$36 Bn US Pet Food Market to 2024 Featuring Nestlé Purina PetCare, Mars Petcare Inc., Big Heart Pet Brands, Hill's Pet Nutrition
Pet food is a highly nutritious and energy dense food product made specifically to meet the nutritional requirements of pets. It is formulated using a wide range of ingredients including feed grains, meat, poultry and seafood. These essential nutrients present in pet food help in combating skin allergies and infections as well as improving the overall health and life expectancy of pets. As a result, owners are increasingly looking for high-quality pet food products to address these health conditions. Nowadays, pet food companies are developing organic product variants which are made using ingredients that are grown without the use of pesticides, synthetic fertilizers, hormones or antibiotics. This, in turn, has increased consumer’s interest in natural formulations.
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With changing outlook and rising purchasing power, owners are becoming more concerned about their pet’s diet. They now prefer quality food for them which, in turn, has prompted manufacturers to develop higher value products containing rich meat proteins by using advanced formulations. Apart from this, the leading pet food companies are introducing convenient packaging, such as standup and single-serve pouches, re-closable bags and bags with handles. According to IMARC Group, the US pet food market reached a value of US$ 27.4 Billion in 2018. Looking forward, the US pet food market size is expected to grow at a CAGR of around 4.6% during 2018-2024, reaching a value of US$ 36.0 Billion by 2024.
Dog Food dominates the US pet food industry:
The market has been categorized based on pet type into dog and cat food. Dog food currently dominates the market due to the increasing dog ownership coupled with the rising pet humanization trend across the globe. In addition, it has been found that pet owners prefer dogs over other pets for companionship and security.
Dry pet food is the most popular product type:
Dry pet food is the most preferred product type among the pet owners as it is more convenient in terms of storage and does not require any preparation before feeding. Also, it is less expensive than other pet foods. Dry pet food is prepared by grinding and mixing the raw ingredients into a dough which are then cooked and separated into individual chunks. It is followed by wet and canned pet food, and snacks and treats. Wet and canned pet food is a natural choice since it consists of more water as compared to its dry counterparts. The excess moisture helps the pets to prevent urinary problems and other health-related issues. Pet owners also offer snacks and treats to their pets as a tasty and healthy reward. Snacks and treats further help in enhancing functional characteristics, such as improving the pets’ oral hygiene.
Mass products hold the largest market share:
Based on the pricing type, mass products exhibit a clear dominance in the US pet food market. These products are less expensive as compared to premium products, owing to which some of the middle-income pet owners prefer purchasing these products. However, as consumers nowadays consider their pets as members of the family, they are shifting from mid-priced pet food brands to premium offerings that are sold at higher unit prices.
Animal-derived pet food dominates the market growth:
On the basis of the ingredient type, the market has been segregated into animal-derived and plant-derived products. Currently, animal-derived products represent the most preferred ingredients used in pet food. Animal-derived materials utilized in pet food include chicken, lamb, fish meal, and beef. Whereas, some of the most common plant-derived ingredients used in pet food are corn- and maize- gluten, and soybean meal.
Supermarkets and hypermarkets exhibit a clear dominance:
In the United States, pet food is majorly distributed through supermarkets and hypermarkets. These stores provide a wide variety of products to consumers under one roof. This allows them to choose from numerous brands and even helps in saving their time. Some of the other major distribution channels include specialty stores, online and others. Specialty stores focus on selling a particular product range and associated items that they specialize in, usually at a premium price. However, due to the hectic schedules of consumers in the US, their purchases are increasingly being made online.
Some of the key players operating in this market include Nestlé Purina PetCare, Mars Petcare Inc., Big Heart Pet Brands, Hill's Pet Nutrition, Diamond Pet Foods and Blue Buffalo.
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