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United States Pet Foods Market Analysis Forecast 2024-2032

United States Pet Foods Market Analysis

Renub Research projects a promising future for the United States pet foods market, with a potential to reach a staggering US$ 61.54 billion by 2032, boasting a robust CAGR of 4.09 percent from 2024 to 2032. This growth is primarily driven by the increasing trend of pet ownership, the growing concept of pet humanization, and the escalating demand for premium and natural pet food. These factors present a golden opportunity for investors to tap into a market with significant growth potential.

 

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United States Pet Foods Market Outlooks

The United States Pet Foods Market was valued at US$ 42.90 billion in 2023. Pet owners worldwide are increasingly treating their pets as part of the family. According to the American Pet Products Association, pet ownership is prevalent in over 67% of US households, equivalent to 84.9 million homes, and this number is expected to grow. As a result, the demand for premium and natural pet food products that cater to specific dietary needs and offer health benefits is rising. The COVID-19 pandemic has also contributed to this growth as more individuals have adopted pets for companionship during lockdowns and have spent more time at home taking care of them. Pet food typically consists of a combination of meat, grains, vegetables, vitamins, and minerals formulated to provide the necessary nutrients for the specific type and age of the pet. The exact ingredients and composition may vary based on the brand, type of pet, and the animal’s particular needs. Various pet food products are available, including dry kibble, wet canned food, semi-moist, and raw food diets.

American pet owners prioritize high-quality ingredients, leading to specialized pet food formulations and packaging reflecting human food trends. Major pet food brands are diversifying their product lines through different packaging options. An American Veterinary Medical Association survey shows that pet owners spend 40% more on veterinary care and pet healthcare, signaling growing concern for pet health and significant potential for the pet food industry.

 

Key Growth Drivers of the United States Pet Food Market

 

Humanization of Pets: Treating pets as family members has driven increased demand for premium and specialty pet foods in the United States. This trend mirrors human dietary preferences, emphasizing organic, natural, and functional ingredients in pet nutrition. Pet owners seek foods that align with their health-conscious choices, believing these options promote better overall well-being for their pets. The shift towards premium and specialty pet foods reflects a broader societal trend of viewing pets as integral parts of the family, influencing purchasing decisions and driving growth in the pet food market.

Health and Wellness Trends: Increasing awareness of pet health issues and the significance of nutrition is spurring demand for pet foods tailored to address specific health needs in the United States. Pet owners seek formulations supporting conditions like weight management, joint health, and allergies, reflecting a proactive approach to pet care. This trend underscores the importance of preventive healthcare for pets, driving innovation in pet food formulations that cater to diverse health concerns and contributing to expanding specialized products in the market.

E-commerce Expansion: The rise of online shopping platforms has revolutionized the pet food market in the United States, offering convenience and accessibility to a diverse range of products. Pet owners can now easily browse and purchase pet food from the comfort of their homes, expanding their choices beyond local stores. This shift has facilitated incredible market growth by reaching a broader audience and meeting the demand for specialty and premium pet food options. Online platforms also provide opportunities for pet food brands to showcase their offerings, enhance customer engagement, and adapt quickly to evolving consumer preferences and purchasing behaviors.

 

The United States Dog Pet Foods market

The growth of the dry food segment in the US pet foods market can be attributed to a variety of factors:

  • Dry food products, which require no refrigeration and have a longer shelf life, are an attractive option for pet owners because of their convenience.
  • Dry dog food is often seen as more affordable and easier to store when compared to wet food products.
  • Many pet owners opt for dry dog food due to its dental health maintenance benefits and the ease of portion control it offers. This has contributed to the popularity of this segment.
  • The increasing demand for premium and natural dry dog food that caters to specific dietary needs and offers health benefits has also fueled the growth of this market segment.

 

United States Cat Pet Foods Market

Cats are the second largest pet food consumer, and in the United States, dry cat food has established itself as the dominant player in the market. The Dry Cat Food segment’s growth can be attributed to various factors. Dry cat food is valued for its convenience, affordability, and ease of storage compared to wet food products. Many pet owners also favor dry cat food because it helps maintain their feline’s dental health and allows for easier portion control. In addition to these factors, the increasing demand for premium and natural dry cat food products, which cater to specific dietary requirements and offer various health benefits, has further contributed to the segment’s expansion in the market.

 

Competitive Landscape.

The United States pet food market segmentation includes J.M Smucker, General Mills (Blue Buffalo), Tyson Foods, Colgate Palmolive, DS Holdings, Inc., Central Garden & Pet, Nestle, and Archer Daniels Midland.

 

United States Pet Food Company News

In September 2023, J.M. Smucker Co. sold several pet food brands to Post Holdings for US$1.2 Billion. The deal included US$700 million in cash and around 5.39 million shares of Post Holdings’ common stock.

 

In Nov 2023, General Mills, Inc. acquired Fera Pets, Inc., a veterinarian-founded pet supplement company, diversifying its pet portfolio with health-focused offerings. This marks General Mills’ debut in the pet supplement sector and the first acquisition by its newly established growth equity fund.

 

In Oct. 2023, Tyson Foods revealed a strategic investment with insect protein startup Protix to expand insect ingredient usage in the food system. Tyson will acquire a minority stake in Protix with undisclosed financial terms.

 

In Jan 2023, Colgate-Palmolive announced Hill’s Pet Nutrition’s expansion to enhance its Prescription Diet portfolio.

 

In August 2023, Spectrum Brands, Inc., a leading supplier of exceptional value and quality pet products for dogs, birds, cats, fish, and small animals, announced the launch of Meowee cat treats.

 

Animal Type: United State Food Market breakup from two viewpoints

Dog Food – Market breakup from 4 viewpoints

  1. Dry Food
  2. Wet Food
  3. Snacks & Treats
  4. Others

 

 

Cat Food – Market breakup from 4 viewpoints

  1. Dry Food
  2. Wet Food
  3. Snacks & Treats
  4. Others

 

 

Other Pet- Market breakup from 4 viewpoints

  1. Dry Food
  2. Wet Food
  3. Snacks & Treats
  4. Others

 

 

Distribution Channel – Market breakup from 4 viewpoints

  1. Supermarkets and Hypermarkets
  2. Specialized Pet Shops
  3. Online Sales Channel
  4. Others

 

 

Key Players Analysis:

  • Overview
  • Recent Development
  • Financial Insights

 

 

Company Analysis:

  1. J.M Smucker
  2. General Mills (Blue Buffalo)
  3. Tyson Foods
  4. Colgate Palmolive
  5. DS Holdings, Inc.
  6. Central Garden & Pet
  7. Nestle
  8. Archer Daniels Midland

 

 

About the Company:

Renub Research is a Market Research and Information Analysis company with more than 15 years of experience in Research, Survey, and Consulting. Our research helps companies to take business decisions: on strategy, organization, operations, technology, mergers & acquisitions, etc. Till now we have published more than 9000 syndicated reports and worked on more than 750 custom research projects. Currently, we are supplying data to EMIS, Bloomberg, Thomson Reuters, etc. We support many blue-chip companies by providing them with findings and perspectives across a wide range of markets.

 

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