The pet food industry is a fascinating and diverse sector that caters to the needs of pet owners. With over 80 million households in the United States owning one or more pets, the pet industry has seen exponential growth in recent years, with sales reaching an all-time high in 2019. This article delves into the pet food industry and highlights some of the most interesting facts and stats that readers may not know about this continuously growing industry.
General Pet Industry Statistics
According to a survey by the APPA National Pet Owners Survey in 2020, over 80 million households in the United States had one or more pets, with the majority of the owners having dogs. Cats, birds, and other pet animals followed suit in the study. This indicates that the trend of pet ownership is on the rise in the US, and people are increasingly investing in pets (and subsequently pet care) to make their homes livelier.
About 2.78 million jobs across the country are related to the pet sector with about 1 million people working directly in pet related enterprises and businesses. This highlights the immense potential of the pet sector in terms of job creation. The pet sector is also a major source of revenue for the country and has been growing steadily over the years. This growth has led to increased job openings in the sector, allowing more people to benefit from the opportunities provided by the pet industry as a whole.
North America leads the market in pet food and supply sales, with the highest Compound Annual Growth Rate (CAGR) expected to be over 5% during the next 10 years. This data indicates that the demand for pet food and supplies will continue to increase as pet ownership becomes more popular. The growth of online retailing has also contributed to the growth of the pet food and supply market. Online retailers offer convenience and competitive prices, allowing consumers to purchase pet food and supplies from the comfort of their homes.
Product Demand Statistics
During the initial phase of the COVID-19 pandemic, pet food supply chain disruptions were big and caused several issues in the market. As a result, many pet owners stocked up on pet food, causing a short-term boost in food sales. According to the American Pet Products Associations (APPA), sales for pet food and treats in the US increased by 9.7% in 2020.
According to a 2021 industry report by the market research company Spherical Insights, the pet products in highest demand were CBD for dogs, PrettyLitter subscription service, and Donut Dog Beds. Clearly, pet owners are looking for products that not only provide comfort to their furry friends but also promote their wellbeing.
In 2021, pet food and treats made up the biggest share of the pet industry product marketplace, surpassing other purchases such as supplies, pet services (like grooming), and pet purchases overall. The shift towards pet food and treats suggests a higher priority being placed on pet nutrition and health, as well as a greater focus on convenience. More pet owners are opting for pre-prepared meals and treats rather than cooking their own. It’s also likely that people are spending more on premium pet foods, which offer higher quality ingredients and more health benefits.
As a result of increased customer awareness regarding organic and natural foods, many pet food providers have switched gears to offer healthier options. This shift in focus has also helped increase the overall quality of pet food, as providers are now more likely to use higher quality ingredients and place greater emphasis on providing nutritional value – something that has also affected food prices.
Industry Value and Trends Statistics
In 2021, $123 billion was spent on pets in the US, an increase of nearly 10% from the previous year. Over $34 billion was spent on veterinary care and product sales in the US. This is an indication of the importance of pets in the lives of Americans, and of the evolving relationship between people and pets. It also shows the need for more health support within the pet industry in the future.
The pet industry has grown significantly in the past few years, with pet owners willing to spend more money on their pets. It also indicates that pet owners are becoming more aware of the needs of their pets and are willing to invest in their health and well-being.
Industry experts and analysts expect the global pet food market to grow from $115 billion to $163 billion by the year 2029, representing a substantial increase of 44%. This growth seems to be driven by the increasing demand for pets and pet food from consumers, and quite possibly, the rising disposable incomes of consumers in various markets.
Types of Pet Food
The most common type of pet food is dry food, which is usually made from grains, vegetables, and meat. Wet food, which is usually canned or packaged in pouches, is also popular. It’s usually made from cooked meats and vegetables. There is also specialty pet food, which is designed for specific types of pets or for pets with special dietary needs.
Another type of pet food that’s becoming increasingly popular among pet owners is raw food. Raw food is typically made from fresh, natural ingredients, such as meats, fruits, and vegetables. While raw food is growing in popularity, it’s important to note that it may not be suitable for all pets. Finally, there is freeze-dried pet food, which is made from natural ingredients that are quickly frozen and then dried to preserve the nutrients. Freeze-dried pet food is usually more expensive than other types but is also more convenient and easier to store.
The pet food industry is a growing and diverse sector that caters to the needs of pet owners. With increasing demand for pets and pet food from consumers, the pet industry is set to grow significantly in the coming years. The industry is now focused on providing healthier options for pets, incorporating higher quality ingredients and nutritional benefits.
The statistics show that pet owners are becoming more aware of their pets’ health and well-being, and investing more than ever in the care of their furry friends. The pet industry continues to be a major source of revenue and job creation for the country, and it will be interesting to observe how it evolves with changing consumer preferences and tastes.