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Summary of our market study
The global pet food market has experienced robust growth since 2020, with the U.S. leading as the largest market. The industry exhibits a high degree of consolidation, with top players like Mars, Nestlé, and JM Smucker holding substantial market shares. Premiumization drives the sector, with a noticeable shift towards healthier and high-quality alternatives due to increasing pet obesity. The U.S. pet population rose to 154.3 million by 2022, reflecting Americans' growing passion for pets. The average annual growth rate of the U.S. pet industry from 2018 to 2022 was 8.6%. Online shopping for pet food has surged, with 42% of consumers increasing their online purchases in 2022. Regulatory bodies like the FDA oversee the industry to ensure product safety and quality. Foreign trade has been dynamic, with U.S. imports of dog and cat food tripling from 2016 to 2022, resulting in a trade surplus despite a faster increase in imports than exports. Premium segments like 'health & wellness' are seeing the most growth, overshadowing volume sales with a notable rise in unit prices.
Rising Passion for Pets and Premium Products Fuel Market Trends in the U.S. Pet Food Industry
The U.S. pet food market has witnessed significant growth, catalyzed by an increasing affinity for pet ownership and a surge in premium product demand. From 2011 to 2022, the dog and cat population showed remarkable increases, with the number of dogs ascending by nearly 50% and cats by approximately 20%. In tandem with this growth, the percentage of American households owning a pet also soared, reaching roughly 70% in 2022 compared to about 56% in 1988. The figures suggest that pets are more than just animals; they are cherished companions, as indicated by a strong trend towards pet humanization.
Statistics reflect the immense love pet owners harbor for their furry friends, with a striking 40% of New Yorkers admitting to spending more on pampering their dogs than their partners. This lavish treatment isn't limited to New York, as the trend spreads across various states, with many Americans going to lengths to ensure their pets' comfort and happiness. This affection translates to financial terms as well. The average annual expenditure on pet care sits between $200 and almost $2000, with those earning over $200,000 per year allocating on average closer to $1500 towards their pets. Food remains the most significant expense, accounting for nearly half of total costs according to respondents. As pet parents prioritize the health and nutrition of their furry companions, the demand for premium, healthier food alternatives has intensified, partly due to the prevalence of pet obesity. This shift towards premiumization is evident in the pet food prices, which outpaced average U.S. inflation rates between December 2021 and May 2023. In response to this trend, industry giants are consolidating their positions by expanding assortments with health and well-being focused offerings.
The U.S. market itself is highly consolidated, with leading companies holding significant shares. The market reflects a powerful oligopoly where a handful of players exert substantial influence over trends and market dynamics. Regarding purchasing habits, there is a clear tilt towards online shopping, with nearly half of pet owners increasing their frequency of online purchases in 2022. This is complemented by a preference for in-store pickups, indicating an inclination to blend online convenience with in-store benefits. Notably, dry pet food claims the lion's share of the market, resonating with consumers for its convenience and perceived benefits to pet health. However, the rising prices have not deterred consumers, suggesting a relatively inelastic.
Leading Titans of the Pet Food Industry
In an industry teeming with competition and variety, a few giants stand tall, shaping the market dynamics with their expansive product offerings and marketing strategies. The pet food sector, already a robust and growing market, is dominated by companies that have become household names due to their longstanding reputations and extensive research in pet nutrition and health. Here we unveil the prominent players steering the global pet food market, shaping the trends, and setting the standards for quality and innovation.
- Mars Petcare Inc. A perennial powerhouse in the pet food industry, Mars Petcare Inc. doesn't rest on its laurels. With a plethora of brands under its umbrella, including well-known names such as Eukanuba and Iams, Mars has managed to secure a substantial portion of the market share. The company's approach to pet care revolves around comprehensive research and development, focusing on both nutritional value and taste to cater to the diverse needs of pets worldwide.
- Nestlé Purina Petcare Nestlé Purina Petcare is another major contender with a competitive edge in nutrition and science. Their brands, such as Purina One and Purina Pro Plan, are frequently found on the shelves of pet owners eager to provide their companions with meals that are not just satiating but also tailored to support overall health and well-being. Nestlé Purina's dedication to quality, backed by rigorous testing and quality control, assures customers of the safety and efficacy of their pet food products.
- Hill's Pet Nutrition A subsidiary of Colgate-Palmolive, Hill's Pet Nutrition is synonymous with clinically researched food products designed for pets with specific dietary needs. Their prescription diet and science diet lines are extensively recommended by veterinarians, emphasizing Hill's commitment to creating pet food that aids in managing health conditions and enhancing the lives of pets through nutrition.
- J.M. Smucker Best known for its human food products, J.M. Smucker has a significant presence in the pet food market as well. The company's acquisition of brands that cater to pets has allowed it to flourish in this niche, offering an assortment of food options that promise both quality and variety for pet owners.
