U.S. Pet Food Market to exceed $28.19 billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 10/02/2017 -- Zion Market Research has published a new report titled "U.S. Pet Food (Dry Food, Wet Food, and Treat & Snacks/Mixers) Market for Dogs, Cats and Other Pets, 2014 – 2020." According to the report, U.S. pet food industry was valued at USD 23.15 billion in 2014 and is expected to reach USD 28.19 billion in 2020, growing at a CAGR of 3.41% between 2015 and 2020.
The U.S. pet food market was valued at USD 23.5 billion in 2014 and is expected to grow at a CAGR of 3.4% between 2015 and 2020. Pet food market is mainly segmented into dry food, wet food, and treat & snacks/mixers. Dry food was the largest market segment of pet food industry in U.S. Wet food was the second largest market segment with around 20% share in total sales in 2014. Treat & snacks/mixers are small volume market and hold small market share. In terms of revenue, dog food accounted for largest market share followed by cat food segment with around 30% share in total revenue generated in the year 2014.
Plants or animal extracts are key raw materials used in the manufacture of pet food products. Pet food products are manufacture red according to the nutritional value of the raw materials that go well with the requirements of the type and age of the animal being fed. Pet food products in U.S. are sold through retail outlets in supermarkets and specialized pet stores.
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The pet food market growth in U.S. is triggered by an increase in pet humanization and growing pet health concerns further supported by a revival in the economy. People in the region are more concerned about the fulfillment of the physical and emotional needs of their pet. This has resulted in increase in spending on providing good quality food products to their pets. Further, increase in pet health concerns has made pet owners to shift towards healthy and nutritious food that is exclusively prepared according to the age and type of pet. U.S. is a mature market for pet food products and the package, label, and other claims by pet food companies influence the purchase trends.
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However, ever increasing product recalls and increasing pet obesity have posed a major threat to the pet food industry in U.S. market. Obesity has become a very common problem with pets such as dogs and cats. Over, 50% dogs and cats in U.S. are facing health problems owing to obesity. Moreover, arthritis and heart disease are other ailments affecting aging pets, thus discouraging the adoption of pets.
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The U.S. pet food industry is characterized by the presence of a large number of pet food product manufacturers. Intense competition among the producers has resulted in increasing focus on research and development. Big Heart Pet Brands, Mars, and Nestlé are among the leading players in the U.S. pet food industry.
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