The US pet products market has been forecast to experience a compound annual growth rate (CAGR) of 2% over the next five years, improving on its 2012 valuation of $8.3 billion.
Value sales of pet products saw 3% growth in 2012, in line with the growth rate experienced in 2011. While pet healthcare and cat litter suffered small declines in 2009 and 2010, respectively, as a result of weakness in the broader US economy, the category overall maintained positive growth.
Steady growth in pet populations will be the primary driver of sales in the future, with the total population of pets expected to rebound gradually to 412 million in 2017. Rising incomes will allow pet owners to spend more on their pets to ensure their health and wellbeing. Given the relatively small size of these categories in proportion to total pet food sales, there is room for expansion.
From high-end items to high-tech items, products for our companion animals now extend beyond traditional necessities.
Merial Ltd leads sales within the US pet products market, with 11% of value in 2011. It is followed by Nestlé Purina PetCare Co, with 6% of total sales, and Bayer Corp, with 5%. The market is highlight fragmented, with the top five companies accounting for just 30% of total value sales of pet products in 2011.
Church & Dwight Co, the manufacturer of Arm & Hammer cat litter, experienced some of the fastest growth in other pet products in 2011, with 16% value growth. The company has taken an innovation focused strategy with its cat litter range, introducing odour eliminating products under its Arm & Hammer brand. The Arm & Hammer range is synonymous with baking soda and cleaning products in the US, with considerable brand equity that may support the company's pet care business.
For more information on the US pet products market, see the latest research: US Pet Products Market
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