Pet Food Market to Hit $30B by 2022
The U.S. pet food market is anticipated to see a rise in value from $24.6 billion in 2016 to more than $30 billion in 2022, with an anticipated compound annual growth rate of approximately 3.4 percent between 2017 and 2022, new research from New York-based Zion Market Research reveals.
Likely driving the market’s growth in the coming years will be the increasing trend toward ready-to-serve pet food, the report notes, as will a sharp rise in discretional income and changing lifestyles. Moreover, a growing fad toward choosing different pets is likely to intensify market growth.
“Pets are considered as strained solace, which is gaining huge eminence among the U.S. population, especially in teenagers,” the research firm said. “This factor is predicted to positively influence the pet number in U.S., which, in turn, is likely to bloom the pet food market in the coming years.”
The report continues that stringent regulations implemented by the government on the nutritional level of pet food might impede the growth of the market. Nevertheless, ongoing intense research and development for introducing innovative and nutritional food products likely will optimize the market’s further growth in the coming years.
The report also notes that:
- Other factors anticipated to contribute to the market’s growth include the shift in preference for nutritious pet food over conventional food, owing to the increasing prevalence of obesity among cats and dogs, as well as reluctance for daily cooking among the U.S. population.
- Dry food made up the majority of pet food market share in 2015 and is liable to maintain its pace in the coming years, particularly because it possesses a long shelf life and is easy to handle and store.
- Among all types of pets, dogs governed the pet food market in 2015 with noteworthy market share, due primarily to the extremely high number of dogs in U.S. households. Cats, however, are expected to grow at the fastest pace due to Americans’ fondness toward felines.