- General Mills General Mills, another company with a legacy in the human food industry, has made a strong foray into pet food with the acquisition of Blue Buffalo. They have successfully leveraged their experience to establish a foothold in the premium pet food market, attracting pet owners who are willing to invest in higher-end nutrition for their furry family members.
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
Pet foods include foods for dogs, cats, birds, fish, small reptiles and mammals. The market is part of the broader pet food category, which includes both pet food and livestock feed.
The main segments of the pet food market can be identified by feed type, distinguishing between;
- Wet or moist foods ;
- Dry foods;
- Treats;
The global pet food market is flourishing, and forecasts for its development and evolution are equally promising, due to the growing importance attached to health and nutrition, and the increasing number of animals kept. In addition, more and more pets (especially dogs and cats) are overweight, increasing the demand for healthier food alternatives.
Major players in the global pet food industry include The JM Smucker Co, Nestlé, Mars and Wagg Foods. It's worth noting that these companies operate in a highly concentrated market, where the six largest companies hold a dominant share, accounting for up to 75% of the industry's total sales. This concentration reflects the importance of these key players in the global supply of pet care products, and their influence on market trends and developments. These companies strive to maintain their dominant position by offering a diverse range of high-quality products to meet the varied needs of pet owners around the world.
The United States is the world's largest pet food market, accounting for around 40% of sales in 2018. The average annual growth rate between 2018 and 2022 is 8.6%, driven by the growing number of pets and rising prices due to inflation and increasing demand for premium products
The US pet food (dog and cat) and other pet food (all other) markets are both being hit by the same trend towards product premiumization. In particular, demand for natural foods for small mammals is on the rise. Overall, dog food generates the highest volume of sales, followed by cats and small mammals.
The pet food market is one of the few markets to have benefited strongly from the COVID-19 epidemic; consumers bought many more pets, which mechanically increased sales of related products.
1.2 A steadily growing global market
The global pet food market is valued at $**.* billion byGrand View Research. It is expected to grow at a CAGR of +*.*% over the period ****-****.
Worldwide dog and cat populations in **** World, **** , million Source: ****
1.3 Domestic market: Very strong growth
Total pet industry spending in the U.S united States, ****-****, $ billion Source: ****
total spending in the pet industry has increased by **.*% in * years, from $**.* billion in **** to nearly $*** billion in ****. The average annual growth rate between **** and **** is *.*%.
Actual sales on the US market in **** united States, ****, $ Source: ****
Analyzing the breakdown of actual sales on the U.S. market in ****, we see that pet food products account for the largest share, with **.*% of sales, totaling $**.* billion.
In second place, spending on veterinary care reaches $**.* billion, equivalent to **. *% of spending on the US market.
Distribution of the number of pets in the United States in **** united States, ****, Million Source: ****
In the United States, the proportion of households owning at least one pet has risen steadily, from **% in **** to **% in ****. Among these pets, dogs make up the majority, accounting for **. *% of the total. Combining dogs and cats, these two species account for **% of all pets in the USA.
1.4 Very dynamic foreign trade
Dog and cat food imports in the USA united States, ****-****, Million $ Source: ****
between **** and ****, the global amount of dog and cat food imports into the United States almost tripled (***), increasing by $*.** billion. The average annual growth rate of imports is therefore **.**% .
Between **** and ****, imports rose by almost **% to reach $*.* billion.
National export figures: dog and cat food in the USA united States, ****-****, Million $ Source: Comtrade database between **** and ****, total national exports of dog and cat food to the USA almost doubled (***), increasing by $*.** billion, equivalent to an average annual growth rate in national exports of *.*%.
Between **** and ****, U.S. domestic exports grew by almost **.*% to reach $*.** billion.
Trade balance, US dog and cat food united States, ****-****, Million $ Source: Comtrade database between **** and ****, the trade balance remained fairly stable (***). However, between **** and ****, overall imports increased by **%, while domestic exports rose by just **.*%. This led to a decline in the trade balance of almost **%.
Between **** and ****, exports increased at an average annual growth rate of **.**%, while domestic exports recorded an average annual growth rate of just *.*%. This explains the decline in the balance of trade, which nevertheless remains in surplus. It is therefore the greater increase in imports compared with ...
2 Demand analysis
2.1 Americans' growing passion for pets
the dog and cat population in the United States increased significantly between **** and ****, rising by **% and **.*% respectively. This increase was reinforced in the wake of the COVID-** pandemic, with the obligation to stay at home. Americans sought comfort in the massive adoption of pets to cope with isolation and stress.
Unlike other major regions of the globe, the United States has a very high proportion of dogs, representing almost **% of the total pet population.
