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MARKET OUTLOOK

The United States alcoholic spirits market is expected to display an upward trend, with a CAGR of 4.22% in terms of value over the forecast years of 2022 to 2026. It is also expected to grow with a CAGR of 2.13% in terms of volume in this duration.

Pet humanization is becoming a common trend within the industry, as more and more owners want to provide their pets with human-like products or experiences. They are looking for humanized products for their pets. Humanizing these companion animals opens several opportunities in the pet industry, and leads to the possibility of having novel, innovative products. 

Therefore, many retailers and manufacturers have been expanding their product ranges, to offer owners products to make them feel more connected to their pets. The growing trend of pet humanization is thus driving market growth. On the other hand, the increasing prices of raw materials needed to produce animal food are hindering the industry growth.  

The type and amount of grains used as raw material to make animal feed are largely dependent on the nutritional value and costs. Enhanced raw material prices owing to the supply problems caused by the pandemic in 2020, along with export restrictions and some other factors, significantly impacted both the livestock farmers as well as the feed industry.

COMPETITIVE OUTLOOK

The prominent players in the market include the JM Smucker Company, Nestle Purina Pet Care Company, Mars Incorporated, Hill Pet Nutrition Inc, and Blue Buffalo Co Ltd.