Smucker Manufacturing, Inc.

DUBLIN--( BUSINESS WIRE )--The "U.S. Pet Market Outlook, 2023-2024" report has been added to ResearchAndMarkets.com's offering. The "pandemic years" of 2020 and 2021 were boom years for the U.S. pet industry, with sales up 9.8% and 13.7%, respectively. During 2022, however, the market's 9% growth was largely a function of inflation. Although the economic headwinds cooled sales in some of the more discretionary categories, the industry overall has fared well vis-a-vis other consumer markets. In the analyst's Surveys of Pet Owners, pet products and services are at the bottom of the list of household spending cutbacks, second only to human medicine and healthcare. Reflecting both the higher prices and Americans' deep commitments to their pets, pet parents remain tenacious when it comes to pet care, with 68% spending more in February 2023 vs. January 2022 even as they looked for ways to economize. With the industry continuing to trend in omnichannel and omnimarket directions, and M&A and investment activity still going strong, the analyst anticipates ongoing advancement across all pet industry sectors through 2027, when sales are expected to top $190 billion. Characterizing a gradual return to normalcy during the forecast period will be the reinvigoration of trends including premiumization, health & wellness, sustainability, and all things digital including e-commerce, although the most positive short-term factor will likely be the expected gradual lessening of inflation. Key Topics Covered: Chapter 1: Executive Summary Chapter 2: Market Size and Growth Chapter Highlights Market Size & Growth Inflation Accounts for Much of the Dollar Growth Retail Channel: E-Commerce Continues to Accelerate Market Drivers Pet Owners Not Spared Economic Pressures Higher-Income Households Represent More Than Two-Thirds of Spending "Pets as Family" Companionship, Love Top Reasons for Pet Ownership Supply Chain Issues Persist Usually Buy", 2023 (Percent of Pet Product Shoppers) Intensified Focus on Health and Wellness Declining Dog Population Younger Pet Owners May Give Up Pets Travel Surge and Return to Work are a Mixed Pet Care Bag Investment and M&A Chapter 3: Overall Industry Trends Chapter Highlights Industry Trends Overview Consolidation Continues Apace Amid Pet Food Market Leaders Non-Food Pet Supplies Market Leaders Leading Veterinary and Non-Medical Pet Service Operators Fast-Growing Franchises and Private Companies Supply Chain Issues Persist Pet Industry Leaders Back Promising Startups with Venture Funds Mars' Companion Venture Fund Mars' Leap Venture Studio and Academy Nestle Purina's Petcare Innovation Prize The Central Garden & Pet Ecosystem Deal-Making Moderates in 2022 Mergers, Acquisitions, Investments, and Rebranding Smalls Receives Capital Investment Natural Balance and Canidae Merge Post Acquires Pet Brands from Smucker Beach Point Capital Acquires Controlling Stake in Wet Noses Petmeds to Acquire Petcarerx Barkleigh Acquires National Dog Groomers Association Mars Petcare Acquires Champion Petfoods Earthwise Pet Acquires 42 New Locations Rover's Wellness Acquired by London-based Cpg Group Chasing Our Tails Buys K9 Candy Kitchen Brightpet Nutrition Group Acquires Bravo! Pet Foods Premium Pet Food Brand Ziwi Acquires New Zealand-based Freeze-Dried Foods Antelope Acquires Ark Naturals Win World International Trade Acquires Pet Gazebo Wag! Goes Public Boss Pet Products Acquires Bardel Bows Pet Food Express Receives Investment One Farm Pet Supplements Merges with Ziggy Marley's Apawthecary Antelope Acquires Pet Cbd Supplement and Treat Co. Garnett Station Partners Acquires Woof Gang Bakery & Grooming Clayton, Dubilier & Rice Acquires