$15.5bn
$X.Xbn
14,855
190
$X.Xbn
Over the past five years, dry pet food producers have faced declining revenue, despite a spike in the total number of pets in the US as consumers sought companionship amid COVID-19 lockdowns. Supply issues for the industry's inputs made domestic production more expensive and encouraged overseas competitors to significantly boost their export volumes to US markets, bringing massive year-over-year increases in imports and intensified competition between producers. A strong rise in the total number of producers in the US brought even more competition, pressuring the industry's companies to drop prices and absorb a slight decline in revenue. Industry-wide revenue has been sinking at a CAGR of 0.9% over the past five years and is expected to total $15.5 billion in 2023, when revenue will stagnate.Consumers are increasingly seeing their pets as members of their family, a trend that has been a great boon to dry pet food producers. Doting pet owners look for the best products to feed their companions, and sales of the industry's specialized products have climbed accordingly. This has created niches for new entrants to find success by offering organic, natural and sustainable pet food. These premium dry pet food products are higher-margin than the industry's budget pet food brands, as the research and development behind each recipe creates more value-added for their products. This has helped profit remain high despite sinking revenue.Looking forward, industry revenue is projected to return to growth. Demand for pet foods is set to rise as veterinary care improves and extends the lives of pets, pushing the total number of pets in the US upwards. Owners will continue to move towards premium dry pet food brands, and securing the brand loyalty of health-conscious pet owners will be important for success in the coming years. Competition from imports is set to ease as a declining US dollar value makes domestically-produced dry pet food more affordable, both locally and abroad. Still, the steady entrance of new producers will keep prices constrained, tempering growth. Acquisition activity will continue as the industry's globalized producers look to maximize their economies of scale and expand their market share. Overall, industry revenue is set to climb at a CAGR of 1.3% over the five years through 2028 to total $16.5 billion.
Industry revenue has declined at a CAGR of 0.9 % over the past five years, to reach an estimated $15.5bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
---|---|---|---|---|
Nestle Sa | 4,535.7 | 972.8 | 21.4 | |
Mars Inc. | 1,466.7 | 347.4 | 23.7 | |
J.M. Smucker Co | 1,348.9 | 349.7 | 25.9 |
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Industry revenue is measured across several distinct product and services lines, including Dry dog food, Dry cat food and Specialty dry pet food. Dry dog food is the largest segment of the Dry Pet Food Production in the US.
Dry dog food is popular but declining
The Dry Pet Food Production industry manufactures dry dog and cat foods, which are generally grain- and oilseed-based.
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NAICS 31111 - Dry Pet Food Production in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Competition has pushed down prices and brought a decline in industry revenue, while import volumes have skyrocketed over the past five years. These trends, combined with a st...
Learn about an industry's products and services, markets and trends in international trade.
Pet owners are moving to specialized products. The growing trend of pet humanization is leading consumers to choose the best option for their pets, even if it comes with a hi...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Producers locate near upstream industries. By operating in the Plains or Great Lakes regions, dry pet food producers can save when buying their inputs and lower their bottom ...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Pet owners are loyal to one brand. Because it’s not good for pets to regularly change pet food brands, consumers will stay with one pet food product through small price hikes...
Learn about the performance of the top companies in the industry.
Major companies are upgrading supply chains. In light of recent disruptions stemming from the COVID-19 pandemic, producers like Nestle are implementing artificial intelligenc...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
FDA oversight monitors the production process. In order to ensure the dry pet food the industry produces is safe for consumers’ pets to eat, the FDA enforces strict regulatio...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit is strong and steady. Producers add a great deal of value to their inputs through the production process, giving them strong prices that adequately cover operating cos...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Dry Pet Food Production in the US industry in United States is $15.5bn in 2024.
There are 190 businesses in the Dry Pet Food Production in the US industry in United States, which has grown at a CAGR of 3.2 % between 2018 and 2023.
The market size of the Dry Pet Food Production in the US industry in United States has been declining at a CAGR of 0.9 % between 2018 and 2023.
Over the next five years, the Dry Pet Food Production in the US industry in United States is expected to grow.
The biggest companies operating in the Dry Pet Food Production market in United States are Nestle Sa, Mars Inc. and J.M. Smucker Co
Manufacturing dry cat food and Manufacturing dry dog food are part of the Dry Pet Food Production in the US industry.
The company holding the most market share in United States is Nestle Sa.
The level of competition is high and increasing in the Dry Pet Food Production in the US industry in United States.