Why the Pet Food Market in US is a Recession Proof Industry?

While consumers during the recession period had reduced their retail spending on food, beverages, and other items, the spending on pet food was not affected during this period.

A recent report on the Pet Food Market in US – Industry Outlook and Forecast 2017-2022, by Arizton says that the average household spending on pet food alone was $183 in 2011, which was much higher than the spending on bread, candy, cereal, chicken, and beverages. This clearly shows that the trend of treating pets as family members is the major factor driving the pet food market in US.

View Report: Pet Food Market in US – Industry Outlook and Forecast 2017-2022
https://www.arizton.com/reports/market-analysis/pet-food-market-in-us

According to the report, the pet expenditure in the US increased tremendously during the recession period. The expenditure includes pet food, pet services, pet monitoring devices, pet supplies, medicine, and veterinary services. Thus, with an increase of more than 250% between 2007 and 2016, the pet industry has increased exponentially than other retail markets. Thus, it is expected that the demand for pet food will remain stable irrespective of economic conditions in the country.

The report also includes other factors that show that the pet food market in US is going to witness a high growth. Following are a few factors discussed in the report:

Increased Tendency to Treat Pets as Humans among Pet Owners to Drive the Growth of Pet Food Market in US

Pet owners have started treating pets as their family members and spend more on pet food, treats, toys, and others. The number of households with pets is higher than the number of households with kids. Therefore, the spending on pets has increased in the region. Additionally, baby boomers and millennials are the largest segments owning a pet and are the major contributors on pet spending.

Increasing Pet Penetration through Adoption Leading to the Growth of Pet Food Market in US

To increase the adoption of shelter pets, many organizations have eased regulations and other barriers for adoption. Many animal shelters are increasing awareness through different campaigns to adopt shelter animals. Thus, this has led to increased adoption of shelter animals. Many shelters are turning to “open adoptions”, where owners can easily adopt a pet without undergoing through tedious procedure of background check, regulations, and other procedures to increase the number of adoption.

View Report: Pet Food Market in US – Industry Outlook and Forecast 2017-2022
https://www.arizton.com/reports/market-analysis/pet-food-market-in-us

Source: https://www.arizton.com/blog/why-pet-food-market-in-us-is-recession-proof-industry/

About Arizton
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

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This release was published on openPR.