Pet Food Market Is Expected to Reach a Valuation of US$30.01 Billion by the End of 2022
Sarasota, FL -- (SBWIRE) -- 11/13/2017 -- Zion Market Research has published a new report titled "Pet Food Market (Wet Food, Dry Food, Nutrition, Snacks and Others) for Cats, Dogs, and Other Animals: U.S Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022". According to the report, U.S. pet food market was valued at over USD 24.60 billion in 2016, is expected to reach above USD 30.01 billion in 2022 and is anticipated to grow at a CAGR of slightly above 3.36% between 2017 and 2022.
Pet food is convenient to use and is extremely loved by the pets owing to great taste and huge meat content. Pet food is available in various forms such as dry, wet, snacks and nutritious which offers variety for the pet owners. Typically sold in pet stores and supermarkets, it is usually specific to the type of animals, such as dog food or cat food. Most meat used for nonhuman animals is a byproduct of the human food industry.
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The sharp rise in pet humanization and concerns along with increasing disposable income is expected to fuel the growth of the pet food market in near future. Reluctance for daily cooking in the majority of the U.S populace is likely to urge the market growth in coming years. Availability of different pet food products in the market may impel the growth of the market in the forecast period. Growing occurrence of obese pets had regulated various laws for nutrition content of the pet food which may obstruct the growth of the pet food market in coming years. Nevertheless, the introduction of high nutritious value food is expected to endow the pet food market with ample opportunities in the forecast period.
Some of the major pet food products include dry food, wet food, nutrition food, snacks and others. Dry food held the major slice of the pie in 2015 and is likely to clutch the market in the coming years. Dry food encompasses longer shelf life as compared to wet food coupled with ease of storage. Yet, nutrition food is likely to uphold the pet food market in the near future owing to growing anxiety for pet' health. Dogs, cats, and others are the major end users of the pet food market. The other segment includes birds and fish. Dogs segment dominated the market owing to the majority of the pet food are consumed by dogs. Cats segment is expected to be the fastest growing segment owing to growing affection towards cats.
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In the pet food market, U.S was the highest revenue generating region across the globe in 2015. It was noted that around 60 % of houses possess pets in U.S which in turn drives the pet food market. U.S ranked first in the pet population across the globe in 2015, this may impetus on the growth of the pet food market in upcoming years. Moreover, the growing concern for pet's health has resulted in high expenditure on pets in the U.S. This trend is expected to drive the pet food market in this region. Increasing vogue for different pets may persuade the pet food market growth in coming years. Increasing disposable income is anticipated to trigger the growth of pet food market in this region in the coming years.
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Some of the global major players in the pet food are Mars Petcare Inc., Big Heart Pet Brands, P&G PetCare, Nestle Purina PetCare, Hill's Pet Nutrition, Diamond Pet Foods, Deuerer, Blue Buffalo, WellPet and Heristo AG. Mars and Nestle are the major contributors bolstering the growth of the pet food market in U.S.
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