The North America Pet Food Market size is estimated at USD 28.94 billion in 2023, and is expected to reach USD 34.66 billion by 2028, growing at a CAGR of 3.67% during the forecast period (2023-2028).
Pet humanization has received a lot of attention in mainstream media over recent years. According to the American Pet Products Association, the number of households owning pets has risen over the years. A study conducted by the American Pet Products Association (APPA), under the National Pet Owners Survey (2021-22), revealed that pet ownership has increased from an estimated 67% of US households that own a pet to an estimated 70%. Millennials were also revealed to be the largest cohort of pet owners at 32%, followed closely by Boomers at 27% and Gen X at 24%. Thus, increasing pet humanization is anticipated to drive the pet food industry.
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 changes in culture and technological advancements, such as online purchasing choices. For instance, pet owners shopping online increased by almost 20%, from 72% in the prior year to 86% of responses in the 2021 year. Additionally, the pet humanization trend has led to an increase in health consciousness, generating demand for pet food.
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. For instance, as per the National Pet Owners Survey, 2021-2022, pet spending increased during the previous year, with 35% of pet owners stating they spent more on their pet or pet supplies, including food, wellness-related products, and other pet care items in the last 12 months than in the preceding year. These factors are driving the pet food market in the region.
According to the American Pet Product Association, in 2021, pet food recorded the highest sales, reaching a value of USD 50 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 2021-2022, the basic annual expenses for dog and cat food was USD 287.0 and USD 254.0, and food treats for dog and cats were USD 81.0 and USD 72.0, respectively, in the United States. It was an increase of 12% in 2021-2022 compared to the previous year. Thus, increased spending on food has driven pet food sales in the US market.
The North American pet food market is consolidated, with the top global players occupying a major share of 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. The majority of the top market players were expanding their operations to new locations and focusing on developing new products to cater to a wide range of consumers.
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