Pet food is made with animal grade ingredients which are fit for the consumption of animals. Some of these include meat, insects, seeds, suet and plant derivatives along with other major components such as vitamins, additives and essential nutrients. Over the years, pet food has gained immense popularity in the United States and is now readily available at supermarkets and pet stores. A new research report by IMARC Group, titled “US Pet Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth nearly US$ 27 Billion in 2017. The report further anticipates the market to cross US$ 34 Billion by 2023, at a projected CAGR of more than 4% over the forecast period.
US Pet Food Market Drivers/Constraints:
- Over the years, there has been an increase in pet-ownership across the United Sates which is one of the primary factors driving the growth of the US pet food market.
- In the United States, another trend that has been observed is that the pet owners have been upfront about the dietary needs of their pets. Thus, pet humanisation and premiumisation represent another factor which is contributing towards the augmented demand for pet food across the region.
- In order to broaden their consumer-base, manufacturers have been focussing on unique marketing strategies as well as coming up with organic and natural pet food varieties. This has highly contributed towards the overall growth of the market.
- However, increasing cases of obesity and diabetes among pets act as a major obstacle which is impeding the growth of the market.
Pet Type Insights:
On the basis of pet type, the market has been segmented into dog food and cat food. Dog food exhibits a clear dominance owing to the increasing consumer preferences towards dogs for security and companionship along with the rising trend of nuclear families.
Product Type Insights:
Based on product type, there are a number of pet food available in the market. Dry pet food is the largest segment as it is cost-effective as compared to its counter parts. It is followed by treats and mixers, and wet pet food.
The market is highly fragmented with the presence of numerous manufacturers who compete in terms of prices and quality. Some of the leading players operating in the market are:
- Nestlé Purina PetCare
- Mars Petcare Inc.
- Big Heart Pet Brands
- Hill's Pet Nutrition
- Diamond Pet Foods
- Blue Buffalo
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