Pet Food Market in US is Estimated to Worth $34 Billion by 2022
Arizton’s recent market research report on the pet food market in US provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by pet animal (dogs, cats, and others), by food (dry food, wet food, and treat), by geography (global, North America, and US), and offers detailed competitive analysis.
The pet food market in US is anticipated to generate revenues of more than $34 billion by 2022 and is projected to grow at a CAGR of close to 4% during the forecast period.
The growing demand for organic, natural, and healthy food for animals is propelling the pet food market in US. The leading vendors in the region are offering customized pet food based on their breed, age, allergies, weight, height, and other such information to attract new customers and gain a larger share in the market.
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The top 3 drivers and trends propelling the growth of the pet food market in US are discussed below:
Rise of Anthropomorphism
The increasing number of pet owners treating their pets as family members and rise in spending on pet food, treats, toys, and other accessories. The rise in anthropomorphism is contributing to the growth of the pet food market in US. It is estimated that the baby boomers and millennials are the largest segment that owns pets and spend on the well-being of the pets in the global market. The pet owners are most likely to spend on toys, food, apparels, gifts, and others. Such change in behavior pattern will propel the demand for pet food in the US market. Pet parenting is also of the trends gaining immense traction in the US market.
According to the American Pet Products Association, the total spending including grooming, vet services, pet food, toys and others increased to around $60 billion in 2016.
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Freeze-dried Raw Pet Food Demand Growing Quickly
The growing in demand for freeze-dried raw pet food products is gaining immense popularity in the global market. The growing number of pet owners are becoming health conscious which in turn is propelling the demand for natural and preservative-free pet products in the market. The increasing adoption of freeze-dried raw pet food products without any preservatives or other ingredients that offer all the essential nutrients will attribute to the growth of the pet food market in US. Freeze-dried products eliminate the growth of micro-organisms as it has zero water content. The retail sale of freeze-dried pet food was estimated at around $96 million in 2016. The growing demand for these products in the pet food market in US will create lucrative opportunities for vendors in the market during the forecast period. It was estimated that more than 70% of the retailers were selling freeze-dried pet food items in US market during 2015.
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Superfood Formulas in Pet Food
Superfood formulas is gaining immense popularity in the pet food segment as well. The superfood items in the pet food category include wide range of vegetables, fruits, aquatic ingredients and other ingredients with various health benefits. The use of superfoods that contains vitamins, protein, fiber, and minerals, and have a significantly low glycemic index helps weight management of pets and enables proper health is maintained all the time. The introduction of gluten-free, natural/organic superfood formulations for all stages of life, common ailments, and activity levels is driving the growth of the pet food market in US. The leading vendors in the market are introducing superfood in different flavors, including Blueberry, apple, cranberry, tart cherry, and aquatic ingredients to attract more consumers and gain a larger share in the market.
Read: U.S. Pet Grooming Services Market - Industry Outlook and Forecast 2021-2026
The complete overview of the latest market research report on pet food market in US by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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