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New research shows that the pet food ingredient market is growing at an explosive rate. A study performed by Reportlinker.com showed that pet food ingredients as an industry will reach a height of $90.3 billion by 2025 — a 5 percent compound annual growth rate between 2020 and 2025.
This type of growth leads to opportunity but also challenges. To help you ride this trend and take full advantage of its possibilities, we’ll first examine what’s led to this rapid industry expansion.
Although the 2020 COVID-19 outbreak led to a disrupted supply chain and thus manufacturing constraints, the industry is nevertheless continuing to overcome these challenges and thrive. But how?
First, pet spending has been increasing in general over the past 10 years as more millennials are choosing to adopt pets rather than have children. But during the pandemic when thousands of people transitioned to working from home, this meant more time with the pets, and more spending to keep those furry companions occupied and happy.
The pandemic also led to an increase in pet adoptions, as many individuals sought out a cat or dog to keep them company in quarantine. This surge in adoptions is certainly a contributing factor to the expansion of the pet food industry.
With an increase in demand and industry growth, it’s important that feed and ingredient companies have strategies in place to help them keep up with these developments.
This may mean streamlining your inventory management, finding more reliable supply chain solutions or focusing on more efficient distribution. Bill Barr and Company provides these services and many others to help you simplify production and improve cost efficiency. Plus, we customize our solutions to the needs of each business so you can focus more on your output and less on the logistics.
Want to learn more about Bill Barr’s customized services and solutions? Contact us today to see how we can help your business.
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