The global petfood market will grow by 4.2 percent annually over the next six years, increasing from US$58.6 billion in 2011 to US$74.8 billion by 2017, according to a report published by Transparency Market Research of Albany, New York, USA.
The report projects the US market for petfood sales will increase 3.2 percent in 2012, growing at an annual rate of 3.5 percent over the next six years, from US$21.7 billion in 2011 to US$26.6 billion in 2017. The report says that dry petfood accounts for the largest type of petfood consumed globally, followed by snacks and treats, and then wet food.
The report also projects the Asia Pacific market will grow at the fastest pace over the next six years, while the European market, second largest to the US, will grow at an annual rate of 4.4 percent from 2011 to 2017. The report attributes this global market growth to consumers' higher disposable incomes, changing lifestyles, and a trend of more "nuclear families" and other people having pets in their homes.