From cattle to cats, the Animal Food Production industry provides sustenance for livestock and pets in the US and around the world. Since 2007, spikes in feed prices, increasing demand from farm supplies wholesalers and steady growth in pet ownership have boosted industry revenue at an annualized rate of 3.8%. However, according to IBISWorld industry analyst Josh McBee, “the industry’s future prospects are modest, with slow but sustained growth anticipated through the next five years. Advancements in crop technology and alternative energy sources combined with product innovation are projected to alleviate some of the inherent risks associated with commodity-based goods. Also, a forecast increase in disposable incomes and, subsequently, pet ownership will likely drive demand for pet food, a segment typified by high profit margins and brand-loyal consumers. Export growth is also anticipated during the next five years, as the economic rise of countries in the Asian Pacific and Latin America drive demand for meat and animal feed.”