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US pet food market
US pet food market
Dublin, June 25, 2024 (GLOBE NEWSWIRE) — The “US Pet Food Market Report: Dog Food, Cat Food, Other Pets, Distribution Channel, Company Analysis 2024-2032” report has been added to ResearchAndMarkets.com.
The U.S. pet food market is expected to grow from USD 42.9 billion in 2023 to USD 61.54 billion in 2032, at a CAGR of 4.09% from 2024 to 2032.
Pet Meal is more than just food. It is a formula specially made to meet the special dietary needs of domesticated animals, including dogs, cats, birds and fish. It contains a balanced mix of protein, carbohydrates, fats, vitamins and minerals essential for the growth, maintenance and overall health of your pet.
Pet foods vary in nutritional profile and are tailored to your pet's specific needs based on factors such as age, breed, size and health. They are available in a variety of formats, from dry kibble to canned wet food, raw diets and treats. Some puppy foods are also formulated to address specific nutritional needs, such as hypersensitivity reactions, obesity and illnesses such as kidney or heart problems.
According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households own at least one pet, totaling 86.9 million households. Pet ownership is now diversified across specific generations, with, for the first time, the number of Gen Z and Millennial pet owners now equaling the number of Gen X and Baby Boomer pet parents.
From 2018 to 2022, pet ownership rates have steadily increased for the two younger generations. In 2018, 11% of Gen Z owned pets, which increased to 14% in 2020 and 16% in 2022. Among Millennials, pet ownership rates increased from 31% in 2018 to 32% in 2020, reaching 33% in 2022.
Dog food market
The dominance of dogs in the US pet food market can be attributed to its large population, which accounted for the largest number of total pets in 2023. According to the 2023-2024 Pet Owners Survey, 65.1 million households in the United States own at least one dog, making dogs the most common pet in the country. The pet food industry is booming due to the increasing trend of humanizing dogs. This trend has led to a preference for high-quality pet products, such as vegan and grain-free dog food.
The dog food market is a vital section of the pet food industry that caters to the dietary desires and possibilities of dogs. Diverse brands, producers, vendors, and distributors offer a wide variety of dog food options. Pet keeping trends, buyer choices, nutritional studies, and regulatory requirements influence the market. As per forecasts, the dog food market is expected to be the fastest growing section, offering promising opportunities for investors and stakeholders in the dog food industry.
Cat food market
The US pet food market is notable for the growing market share of cats due to the increasing population of cats kept as pets. This trend is attributed to their high demand as pets and lower spending on pet food compared to other pets. The increasing humanization of pets and the fact that cats take up much less living space than puppies are driving the growing recognition of cats as pets in the country between 2018 and 2023.
The story continues
By May 2024, 46.5 million U.S. households, or roughly one-third, will own a cat, making it the second most popular pet in the country after a dog. As of 2022, 45.5% of U.S. households own dogs and 29% own cats. Between 2016 and 2022, the percentage of U.S. households that own puppies will increase by 6.1 percentage points, from 38.4% to 44.5%, while the percentage of households that own cats will increase by 4 percentage points, from 25% to 29%. The increasing trend in pet ownership and the growing demand for products that include premium pet ingredients and treats will expand the pet food market during the forecast period. The growing popularity of cats as pets provides an entirely unique market segment for puppy food manufacturers and retailers to explore.
Competitive landscape of pet food in the United States
In September 2023, J.M. Smucker Co. sold several pet food brands to Post Holdings Inc. for $1.2 billion. The transaction included $700 million in cash and approximately 5.39 million shares of Post Holdings common stock.
In November 2023, General Mills acquired Fera Pets, a veterinarian-founded pet supplement company, to diversify its pet portfolio with health-focused products. This marks General Mills' debut into the pet supplement space and the first acquisition by its newly formed growth equity fund.
In October 2023, Tyson Foods announced a strategic investment in insect protein startup Protix, with the aim of expanding the use of insect ingredients in the food system. Tyson will acquire a minority stake in Protix, but financial terms were not disclosed.
In January 2023, Colgate-Palmolive announced the expansion of Hill's Pet Nutrition to strengthen its prescription diet portfolio.
In August 2023, Spectrum Brands, Inc., a leading supplier of great value, quality pet products for dogs, birds, cats, fish and small animals, announced the launch of Meowee Cat Treats.
Key attributes:
Report Attributes
detail
number of pages
105
Forecast Period
2023 – 2032
Estimated market value in 2023 (USD)
$42.9 billion
Market value forecast to 2032 (USD)
$61.54 billion
Compound Annual Growth Rate
4.0%
Target area
America
Company analysis: overview, recent developments, financial information
Analysis of key players: overview, recent developments, financial analysis
Animal species: A look at the US food market from two perspectives
Dog Food – Market Analysis from Four Perspectives
Dry Food
Wet food
Snacks and treats
others
Cat food – market analysis from four perspectives
Dry Food
Wet food
Snacks and treats
others
Other pets – market analysis from four perspectives
Dry Food
Wet food
Snacks and treats
others
Distribution Channels – Market Analysis from Four Perspectives
For more information on this report, please visit: https://www.researchandmarkets.com/r/l6ov1z
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