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.
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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.
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Insights on Market Segmentation:
Market by Pet Type:
1. Dog Food
2. Cat Food
Based on the pet type, the market has been segmented into dog food, cat food and others. Currently, dog food dominates the market, holding the largest share. This can be accredited to the increasing preferences toward dogs for companionship and security purposes.
Market by Product Type:
1. Dry Pet Food
2. Wet and Canned Pet Food
3. Snacks and Treats
On the basis of the product type, the market has been classified into dry pet food, wet and canned pet food, and snacks and treats. At present, dry pet food represents the largest segment as it is relatively cost-effective when compared to its counterparts. Moreover, its hard texture helps in maintaining healthy dental hygiene of pets, owing to which it is gaining popularity in the country.
Market Breakup by Pricing Type:
1. Mass Products
2. Premium Products
The market has been analyzed on the basis of the pricing type which includes mass and premium products. Amongst these, mass products account for the majority of the total market share.
Market Breakup by Ingredient Type:
1. Animal Derived
2. Plant Derived
Based on the ingredient type, the market has been divided into animal and plant-derived segments. Presently, animal-derived ingredients exhibit dominance in the market, holding the largest share.
Market Breakup by Distribution Channel:
1. Supermarkets and Hypermarkets
2. Speciality Stores
On the basis of the distribution channel, the market has been segregated into supermarkets and hypermarkets, specialty stores, online and others. Supermarkets and hypermarkets currently dominate the market, accounting for the majority of the total share.
1. Market Structure
2. Market Breakup by Key Players
The competitive landscape of the market has also been examined with some of the key players being Nestlé Purina PetCare, Mars Petcare Inc., Big Heart Pet Brands, Hill’s Pet Nutrition, Diamond Pet Foods and Blue Buffalo.
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This post was originally published on Stock Markets News