The global market for pet food will grow by 4.2 percent annually over the next six years, increasing from $58.6 billion in 2011 to $74.8 billion by 2017, according to a report published by Transparency Market Research of Albany, N.Y.
The report projects the U.S. market for pet food sales to increase by 3.2 percent this year and at an annual rate of 3.5 percent over the next six years, from $21.7 billion in 2011 to $26.6 billion in 2017.
While the United States represents the largest market, the Asia Pacific market will grow at the fastest pace over the next six years, according to the report. The European market is the second largest for pet food and is expected to grow at an annual rate of 4.4 percent from 2011 to 2017.
Factors driving the global market include higher disposable incomes, changing lifestyles, and a trend of more nuclear families and other people having pets in their homes, according to the report.
Dry food accounts for the largest type of pet food consumed globally, followed by snacks and treats, and then wet and canned food, the report noted.