Wall-mount pet-food bins are convenient for storing dry kibble. Cat owners can use these bins to store litter products. If you have youngsters at home, be sure to mount this high enough to discourage curious little ones from reaching the handle.
The idea would work but be aware, pet food will go stale quickly if stored this way. It's best to leave pet food stored in its original package and squeeze the air out before closing. "Storage aficionados will love being able to have a place for everything, including a beloved pet's food. (Base Wastebasket with lid, by Diamond)"