segment, which is expected to record a faster growth rate at a CAGR of 4% during the period 2017–2022.
Report Timeline
Base Year: 2016
Forecast Year: 2017–2022
The major manufacturers in the market included in the report are as follows:
Mars
Nestlé
The J.M. Smucker Company
Colgate-Palmolive
Other prominent manufacturers mentioned in the report are Ainsworth Pet Nutrition, American Nutrition, Bil-jac Foods, Blue Buffalo Pet Products, Elmira Pet Products, Fromm Family Foods, Hubbard Feeds, Halo, Petcurean Pet Nutrition, and Rush Direct Inc..
Scope of the Report
The study considers the present scenario of the Pet Food Market in US and its market dynamics for the period 2017?2022. It covers a detailed overview of several market growth enablers, restraints, and trends. Further, the study covers both the demand and supply sides of the market. It also profiles and analyzes the leading four companies and other prominent companies operating in the market.
This report provides the details of the market size from the following segments:
Revenue
Volume
Animal Type
Dog
Cat
Other Animals
Product Types
Dry
Wet
Treats
The pet food market in US is expected to cross $34 billion, growing significantly with a CAGR close to 4% during the period 2017?2022. The market is expected to increase both in terms of volume and revenues.
The number of households, in the US, with pets is more than the number of households with kids. 'Pet parenting' is witnessing a rapid and substantial growth in the US.
This trend has significantly increased the spending on pets and their edibles, primarily by the millennials and baby boomers. This trend is expected to continue over the next few years and propel growth in the pet food market in the US.
The report also provides a holistic view of the market and highlights the diversity, competitive dynamics, and intensity of competition in the pet food market across the US. It provides visibility about manufacturers in the market, factors driving the growth of the market, and information about the latest trends that have started to surface and are likely to become strong market driving forces over the next five years. The report also provides the Porter's Five Forces analysis along with a description of each force and its impact on the market. Further, the report also provides complete value chain analysis of the market.
Pet Food Market in US: Key Vendor Analysis
The competition among manufacturers in the market is intensifying as both private labels and internal brands are working aggressively towards establishing their position in the market. Increasing competition in the market is also leading to increased M&A activities.
With international players increasing their footprint in the market, backed by cutting-edge infrastructure and R&D support, regional and local vendors will find it increasingly difficult to compete in terms of reliability, technology, and price.
The report profiles the leading players in the market and provides a complete value chain analysis of the market. Strength, strategies, opportunities, and product offerings of the major manufacturers of pet food in the US, are discussed in the report.
Pet Food in US Market : Dynamics
The demand for healthy as well as premium and super-premium foods to drive market growth
The spending on pets is increasing exponentially in the US and with it is the demand for foods for them. The demand for organic, non-GMO, low-carb and other such healthy food options for pets is increasing with the increase in the number of owners treating pets as family and demanding healthy food for their pets. The demand for premium and super-premium pet food is also on the rise. Similarly, the increasing trend of getting online customized food for pets is going to boost the market.
Increasing popularity of the 'pet parenting' trend prevalent among millennials and growing adoption of shelter animals are expected to drive the growth of the pet food market in the US over the next five years.
Pet Food Market in US: Segmental Analysis
The dog food segment to lead the pet food market in the US
The number of dogs adopted is increasing in the US. With increased adoption of dogs, the demand for dog food is expected to grow as well. The dog food segment is expected to cross $25 billion by 2022, followed by the cat food segment. The cat food segment will, however, record a faster growth rate at a CAGR of 4% over the period 2017-2022.
From the product type perspective, the dry pet food segment dominated the pet food market in US in 2016. Over the next five years, the dry, wet food, and pet treats segments are expected to witness significant growth.
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