The global pet food market size was calculated around 76.5 billion American dollars in 2016 and is estimated to realize a compound annual growth rate of 4.3% over the forthcoming six years.
Today, we are mostly “purchasing” the food we feed our pets. One may think that it has always been this way. However, it is not the case! The history of commercial pet food is a little longer than one and a half century. The commercial pet food industry started in 1860 in London with electrician James Spratt’s idea of inventing the first dog biscuit. That relatively primitive product was made from vegetables, beef blood, wheat, and beet root. Spratt may have enjoyed being a monopoly for years. Yet today, we are observing a far more competitive market and year by year the industry is growing steadily. Last year, the pet food industry grew three times as fast as the packaged food industry. The global pet food market size was calculated around 76.5 billion American dollars in 2016 and is estimated to realize a compound annual growth rate of 4.3% over the forthcoming six years. In the US, perhaps more than any other country in the world, humans are treating their pets like members of the family, and are willing to spend with that idea in mind. In 2017, Americans have spent around 30 billion dollars for their pets’ food. Some contemporary matters of today’s pet food industry are nutritiousness, carbon ‘pawprint’, overfeeding, environmental issues etc.