United State Pet Food Market to be USD 62.41 Billion by 2028
Posted on 30 January, 2023 by Renub Research
According to Renub Research's latest report, "United States Pets Food Market, Size, Forecast 2023-2028, Industry Trends, Growth, Impact of Inflation, Opportunity Company Analysis” United State Pet Food Market is estimated to reach US$ 62.41 billion by 2028. The USA is the world's largest economy, with a rising number of nuclear families and couples with pets. According to American Pet Products Association (APPA), the pet food industry recorded USD 123.6 Billion in revenue in 2021, its highest level up till 2022. Pet food is a specialty food for domesticated animals that is formulated according to their nutritional needs.
Pet food generally consists of meat, cereals, grain, vitamins, meat by-products, and minerals. In the U.S., about more than 300 manufacturers produce more than 7 million tons of pet food every year, one of the largest pet food categories of any packaged food. In the United States, pet food and treat sales are expected to reach $45.4 billion by the end of 2022, according to Pet Food Processing Net. In addition, according to the Department of Commerce, dog and cat food exports for 2021 set a record at $2.05 billion, which increased by 19.8% from 2020.
The pet food with animal parts used may include damaged bones, cheek meat, carcass parts, and organs such as kidneys, liver, lungs, intestines, udders, stomach tissue, and spleen. Cereal grains, such as soybean meal, cracked wheat, corn meal, and barley, are often used to improve the product's consistency and reduce the cost of raw materials. Liquid ingredients may include meat broth, water, or blood. In addition, salt, preservatives, stabilizers, and gelling agents are often necessary.
United States Pet Food Market is expected to grow with a CAGR of 5.56% during the forecast period of 2022 to 2028.
The pet store market in the United States is a highly concentrated industry, with two companies, PETCO Animal Supplies and Pet Smart, accounting for over 45 percent of the market in 2022, according to Statista. In addition, the Alpha Wise survey reported that 65% of 18- to 34-year-olds plan to get a pet in the next five years, which will help drive the expected 14% increase in pet ownership by 2030.
Moreover, the wide availability of natural pet food, increasing adoption of pets, growing awareness among pet owners about pet health, and the emergence of e-commerce platforms have significantly driven market growth across the United States. However, the use of harmful chemicals in pet foods, rising cost throughout the manufacturing industry, and adverse impacts on pets' health are decreasing the demand for pet food products and restraining the growth of the pet food component market adversely.
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Dry Dog Food segment is expected to grow at a significant rate
The Dry Dog Food segment is expected to grow at a significant rate. Dry Dog Food demand will surge with an optimistic growth outlook on pet adoption, increasing animal shelter development, and newer property development having attached pet houses in the United States. The United States is the leading market for Dry dog food across the globe. In Canada, around 7.7 Million dogs as per the Canadian Animal Health Institute (CAHI) survey conducted in 2020. As per CAHI, over 58% of Canadian households own either a dog or a cat. However, Canada has a higher cat population standing at 8.1 Million as of 2020.
Comparing the U.S. and Canada, the U.S. has almost ten times the pet dog population, has been statistically generating higher demand for dry dog food in the past years, and is supposed to exert its dominance in the future.
Additionally, the primary drivers of the market are expected to be the rising rate of pet ownership in developing regions. Furthermore, increasing urbanization and pet humanization encourage owners to choose healthy and high-quality food for their pets, boosting the market's development.
Dry Cat Food segment dominates the market share:
The Dry Cat Food segment dominates the market share. In 2022, almost 1.9 billion units of wet cat food were sold in the United States, according to Statista. Cats are the second largest consumers of pet food, and dry cat food holds the top market in the United States. The cat owners always prefer dry cat food as it is very economical as well as handy to leave out for cats that eat slowly as it will not spoil the whole day.
Amino Acids dominated the market revenue during the forecast period (2022-2028):-
Amino Acids dominated the market revenue. Amino acid is an essential additive in pet food for metabolic purposes and growth. In the United States, lysine, tryptophan, methionine, and threonine are essential amino acids used in aquaculture feed. Moreover, amino acid plays a significant role in metabolic and biochemical processes in the cells of animals.
In addition, the amino acid is essential for animal growth, lactation, reproduction, and health. Since amino acids improve the efficiency of protein utilization in animal feeding, thus, it gained broader acceptance in pet food. Therefore, pet food ingredients such as amino acids, vitamins, phosphate, specialty, and other nutrients are commonly incorporated in pet food.
These ingredients help improve animal immune, gut health, metabolism, and other factors and support the healthy growth of pets. As a result, industry players continuously invest in research and development activities and monitor their product offerings to exhilarate ever-rising consumer demand.
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Competitive Landscape:-
The market for United State Pet Food is divided into: J.M Smucker, General Mills (Blue Buffalo), Tyson Foods, Colgate Palmolive, SPECTRUM BRANDS HOLDINGS, INC. Central Garden & Pet, and Nestle SA.
Market Summary:-
- Animal Type: - The Report covers the United State Pet Food Market by type in 2 viewpoints Dog Food (Dry Dog Food, Wet Dog Food, Frozen/Refrigerated Dog Food, and Dog Biscuits/Treats/Beverages)and Cat Food (Dry Cat Food, Wet Cat Food, Frozen/Refrigerated Cat Food, and Cat Biscuits/Treats/Beverages)
- Ingredients Type: - United State Pet Food Market breakup by the ingredients type in 9 viewpoints (Amino Acid, Phosphates, Minerals, Acidifiers, Mycotoxin Detoxifier, Enzymes, Speciality Proteins, Vitamins, and Others.)
Browse Related Report:
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