The size of Pet Food Market in US to grow by USD 13.13 billion between 2021 to 2026| The rising awareness of pet nutrition drives market - Technavio
NEW YORK, Aug. 28, 2023 /PRNewswire/ -- According to the report "Pet Food Market in US", the market is anticipated to set a YOY growth of 4.78% in 2022 and a CAGR of 5.35% during the forecast period. This market has witnessed remarkable growth trends and transformative shifts, shaped by evolving consumer preferences, technological advancements, and a deepening understanding of pet nutrition. With pets assuming an integral role in households, owners are increasingly conscious of providing their furry companions with optimal diets that cater to their specific needs. This awareness has increased demand for specialized and functional pet food products, with pet owners seeking nutritionally balanced options that address various life stages and dietary requirements. This growing emphasis on pet health and well-being not only helps in market expansion but also reshapes consumer preferences, fostering a robust ecosystem of innovation and product differentiation within the pet food industry.
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Pet Food Market in US – Segment Analysis
The report is segmented as follows:
- Product
- Dry pet food
- Wet pet food
- Pet snacks
- Treats
- Distribution Channel
- Offline
- Online
- Type
- Dog food
- Cat food
- Other small pet food
During the forecasted period, there will be notable growth in the market share of the dry pet food segment in the US. This expansion is driven by substantial demand for dry pet food, which can be attributed to its convenience in terms of transportation and storage, along with its extended shelf life compared to wet pet food options.
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Companies' Insights and Scope
The pet food market in the US displays fragmentation, with companies employing organic growth strategies, such as innovation, and inorganic growth tactics like mergers and acquisitions, to establish competitiveness within the pet food market. The report analyzes the market's competitive landscape and offers information on several companies, including:
- Colgate Palmolive Co.
- General Mills Inc.
- JustFoodForDogs LLC
- Manna Pro Products LLC
- Mars Inc.
- Nestle SA
- Spectrum Brands Holdings Inc.
- J.M. Smucker Co.
- Tyson Foods Inc.
- Volkman Pet Products
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Related Reports:
Pet Food Market in Russia: According to Technavio's analyst, the pet food market size in Russia is expected to be valued at USD 1.41 billion by 2026 with a progressing CAGR of 6.24%. This pet food market in Russia research report extensively covers pet food market segmentation in Russia by product - dry pet food, wet pet food, and pet snacks and treats and type - dog food, cat food, and other small pet food.
US Fresh Pet Food Market: The US Fresh Pet Food Market is projected to increase by USD 5,341.82 million and the market size is estimated to grow at a CAGR of 29.34% between 2022 and 2027.The new product launches are the key factor driving the US fresh pet food market growth.
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