US Pet Food Market to Grow At A CAGR of Around 5% during 2016-2021
As pets make the best companion for humans, the number of pet owners has been increasing, especially in the US. Rising numbers can also be attributed to the growing awareness about the positive effects pet ownership can have on human health and psychological well-being. Currently, dogs and cats represent the most popular pets owned by the majority of the US households.
With rising trend of pet humanisation, pet owners have started treating their pets more like a family member and have become more sensitive towards their pets’ needs. According to a study, the major concern of American pet owners is if the pet food they are buying will make their pet obese. Consequently, health and wellness solutions have become one of their major concerns. Moreover, with pet premiumisation, pet owners now want the best food for their pets and are willing to spend more on nutritious and healthy pet food products. Changing lifestyle, growing urbanisation, rising disposable incomes, consumer awareness, product innovations and increasing pet population have contributed towards the growth of the US pet food market. As per research analysts at IMARC Group, the US pet food market has grown at a CAGR of 5.2% during 2008-2015 and is further expected to reach a sales value of nearly US$ 32 Billion by 2021.
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Pet food segmentation
The US pet food market can be segmented on the basis of pet food type and form. Based on pet food type, dog food currently dominates the market and accounts for the majority of the total pet food sales in the country. Dog food is followed by cat food and others which include bird food, fish food and small mammal/reptile food. Based on forms, pet food can be segmented into dry pet food, wet pet food and semi-moist pet food. Dry pet food currently represents the most preferred form.
Canada dominates the US exports
The United States export its pet food to many countries across the world. Currently, Canada dominates the US exports of dog and cat food and accounts for the majority of the total export volumes. Canada is followed by Japan, Mexico, Australia, Philippines, New Zealand, Korea, Belgium, Taipei and Costa Rica.
The US pet food market is quite concentrated with the top three manufacturers, namely, Nestle Purina, Mars Petcare Inc. and Big Heart Pet Brands together accounting for the majority of the total global market share.
As consumers are inclining towards organic and eco-friendly food products for their pets, these players have made a paradigm shift towards adding natural product lines to their products range in order to attract pet owners.
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About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the US pet food industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
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