PET Food Processing - October 2022 - 9

STATE OF THE INDUSTRY
staying
POWER
G
US pet industry sales continue on an upward
trajectory, with lofty predictions for the future.
By Kimberlie Clyma | kclyma@sosland.com
Growth in the pet care industry shows no signs of
stopping. In 2020, sales for the US pet care industry
reached over $100 billion for the first time ever, according
to the American Pet Products Association
(APPA). After reaching that milestone, the industry
expected continued growth, but the $123.6 billion in
sales in 2021 exceeded expectations. APPA estimated
growth would be around 6% for 2021, but it ended up
at 13.5% by year's end.
" The numbers don't
lie: The pet
industry has
shown itself to be incredibly strong and resilient with
a record-breaking two years, " said Anne Ferrante,
APPA's senior vice president of member relations and
business development, following the release of the association's
2021 State of the Industry data. " We expect
continued growth as we look toward the remainder
of 2022, although we anticipate it may be at a more
moderate pace given the impact of volatile factors like
inflation, supply chain issues and global relations. "
Globally, pet food sales grew to $123.6 billion, according
to year-end estimates by market research provider
Euromonitor International. In the United States, pet
food and treat sales are expected to reach $45.4 billion
90.5
million US households own some
sort of a pet (69 million households have a
dog and 45.3 million households have a cat).
Source: American Pet Products Association
by the end of 2022. Dog and cat food exports for 2021
set a record at $2.05 billion, which increased by 19.8%
from 2020, according to the Department of Commerce.
If industry analysts are correct in their predictions,
the industry's growth won't be slowing, but rather picking
up speed through the rest of the decade. Analysts
with Morgan Stanley Research and AlphaWise, the
company's survey and data group, believe the US pet
industry may reach $275 billion by 2030.
" We think the US pet industry has reached an
inflection point, taking topline compound annual
growth rates to 8%, versus 3% for the last decade, "
said Simeon Gutman, equity analyst covering hardline
retail for Morgan Stanley Research.
Fueling these expectations is the anticipated growth
in number of pet owners over the next five to 10 years.
According to the 2021-2022 APPA National Pet Owners
Survey, 70% of US households own a pet, which equates
to 90.5 million homes. The AlphaWise survey reported
that 65% of 18- to 34-year-olds plan to get a pet in the
next five years, which will help drive the expected
14% increase in pet ownership by 2030.
With the growing demand for pets comes a
2022
Pet Food Sales
Global
United States
2022 sales*
(in billions)
$123.6
$45.4
Source: Euromonitor International; *2022 estimated year-end sales
Growth %
2017 to 2022
45.4%
43.2%
www.petfoodprocessing.net | October 2022 | PET FOOD PROCESSING 9
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PET Food Processing - October 2022

Table of Contents for the Digital Edition of PET Food Processing - October 2022

PET Food Processing - October 2022 - Intro
PET Food Processing - October 2022 - 1
PET Food Processing - October 2022 - 2
PET Food Processing - October 2022 - 3
PET Food Processing - October 2022 - 4
PET Food Processing - October 2022 - 5
PET Food Processing - October 2022 - 6
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