The global pet food market will grow by 4.2 percent annually over the next six years, increasing from $58.6 billion in 2011 to $74.8 billion by 2017, according to a report published by Transparency Market Research of Albany, NY.
The report projects pet food sales in the United States will grow at an annual rate of 3.5 percent, from $21.7 billion in 2011 to $26.6 billion in 2017. The report stated that dry pet food accounts for the largest type of pet food consumed globally, followed by snacks and treats, then wet food.
The report also projects the Asia Pacific market will grow at the fastest pace over the next six years, while the European market, second largest to the United States, will grow at an annual rate of 4.4 percent from 2011 to 2017. The report attributes this global market growth to consumers’ high disposal incomes, changing lifestyles, and a trend of more “nuclear families” and other people having pets in their homes.
October 2012 RENDER | back