New Consumption Trends Driving Pet Food Sales

The North American pet food market is expected to reach $35.67 billion by 2028, making it the largest regional market, according to a new report from SkyQuest Technology.

In the United States alone, consumers spent more than $20 billion on their pets in 2018, with more than $14 billion earmarked for pet foods. While traditional wet and dry dog and cat food still make up the majority of the market, there is a growing trend towards alternative pet foods, such as raw diets and freeze-dried foods in the pet food market. These diets are often seen as being more natural and healthier for pets, and as a result, they are becoming more popular among pet owners.

In addition to the growing demand for alternative pet foods, there is also a growing trend towards premium pet foods. Pet owners are increasingly willing to spend more money on higher quality products that they believe will be better for their pets' health. This trend is being driven by an increase in awareness of animal nutrition and a desire to give pets the best possible diet, the report said.

Other Key Findings from SkyQuest’s Report on Global Pet Food Market include:

• Dry dog food will remain the largest product category in terms of sales, followed by cat food and wet dog food.
• In contrast, the traditional pet food segment is forecast to decline slightly over the next four years due to competition from premium brands. However, value brands are expected to fare better as price-conscious consumers look for ways to save money on their pets' diets.
• Growth of the global pet food market is also being driven by e-commerce. Online sales currently account for a small share of total pet food sales (28%), but this is expected to grow significantly over the forecast period. The convenience and wide selection offered by online retailers are key drivers of this channel's growth.

Additionally, there is also growing popularity of plant-based diets: A number of consumers are adopting plant-based diets for themselves, and this trend is also extending to their pets. Plant-based pet foods offer a number of benefits such as being more environmentally friendly and potentially more healthful than traditional meat-based products.