The global pet food market is projected to reach nearly $99 billion by 2022, according to a new report by Grand View Research, Inc. Demand for dog food products is predicted to grow 2.7% annually in volume over the next four years. Sales of wet/canned products is projected to expand at a CAGR of 4.9% over the same period.
What’s fueling the growth?
A fitter Fido is one reason. As consumers become more interested in health and wellness, they want the same for their pets. That is, pets are no longer just pets. As a result, there is a rising demand for higher quality and nutritious, healthy, and organic pet food.
My BFF. The rise in pet adoption is expected to continue to be a major factor driving growth. Increases in one-person households have led to more people seeking pets for companionship. Plus, increasing life expectancy (for humans) has led to greater numbers of aging adults adopting pets for the same reason.
PET FOOD TRENDS
Online sales jumping – Like many products, pet food is seeing rapid acceleration of online sales, particularly on specialty sites like Chewy.com.
Natural selection – Higher priced natural and organic products are becoming mainstream. In 2017, premium dog and cat food purchases made up more of total sales than economy and mid-priced segment sales combined.
Feed your breed – Pet food makers are creating specialized menu options and developing meals to meet needs based on breed, size/weight, age, activity level and more.
Itching for more – Pet owners are looking for food solutions that address their pet’s allergies and intolerances. Nutrition specialists at tails.com reported a 75% increase in the demand for hypoallergenic food blends for dog food since 2016.
Stress rehearsal – According to business solutions agency Gale, 44% of Millennials see their pets as ‘practice’ before they have children.
Unleashed innovations – Pet food manufacturers have come up with a range of pet foods paralleling human food such Sheba Classic Soup range, Natural Instinct Fish Fingers, Whiskas Casserole and even Bowser Beer. (But you’ll still be drinking alone. This pooch hooch is non-alcoholic.)
Leading the pack? – Petco announced it will not sell dog or cat food containing artificial colors, flavors and preservatives after May of next year.