Latest News by Industry
DUBLIN--(BUSINESS WIRE)--Oct 6, 2022--
The "North America Pet Food Market Overview 2022-2027" report has been added to ResearchAndMarkets.com's offering.
North America Pet Food Market was valued around USD 64 Billion in 2021 and it is expected to expand with 3.8% CAGR for 2022-2027
The North America market is driven by heavy influences from human nutrition, which is driving research to better and safer food for pets that have high nutritional and dietary benefits. There is also a trend going on of rewarding pets with treats apart from their regular meals. Due to the customer's awareness of premium products, innovations are coming in taste and flavours in the food. Pet food manufacturers in the region are using various types of ingredients for pet feeding to provide a complete diet to the pets.
North America is the highest revenue generator from the pet food market globally, has been highly supported by the USA, Mexico, and Canada, among others, out of which the USA has been viewed as the main market. The reason behind this growth is the increasing awareness, which increased the demand for natural organic, grain-free foods.
The pet food segment has observed the largest adaption of cat and dog food products, which is generating more than 70% of the revenue. This is due to the highest adaption of dogs and cats in the region and the premium-ness of such pet products. Pet owners are nowadays very well aware of the dietary needs of their pets, which lets them purchase the food ingredients with quality nutrients.
Animal-derived food, which consists of meat, pork, chicken, holds the prominent segment in the market. Apart from this, a trend has been observed among the pet owners to provide their pets with organic & herbal food, which have let them shift towards the plant, based ingredients.
North American pet food market is segmented into a variety of food types such as dry food, wet & canned, snacks & treats, and others. These types of foods are consisting of ingredients such as animal based, plant based cereal based, and others. The rising humanization of pets and awareness of pet foods with high nutritional benefits have affected consumer purchasing decisions.
According to the American Pet Products Association, 67% of United States households owned a pet in 2019-2020, equivalent to 84.9 million homes, and it is anticipated to rise further during the study period. This indicates the rising opportunity for pet food as the pet ownership trend in the market studied is increasing.
The online retail channels represent the fastest-growing segment for pet food sales in the region, owing to the convenience factor of purchasing pet products. Mars Inc., Nestle SA (Purina), Colgate Pamolive (Hill's Pet Nutrition), and J M Smuker Big Heart are some of the prominent players operating in this market.
North America has largest pet food market and an impressive pet population. According to The US National Council on Pet Population Study and Policy, in 2013, around 83.3 million dogs and 95.6 million cats owned by US households and this figure will increase over the forecasted period. Every pet has its own dietary requirement for a healthy life and to fulfil these requirements pet foods are available in the market.
Homemade food which is fed to pets does not contain all the basic nutrition that a pet needs that can only be found in specialized pet food. vitamins, carbohydrates, essential oils, fatty acids, proteins are basic nutrition that a pet needs included all in special pet food which has led the pet food market to rise in the North America. Pet food manufacturers use various types of ingredients for pet feeding in order to provide a complete whole diet to the pets.
For instance, the JustFoodForDogs in-store Petco kitchens allow pet owners to watch their dog's food is made using human-grade ingredients approved by the USDA. Purina's Just Right brand of dog foods uses details from a survey that pet owners complete to formulate a custom blend of pet food that is then delivered right to the customer's home.
As pet owners have started treating their pets more as their children, more focus is being given on the quality of food they are feeding. Pet owners are buying and feeding foods which are more closely related to diets which pet owners eat themselves. Because of this, there is an increasing demand for quality pet food ingredients which is contributing greatly to the growth of certain pet food segments which include specialty pet foods, healthy treats and other more premium options. This is now being known as the humanisation of pet food and creating demand for the quality pet food ingredients in the pet food ingredients market.
Growing internet connectivity, new business models and rising digital media have provided many companies an opportunity to promote their brands. The companies are also focusing on creating effective supply chain and engaging with online retail platforms and institutions. With increasing sophistication and awareness among consumers regarding pet food, the demand for pet food is likely to rise in the country over the coming years.
In addition, exclusive retail pet stores are expanding in the global market. Such stores are becoming increasingly popular among pet owners due to their one stop solution offerings for all pet requirements, including food, accessories, services, etc. Some of these pet superstores also offer high-end pets products for the consumers belonging to premium segment.
However, the use of harmful chemicals in the pet foods and its negative impacts on the health of the pets is decreasing the demand for pet food products and restraints the growth of the pet food ingredients market. The manufacturers' response of launching super premium pet food products in the market is expected to create opportunities for pet food ingredients market. The presence of large number of players in the market is creating a challenge for new entrants in the pet food ingredients market.
Covid-19 Impacts:
Most of the consumers in the market grappled with the onset of the COVID-19 pandemic, in terms of stockpiling pet food products, by switching to the e-commerce retail platforms after being compelled by several restrictions levied on the brick-and-mortar stores and the disruption of the overall supply channel in general.
However, major players have shifted their focus from retail stores to e-commerce platforms by increasing their investments in developing their websites. Thus, this pandemic did not affect the market much.
Covid 19 has an overall positive affect on the market as global lockdown leads to generate the need for companions mostly among individuals living single, Moreover work from home enables them to keep a pet with them which leads to growth in demand for pet food.
Aspects covered in this report
Major companies present in the market
Considered in this report
Countries covered in the report
Segment covered in the report
By Pet Type in the report
By Food Type in the report
For more information about this report visit https://www.researchandmarkets.com/r/idmesi
View source version on businesswire.com:https://www.businesswire.com/news/home/20221006005740/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD: NORTH AMERICA
INDUSTRY KEYWORD: OTHER CONSUMER OTHER RETAIL CONSUMER RETAIL PETS
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 10/06/2022 10:31 AM/DISC: 10/06/2022 10:33 AM
http://www.businesswire.com/news/home/20221006005740/en