Evolution of the number of dogs and cats in the United States united States, ****-****, Million Source: ****
In the United States, the number of pets rose by **. *% between **** and ****, reaching ***.* million in ****. Of the *** million American households, **.* million will own a pet in ****, representing **% of all households. By comparison, in ****, only around **% of households owned a pet. by comparison, in Europe, only **% of households own a pet.
Evolution of the number of pets in the USA united States, ****-****, Million Source: ****
With ** million dogs, the United States is the world's second largest dog population, just behind China and ahead of Brazil. brazil has more dogs than children under **. Worldwide distribution of the number of dogs World, ****, Million dogs Source: ****
2.2 Demand analysis
Share of current pet owners by generation u.S., ****, % (***) Source: ****
Here's the percentage breakdown of pets in the U.S. by generation: Millennials (***) own **% of U.S. pets, followed closely by Generation X, at **%, and the Baby Boomer generation, at **%. Pet-related expenditure in $ united States, ****, $ Source: ****
pet spending data reveals that the **-** age group stands out as the most substantial spending group, with an annual average of $**** allocated to their pets per year. at the other end of the spectrum, individuals aged ** and over show the most modest pet spending, with an annual average of $***, placing them at the bottom of the age group hierarchy. Low pet spending in the under-** and **+ age groups correlates with fewer people owning pets at this age or being financially responsible for them.
Average annual expenditure per pet united States, <$**,*** - >$***,***, $ Source: BLS (***) pet expenditure statistics reveal that pet owners of almost all income levels spend around *% of their annual earnings on their pets. Data from the **** Consumer Spending Survey shows that pet owners earning more than $***,*** a year spend the most on their pets, at $*,*** a year. Those earning less than $**,*** a year still spend $*** a year on their pets.
2.3 Increasingly spoiled pets
Source: ****
New York scored **.** out of ***, indicating a high level of dog pampering in the state (***) **% of New Yorkers admit to spending more money on pampering their dogs than on their partners. More than half, **%, of New York respondents said they spend more on their dog's health and grooming than on their own. A significant **% of New Yorkers regularly throw birthday parties for their dogs, and **% have even pushed their dogs in strollers. New Yorkers take their dogs' fashion seriously, with **% having purchased outfits and accessories for their four-legged companions, ranking second nationally on this measure. New York also ranks second on the list for regularly preparing homemade dog food, with **% of respondents doing so. Finally, **% of New Yorkers said they had ordered a special treat for their dogs from a restaurant. Next in line are California/ Washington/ Pennsylvania and New Jersey. The * states that spoil their pets the least are Wyoming/ Arkansas and South Dakota
How much does it cost to own a dog? united States, ****, % Source: ****
dog owners surveyed reported spending an average of $*** a year on their dog. However, **% said they spent between $*** and $*,*** annually on their dog, while *% said they spent more than $*,***. In addition, more than ...
3 Market structure
3.1 A highly consolidated market
The US pet food market is characterized by a high degree of consolidation, with major players such as Mars Inc, Nestlé SA (***) exerting a dominant influence. Mars, in particular, occupies a significant position as a pet food manufacturer in the country.
To counter this consolidation, markets are striving to develop local manufacturers and create multiple private labels. The worrying rise in obesity among pets is prompting the majority of consumers to restrict calorie and food content, posing a challenge to the industry.
Market shares of major pet food vendors in the USA **** u.S., ****, % (***) Source: ****
The two major players in the USA (***) together account for almost **% of market share in the territory. A more detailed analysis reveals that the six main players will hold **% of market share in the USA in ****, confirming the high level of concentration in this sector.
3.2 Value chain
In ****, the "Pet food" industry will employ around **,*** people, whereas in ****, according to IBIS, there were only around **,*** employees, equivalent to an average annual increase of around *%.
3.3 Distribution
How have your pet food purchasing habits changed in ****? u.S., ****, % (***) Source: APPA According to the panel used by APPA, **% of pet owners say they have increased their online shopping habits during ****, while only *% say they have decreased their online shopping habits. The remaining **% report no change in their habits in ****. This study shows an important evolution in consumer habits, with a growing interest in online shopping. "Where do people who order online get their goods delivered?" united States, ****, % Source: APPA Among individuals who shop online, **% always choose to pick up their orders in-store, while the remaining **% opt for home delivery or, more occasionally, roadside collection points.
This underlines consumers' persistent habit of choosing in-store collection, where they can benefit from advice on pet nutrition, even as the share of online purchases grows.
