The pet food sector is among the fastest growing sectors within the food industry. Factors such as urbanization and a growing pet population have only fueled the progress of this industry. The pet food market has captured sales amounting to USD 22.62 billion (statistics gathered by APPA) in the United States and the figure is around USD 24 billion in the UK in 2013 (statistics from FEDIAF).
By end of 2016, cat food sales are expected to grow by 3.2% in the UK. Nestle Purina and Mars Foods are the top players competing in the UK and US markets. As pet food becomes more specialized, based on life stage and breed, pet owners prefer prepared over homemade food, to maintain the well-being of their animals. Cats worldwide are enjoying better food and longer lives today. If you own a cat, you are majorly driving this trend. By the end of 2017, demand for pet food is expected to boost sales to USD 95.7 billion across the globe.
The cat population is set to increase to 9.5 million by the end of 2016. This will cause cat food sales to perform well in the foreseeable future. Consumers are looking at organic and natural foods and this trend is reflected on pet food as well. There is more demand for complete pet food that provides an animal entire nutritional needs than for complementary foods that can only be used in combination with other nutrient sources. In spite of the waning dog population and greater maturity than cat food, dog food is likely to bring a few surprises and dynamic trends in the short term.
Key Deliverables in the Study