Rockville Md.And November 17, 2021 /PRNewswire/ — Pet food is not only the staple pet product in a market renowned for its resistance to recession, but it is backed by the global resources of dominant participants including Nestlé Purina, Mars, General Mills (Blue Buffalo), and Colgate-Palmolive (Diet Hill for Science).
Therefore, as stated in the “packaged facts” just released Focus on the US Pet Market: Pet Food Update (November 2021), the pet food market not only beat COVID-19, but boomed as well. Facts Packed US Retail Sales of Pet Food (Dogs and Cats) in $37.1 billion In 2021, an increase of 6.4% over 2020. Sales are expected to reach $47.9 billion in 2025, equating to a robust compound annual growth rate of 6.6%.
according to David Rush, director of packed facts research, the effects of the COVID-19 pandemic and corresponding increase in spending on pet care, rapid investment in the pet food industry, product development, marketing, and retail. Therefore, the COVID-19 virus has accelerated several current trends that are likely to fuel the pet food trade for years to come:
- Superpremium Pet Food is best known as the health product for pets, with natural formulations and science-based foods in high demand.
- Offers superior quality pet food in unconventional forms, chiefly fresh (chilled/frozen) and alternative protein/meat/vegan.
- Companies and consumers’ pursuit of pet food with ethically sourced ingredients, along with other sustainability initiatives such as eco-friendly packaging.
- It eroded the long-standing boundaries of group/pet/online channels that gave and abolished, defining and ‘exclusive’ major brands but also making them less accessible and affordable.
Moreover, e-commerce trends are pivotal in the pet food sector due not only to frequent and quantitative purchases, but also to the reorganization of the wholesale competitive landscape in the wake of the success of pet electronics retailers such as Chewy and Amazon. Major retailers that have traditionally been dependent on bricks and mortar have extensive activities including “online purchase, pick up in store” (BOPIS), curbside pickup, and same day/2 day delivery programs.
About packed facts
Packaged Facts, a division of MarketResearch.com, publishes market information on a wide range of consumer market topics, including consumer demographics, shopper insights, consumer financial products and services, consumer goods and retail, and pet products and services. Packed Facts also offers a full range of personalized search services. The reports can be purchased from our company’s website and are also available through MarketResearch.com.
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