LONDON--(BUSINESS WIRE)--The pet food market in the US is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
Different pets have different nutritional and dietary requirements, which may not be covered by homemade diets. Certain human foods, such as raisins, grapes, and chocolates, are known to be harmful to pet health. As a result, pet diets need to cater to different age and weight-related requirements. For instance, the dietary requirements concerning the metabolism, immunity, and body composition of a puppy are significantly different from those of an adult dog. Subsequently, pet owners are increasingly opting for specialized, functional pet food products over homemade formulations. Thus, the rising awareness of the nutritional benefits of pet foods is expected to drive the growth of the pet food market in the US during the forecast period.
As per Technavio, the growing popularity of customized pet foods will have a positive impact on the market and contribute to its growth significantly over the forecast period. This pet food market in US 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Pet Food Market in US: Growing Popularity of Customized Pet Foods
The customization of pet foods to suit the individual nutritional needs of pets is gaining traction in the US. Pet owners are increasingly becoming aware of the ingredients in pet foods and their specific health benefits to pets and are willing to pay a premium amount for pet foods formulated using organic, single protein-source ingredients. Also, with the increasing humanization of pets in the US, pet owners increasingly prefer pet food products that cater to the specific dietary needs, taste preferences, and caloric requirements of their pets. Several vendors provide customized pet food products in the US. For instance, JustFoodForDogs positions itself as a dog kitchen and is engaged in the formulation and supply of daily diets for dogs and cats. Overall, the growing prominence of customized pet foods in the US is expected to augment the growth of the pet food market in the US during the forecast period.
“Apart from the growing popularity of customized pet foods, the rise in pet ownership, new product launches, and the growing prominence of sustainability and biotechnology in pet food formulation are some other factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Pet Food Market in US: Segmentation Analysis
This market research report segments the global pet food market in US market by distribution (pet-specialty stores and vet clinics, hypermarkets, convenience stores, and others), by product (dry pet food, wet pet food, and pet snacks and treats), and by end-user (dog food, cat food, and other small pet food).
The dog food end-user segment led the market in 2018, followed by cat food and other small pet food. However, during the forecast period, the cat food segment is expected to register the highest incremental growth due to rising product variety in cat food offerings.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
If you are interested in more information, please contact our media team at media@technavio.com.
