New report shows US pet food market growth and current market trends
The Packaged Facts ‘US pet market focus: Pet food update’ report shows the pet food market has thrived and will continue to thrive in the coming years.
Packaged Facts projects U.S. retail sales of pet food (dog and cat) at $37.1 billion in 2021, up 6.4% over 2020. Sales are projected to reach $47.9 billion in 2025, equating to a robust 6.6% compound annual growth rate.
COVID-19 has accelerated several trends:
- Superpremium pet food will continue to gain market share
- Fresh (refrigerated/frozen), vegetarian/meatless and alternative proteins will increasingly become important
- Consumers will increasingly look for pet food with ethically sourced ingredients, and other sustainability initiatives like eco-friendly packaging
- Erosion of conventional point of sale boundaries