INDUSTRY SURVEY 61% of respondents plan to launch new products to drive growth. Source of REVENUE GROWTH? Growth of existing product lines in US New product launched New distribution channels Growth of existing product lines in international markets Additional packaging formats 12 PET FOOD PROCESSING | 2019 | www.petfoodprocessing.net 63% 61% 53% 29% 27% e-commerce channels. The companies surveyed were asked to identify all of the relevant distribution channels through which their company currently markets products. With 76% reporting some revenue from ecommerce, that channel accounted for an average of 14% of the responding companies' current revenues. For 10% of the companies, e-commerce sales represent 31% or more of their annual revenues. Strategic spending As consumers continue to vote for brands with their purchasing dollars, a wider variety of food and treat formats are gaining traction. Consumer pet spending was up 25% from $58 billion in 2014 to more than $72 billion in 2018, according to the American Pet Products Association (APPA) National Pet Owners Survey, 2019-2020. Pet food sales accounted for 41.8% of the US pet industry's total revenue in 2018, and APPA projects they will continue to grow 4.5% to a total of $31.68 billion by the end of 2019.https://ptipacktech.com/