According to market information, the global pet care market reached US$100 billion due to the rise of pet ownership in the recent past. This gives opportunity for higher innovation for brands to capitalize on this pet care market growth. Humanization continues to emerge as the overriding theme; as owners’ lifestyles, consumption habits and preferences influence the products they choose for their pets.
The global pet care market is forecasted to reach US$117 billion by 2021 which includes all pet products and services. The forecasted compound annual growth rate is around 2.4% at constant prices. Pet food will maintain its significant contributions; and it accounted for US$75.25 billion of the 2016 sales (at 4.8 percent growth), or nearly 73% of all pet care.
The online market is also on the rise. In the US, there is a reported market share of 9% of sales in 2016 in the pet care industry with pet food contributing around 7% sales. GlobalData’s 2017 pet food trends report highlights how humanization is creating an innovation platform from which to launch products targeted towards pet owners, providing brands with routes to premiumization, as human trends enter the pet food market. “Owners are seeking out pet products which they identify with,” said Melanie Felgate, senior consumer analyst for GlobalData. “For example, if a pet owner’s consumption habits feature lots of snacks, they will buy lots of snacking treats for their animal, or if the owner eats only gluten-free food, the same goes for their furry friend.”
Considering two-thirds of consumers globally now own a pet, according to GlobalData’s 2016 Q4 survey, brands may respond to the evolving lifestyle choices and habits of their owners to capitalize on this lucrative market.
Meanwhile, there is a growing concern over the use of pesticides and chemical based preservatives in pet food that are causing pet owners to look for non-commercial alternatives. However, this may lead to the major players to develop an organic pet food product portfolio and might help the market grow. Another major restraint in the market is the availability of raw materials such as corn, soybeans, and wheat which are causing the prices to go up. That along with issues of rendered meat is also hindering the growth of the market to its full potential
This Blog is written by Markets & Reports, email@example.com