North America Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

North America Pet Food Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The North American pet food market is projected to register a CAGR of 5.7% during the forecast period (2021-2026).

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.

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 rise in the number of millennial pet owners and the shift in the way pets are viewed directly drive the pet food market growth. The online retail channels represent the fastest-growing segment for pet food sales in the region, owing to the convenience factor for 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.

Key Market TrendsRising Trend of Pet Humanization

The pet-loving lifestyle of the millennials and generation X is changing the way pets are treated. The growing ownership of pets is largely due to change in culture and technological advancements, such as online purchasing choices, driving the pet food market in the region. Additionally, the pet humanization trend has led to an increase in health consciousness, generating demand for pet food. According to the American Pet Products Association, the number of households owning pets rose over the years. In 2019, there were 63.4 million households with dogs and 42.7 million with cats. An increase in the number of pet owners and the growing tendency toward healthy food are driving the market.

Increasing Consumer Spending Drives the Market

Pet owners' growing fondness for pets is making them spend more on healthy pet food products. Spending on pet food continues to make up the majority of dollars spent in the industry. According to the American Pet Product Association, in 2020, pet food recorded the highest sales by reaching a value of USD 38.4 billion. Within the pet food, sales of the dry dog food segment ranked the highest, followed by wet and dry cat food. According to the American Pet Product Association, for the financial year 2019-2020, the basic annual expenses for dog and cat food was USD 259.0 and USD 228.0 and food treats for dog and cats was USD 76.0 & USD 58.0, respectively, in the United States. The increased spending on food has driven pet food sales in the US market.

Competitive Landscape

The North American pet food market is consolidated, with the top global players occupying a major share in the market. The major players in the market include Mars Inc., Nestle Purina Petcare Company, Colgate-Palmolive Company (Hill's Pet Nutrition Inc.), The J.M. Smucker Company Nutro, Harringtons Pet Food, and Blue Buffalo Pet Products Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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