According to the latest report by IMARC Group, titled “US Pet Food Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the US pet food market size reached US$ 27.4 Billion in 2018. Pet food is formulated for domesticated animals to meet their nutritional requirements. It comprises animal and vegetable fats, and plant ingredients such as peas, corn, cereals, grain and barley. It provides adequate nutrition to pets which is essential for performing everyday activities; maintaining and repairing muscles, teeth and bones; preventing infections and diseases; and keeping the skin and hair coat healthy and shiny. These benefits, coupled with the rising pet humanization trend in the United States, are catalyzing the demand for pet food in the country.
Market Trends:
As pet food aids in combating skin allergies and infections and enhancing the overall health as well as the life expectancy of pets, pet owners in the United States are increasingly seeking products that address these health concerns. Additionally, owing to the increasing awareness of harmful preservatives incorporated in pet food, owners are becoming extremely cautious about the ingredients and demanding premium and organic pet food variants. Consequently, a rise in the demand for pet food comprising organic ingredients and fewer fillers is strengthening the market for organic pet food items that are free from pesticides, artificial flavors or genetically modified organisms. Apart from this, manufacturers are focusing on resourcing ethically-viable products and incorporating changes in the manufacturing process. Looking forward, the market is projected to reach US$ 36.0 Billion by 2024, expanding at a CAGR of 4.6% during 2019-2024.
Market Summary:
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