Covetrus Tuffy's Treat Co. Acquires Finley's Barkery The Honest Kitchen Receives Investment Worldwise Acquires Pet Factory Hollywood Feed Acquires Petpeople Dane Creek Capital Corp. Acquires Pet Treats Maker Wodema Industries Wild Earth Receives Investment Made by Nacho Receives Investment "I and Love and You" Receives Investment Swedencare Acquires Naturvet Brazilian Pet Retail Chain Acquires Wizsmart Dog Pads Pet Supplies Plus Acquires Wag N' Wash Natural Pet Food & Grooming Authority Brands Acquires Woofie's Worldwise Acquires Furhaven and Kitty Sift Manna Pro Acquires Oxbow Animal Health Mars Acquires Nomnomnow Chapter 4: Focus on Pet Food and Treats Chapter Highlights Pet Food and Treats Double-Digit Inflation The Superpremium Evolution The Fresh Pet Food Revolution Freshpet Posts Closes Out a Strong 2022 Retailers Also Ramping Up in Fresh Freeze-Dried Segment Remains High Interest Advancements in Human-Grade Pet Food Locally Sourced and Made in the Usa Smucker Downsizes Pet Food Portfolio, Post Buys in Post's New Pet Food Platform General Mills/Blue Buffalo Exploring New Growth Avenues New Directions: Fresh Pet Food, Cat Food, Treats Mars Bulks Up Superpremium Portfolio Higher Costs Equal Higher Prices Focus on Affordability Science-based Diets on a Roll Spotlight on Microbiome Sustainable Pet Food Formulas and Industry Initiatives Sustainable Packaging a Key Challenge Canidae/Petco Rolls Out Kibble Refill Stations Wet Pet Food Usage Slows, But Future Remains Bright Households) Pet Treats Continue to Advance Smucker Shooting for $1 Billion with Milk-Bone General Mills Rebranding Former Tyson Treats Brands Under Blue Buffalo Cbd Pet Treats Continue to Cross Regulatory Lines Treat-Specific Subscription Programs Chapter 5: Focus on Non-Food Pet Supplies Chapter Highlights Non-Food Pet Supplies Pandemic Blowback: Economic Angst and Extreme Inflation Product Shortages Away from Home Health & Wellness DNA Test Kits Sustainability and Corporate Responsibility Chapter 6: Focus on Veterinary Services Chapter Highlights Veterinary Services Sector Topline Revenues and Growth Veterinary Share of Pet Care Service Revenues Veterinary Spending Per Customer Household Share of Veterinary Revenues by Animal Type Veterinary Spending: by Type of Pet Veterinary Care Usage Patterns Customer Draw by Veterinary Service Type Usage Rates for Veterinary Services Patterns by Number of Veterinary Visits Sector Trends Competitive Landscape Industry Consolidation Braving the New World of Millennials/Gen Z Millennials/Gen Z Pet Parents are Less Vet-Centric Information: Overall and by Generational Cohort, 2023 (Percent) Millennials/Gen Z Pet Parents are Less Attached to Local, Independent Vet Model Millennials/Gen Z Pet Parents Have More Diverse Range of Vet Service Priorities Millennial/Gen Z Pet Parents are More Prone to Buy Healthcare Products Through Vet The Veterinary Diets Opportunity Telehealth and "Smart" Product Trends Chapter 7: Focus on Non-Medical Pet Services Chapter Highlights Non-Medical Pet Services Sector Market Segmentation and Performance by Category Economic Stress/Inflation November 2022 (Percent of Pet Owners) Declining Dog Population Staffing Shortages/Business Closures The Franchise Revolution Pet Supplies Plus / Wag N' Wash on Rapid Expansion Path Dogtopia Aiming for 400 Units by 2025 Mars' Camp Bow Wow Earthwise Pet Tops 170 Unit Milestone Other Leading Pet Care Franchises More Franchisors Entering the Market Non-Franchise Pet Services Chains Wag! Goes Public, Acquires Dog Food Advisor Rover: Revenues Up, Share Prices Down Top Retailers Continue to Lean in on Services Walmart Pet Care Banner Expands to in Store Best Friends Pet Care Units Petco's Services Thrust