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The Grand View Research report mentioned above suggests that innovations in specialty, premium and gourmet products, and packaging techniques are expected to propel growth in larger regions of the U.S., Europe, and Japan. In addition, focus on nutritive and functional pet foods and shift in preference towards dry pet food are key drivers for industry growth in developing economies.
Further findings in this report that are of interest is the increasing demand of nutritious food, growing at a CAGR of 5.2% (2015-2022), citing the rising cases of obesity and other diseases including arthritis, diabetes, and other ailments. And further, the awareness of pet owners in changing trends in innovation and healthier and active lifestyles and that has transcended toward their pets as well.
Of interest as well, as it relates to cannabis, is the major players in this industry. Mars and Nestle are the leading players in the market accounting for around 55% of the total share. Other familiar names include Del Monte Food Co, Colgate-Palmolive Co, and Proctor & Gamble Co.
The global market as you can imagine, is exponentially higher. According to Grand View Research, the pet market (not just treats) is expected to reach $98.81 billion (US dollars) by 2022, with dogs accounting for 59%. Another market research company, Euromonitor International sees this number in excess of $100 billion (as of 2014), siting China’s pet industry starting to boom, and emerging markets such as India growing at a 10 to 15 percent annual rate and Brazil with one of the largest pet populations in the world expected to grow 12 to 17 percent each year. Total expenditures on pets in the United States have more than doubled in the past 15 years and have grown every year for the past two decades. Spending in the pet industry was estimated to be $62.75 billion in 2016, an increase of about $2 billion from 2015.