The $3.5 billion industry in kibble, used sports equipment and food supplies is growing, with the US market forecast to be worth $3bn by 2020.
The report from the US trade publication TradeMarketer said that by 2020, kibble will have surpassed the value of the US $2.2 trillion food industry, which had $4.2tn worth of products, as well as the value created by the food processing industry of $2tn.
Its growth comes as the US continues to experience an economic downturn and the country has experienced a decline in its exports from the world’s largest food exporter.
Kibble sales are expected to reach $2bn in 2020, with sports equipment growing to $1.8bn by 2021.
Kibbles are the second-biggest food item category behind the US, after food, and accounting for around 80% of total food sales in the US.
The growth in the kibble and sports category is due in part to the rising popularity of the “Kibbo Mania” craze, which has seen a rise in the demand for the kibbles in popularity.
Kit-O-Meal products are expected be worth an estimated $3-$4bn by 2022.
This is driven by the increasing popularity of products like the “Poke-O”, which features a wide range of ingredients including kibble to make up the “kit”.
The growth of sports equipment in the $1 billion industry is also driven by increasing demand for kibbos, which are increasingly being used in the game of football, golf, tennis, ice hockey and other sports.
Kobe Bryant, the greatest basketball player of all time, is the biggest star of this burgeoning sports industry, with his name appearing on the packaging of products.
A $3-billion market is forecast to emerge by 2021, and there are more than 100 brands in the market, including food brands like McDonald’s, Starbucks and Pizza Hut.
This includes the McDonald’s-owned brands Pizza Hut, Wendy’s, Dunkin Donuts and Taco Bell, which together account for $2 billion of total sales.
The US sports industry also employs around 30,000 people, with Nike, Major League Baseball, NFL and basketball all employing athletes in some capacity.
In 2021, the US has around $1 trillion worth of consumer goods and $1tn in food and beverage.
Kibble products are now a $2 trillion industry, and the US is the third largest food importer, behind the UK and China.
The number of companies in the food and drink industry is expected to grow by over 200,000 by 2021 compared to 2020, while there are an estimated 300,000 food processors in the industry.
The total value of food and beverages sales is expected increase by over $2trn in 2021, with $1trn of that in kibbo and $600bn in sports equipment.
Food and beverages are estimated to be the second largest industry in terms of gross merchandise value, with products accounting for over $7 trillion in the world.
The $3tn market for kibble is predicted to grow to $3trn by 2021 while the sports and sports accessories industry is forecasted to grow at a compound annual growth rate of over 2.5%.