Pet food sales increased by 15% from 2020-21
by Katie Pfaff
The market for sales of pet food for cats and dogs was valued at $41 billion in 2021, based on a report by Packaged Facts, a division of MarketResearch.com. The increase in the market was 15% from 2020 to 2021. In addition, the Compound Annual Growth Rate, or CAGR, of the forecast period of 2017 to 2021 was 11%, according to the report.
While the recent price spikes have been behind some of the growth, the market is also thought to be somewhat protected from cost pressures on consumers. In other words, while high prices have led some consumers to not buy products in some sectors, the pet food market remains resilient, according to a news release from Packaged Facts. The trend of and appeal to consumers for fresh pet food that requires refrigeration or freezing — like human food — is just one example of what the company describes as a market revolution.
Effective brands in the fresh pet food space including Freshpet have predicted revenue greater than $1 billion as the sector approaches 2025. In addition, other large pet food companies have begun to offer lines of refrigerated dog food and have begun to acquire smaller fresh pet food brands.
Habits of pet owners have changed in recent years with only half of cat and dog owners still purchasing traditional or adult formulation pet food.
According to Packaged Reports, pet owners respond to the notion of food that is vetted by science: 36% of cat owners and 38% of dog owners have expressed support for pet food that is created based on research. As a nod to these numbers, Hill’s Prescription Diet pet food saw an increase of 14% in full year net sales, to $3.3 billion.
Packaged Facts publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, and pet products and services.
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