From 2013 to 2023, the Bentonite sold or used for pet waste absorbents in the US has consistently grown, reaching 1.71 million metric tons in 2023. The Compound Annual Growth Rate (CAGR) over the last five years has been 2.18%, indicating moderate and steady growth.
Year-on-year variations have fluctuated, with notable spikes in 2014 (23.01%) and 2021 (7.55%). Noteworthy declines were observed in 2016 (-2.68%) and 2020 (-2.82%). Despite these fluctuations, the market has maintained an overall upward trend.
Looking ahead, the next five years are forecasted to show continued growth albeit at a moderate rate, with a 1.54% forecasted CAGR and a cumulative growth rate of 7.92% by 2028.
Future trends to watch for include advancements in biodegradable and eco-friendly absorbents, consumer preferences towards organic products, and potential regulatory changes impacting bentonite mining and usage.
