In 2023, the US dog and cat food manufacturing industry's gross output stood at $29.42 billion. Forecasted data for 2024 to 2028 shows a steady increase in gross output, starting at $30.08 billion in 2024 and reaching $32.67 billion by 2028. The year-on-year growth rates depict a gradual upward trend, with a Compound Annual Growth Rate (CAGR) of approximately 2.74% over the five-year forecast period.
Future trends to watch:
- Continued consumer preference for premium and natural pet food products.
- Innovations in sustainable and eco-friendly packaging materials.
- Increased demand for customized pet nutrition solutions driven by data and technology.
- Potential impacts of regulatory changes and supply chain dynamics on production costs.