Petsmart Covers All Bases Chewy Adds Careplus Pet Insurance, Claims More Services to Come Eyes on the Price Pet Service Professionals Increasingly Influential Veterinary Share of Pet Care Service Revenues Chapter 8: Retail and E-Commerce Trends Chapter Highlights Retail Sector Sales Overview Note on Data Sales Overall and by Food Versus Non-Food Brick & Mortar Versus E-Commerce Sales Breakouts of Sales and Shares Competitive Landscape Omnimarket Versus Omnichannel Pet Supplies Plus Acquisitions The Omnipresent Internet Wellness as Omnimarket Driver In-Store and E-Commerce Shopping Patterns Consumer Priorities in Choosing Where to Shop Topline Retail Shopping Patterns Channel Purchasing Patterns by Dog/Cat Owners and Generational Cohort In-Store Shopping for Pet Food/Treats Online Shopping for Pet Food/Treats In-Store Shopping for Non-Food Pet Supplies Online Shopping for Non-Food Pet Supplies Top Websites for Pet Products Shopper Loyalty Patterns Cross-Shopping Patterns for Pet Food Across Top Retailers The Toolbox for Competing. Leveraging Private Label A Bump Likely for Private Label Illustration 8-2. Chewy Vibeful Pet Supplements Private-Label Usage Rates Customer Rewards and Loyalty Programs Autoship, Subscribe & Save Top Categories for Autoship/Subscription Purchasing Barkbox and Subscription Boxes Home Delivery, Bopis, and Curbside February 2023 (Percent of Pet Owners Overall Using Delivery/Pick-Up) The Bopis and Curbside Options Tie-In to Online Grocery Shopping Variations on Curbside Direct-To-Consumer Direct-To-Consumer as Purer-Play Threat to Autoship Payment Services for Customers Chapter 9: Pet Ownership and Population Trends Chapter Highlights Pet Owner Psychographics Motivations for Pet Ownership Shopper Priorities for Pet Products Topline Pet Ownership Rates Over Half of Households Own Pets Topline Ownership Rates for Pets Other Than Dogs or Cats Focus on Dog Ownership and Population Topline Ownership Rates and Population Trends by Number of Dogs Owned Half of Dog Owners Have Senior Dogs Trend Away from Smaller Dogs Overweight and Special Needs Dogs Focus on Cat Ownership and Population Topline Ownership Rates and Population Trends by Number of Cats Owned Size of Cats Owned Growth in Share of Cat Owners with Senior Cats Overweight and Special Needs Cats Industry-Wide Focus on Pet Adoption Illustration 9-1 Industry-Wide Focus on Pet Adoption Annual Pet Acquisition Trends Age of Dogs Adopted Size of Dogs Adopted Impulse Versus Planned: Nature of Pet Acquisition Holiday Pets Companies Mentioned Antelope Apawthecary Ark Naturals Authority Brands Bardel Bows Pet Food Express Barkleigh Beach Point Capital Boss Pet Bravo! Pet Foods Brightpet Nutrition Group Canidae Merge Champion Petfoods Charlotte's Web CBD Chasing Our Tails Clayton, Dubilier & Rice Covetrus Cpg Group Dane Creek Capital Corp. Earthwise Finley's Barkery Furhaven and Kitty Sift Garnett Station Partners Hollywood Feed "I and Love and You" Jackson's Galaxy K9 Candy Kitchen Made by Nacho Manna Pro Oxbow Animal Health Mars National Dog Groomers Association Natural Balance Nestle Nomnomnow One Farm Pet Supplements Pet Cbd Supplement and Treat Co. Pet Factory Pet Gazebo Pet Treats Maker Wodema Industries Petcarerx Petco Veterinary Services Petpeople Post Rover Smalls Smucker Swedencare Naturvet The Honest Kitchen Tuffy's Treat Co. Vetsource Wag N' Wash Natural Pet Food & Grooming Wag! Walmart Petrx Wild Earth Win World International Trade Wizsmart Dog Pads Pet Supplies Plus Woofie's Woof Gang Bakery & Grooming Worldwise Zesty Paws Vet Ziwi For more information about this report visit https://www.researchandmarkets.com/r/4nm8m3 About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.