4 Offer analysis
4.1 The dry food segment dominates the market
Advantages of dry dog food: Dry dog food is popular for its ease of storage and consumption. They are also formulated to take care of dogs' hygiene, including cleaning their teeth while they eat. What's more, they can be left out in the open for long hours without spoiling, making them ideal for dog owners with active lifestyles. Dominant market segment: Dry pet food is the largest segment of the pet food market, due to its variable oxidation stability and shelf life. Trend towards protein and carbohydrate reduction: The demand for protein-rich, low-carbohydrate dog food is driving the market for dry pet food, particularly grain-free dry pet food, also known as carbohydrate-free diets. Traditional carbohydrates are being replaced by other ingredients such as potatoes, lentils or peas. Trend towards the humanization of pets: Dog owners increasingly regard their pets as members of the family, driving demand for high-quality dog food. Companies are investing to meet this trend, as evidenced by the partnership between Barrett Petfood Innovations and Anchor Ingredients Co. LLC to create North Freeze Dry, a manufacturer of freeze-dried protein ingredients for pet foods. New facilities: North Freeze Dry launched a state-of-the-art freeze-drying facility in Little Falls, Minnesota, to meet ...
4.2 Purchasing and using different types of products
trends in dry food usage rates mRI-Simmons data show that purchase rates for dry pet food, whether for dogs or cats, remain stable due to their almost universal use: Dry dog food usage rates, at **% of dog food buyers in ****, have remained stable in the **%-**% range since ****. Similarly, the use of dry cat food, i.e. **% of cat owners in ****, has remained stable in the **% to **% range since ****. Dog biscuit/treat usage rates have also remained very stable, albeit at a relatively lower rate of three quarters of dog owners.
Consumer usage rates by food type and animal united States, ****-****, % Source: Packaged facts (***) trends in use of wet food and treats for dogs and cats Longer-term growth mainly concerns wet food and treats for cats. This finding reflects a fundamental element of the competitive landscape: The US pet market has traditionally been dog-centric (***). A greater focus on cats represents one of the key growth opportunities for the pet industry, in both pet products and veterinary services.
Trends in consumer use of wet pet food and treats for dogs and cats united States, ****-****, % Source: ****
4.3 "Petflation": Significantly higher than the US inflation rate.
Monthly change united States, Dec-**-May-**, % Base *** : **** Source: ****
Between December **** and May ****, the U.S. consumer price index rose by **.*%. At the same time, pet food prices rose by **.*% over the same period.
This discrepancy is mainly due to the period from June **** to May ****, during which consumer prices climbed by *.* percentage points, while pet food prices increased by **.* percentage points.
This rise in prices can be explained both by inflation and by the sector's move upmarket.
4.4 Growth driven by rising prices: the premium segment takes off
Growth has been driven mainly by price rises, partly due to inflation, but also influenced by the industry's move upmarket (***).
Industry players are also underlining the trend, since according to Simon Lesage (***)"**% of the category'sgrowth is in valued segments: health & well-being and moments of pleasure and connection with one's pet".
We can draw up the following panorama of premium brands:
Method of analysis: We plan to use data provided by the top ten players in each product categoryfor the ** weeks ending June **, ****, for dogs and cats only, totalling $**.* billion, equivalent to **% of the global market. (***)
This analysis of the pet food market reveals that the significant growth in this sector is mainly attributable to higher unit prices rather than higher sales volumes. Indeed, between June **** and June ****, volume sales of dry dog and cat food, representing almost **% of market share, rose by less than *% , while unit prices increased by **. *% over the same period.
In addition, wet dog food and semi-moist cat food recorded the highest price rises , with increases of **. *% and **.*% respectively.
Sales of wet dog food fell by nearly **.*% in volume, probably due to a **.*% price increase. Despite this, sales still rose by **.*%. This trend suggests a relatively low price ...
5 Regulations
5.1 Regulations
In the United States, regulations governing the pet food industry are mainly overseen bythe Food and Drug Administration (***). Here are some of the key laws and regulations that apply to the pet food industry:
Food, Drug, and Cosmetic Act (***) : This law gives the FDA the authority to regulate the manufacture, sale and distribution of pet foods. It establishes food safety standards and requires that products be safe for pets. Association of American Feed Control Officials (***) regulations: AAFCO develops nutritional composition and labeling standards for pet foods. Manufacturers are encouraged to follow these standards to ensure that their products are complete and balanced. Pet Food Safety Regulation: The FDA has specific regulations in place to improve the safety of pet food. These include manufacturing standards, inspections and recalls in the event of food safety problems. Pet Food Labeling Regulation: Manufacturers are required to provide accurate information on product labels, including ingredients, nutritional values and health claims. Animal Food Safety Act (***): This act strengthened FDA regulations on pet food, particularly with regard to the prevention of food-borne illnesses.
It's important to note that regulation of the U.S. pet food industry is aimed at ensuring product safety and quality, but pet owners should ...
6 Positioning the players
6.1 Player segmentation
Source: ****
- Mars Petcare Inc
- Nestlé Purina Petcare
- Hill's Pet Nutrition
- J.M. Smucker
- General Mills
- Diamond Pet Foods
- Simmons Pet Food
- Aphia
- United Petfood
- Spectrum Brands/ United Group
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