As pet owners evolve into pet parents, the pet care industry remains mostly resilient even under gloomy economic conditions due to high adoption of brand loyalty benefiting branded products in the premium segment. This report gives a global overview of the pet care industry by delving into the evolution of the industry, and competitive environment as well as discussing the key trends that shape new product developments.
This report comes in PPT.
Dry food dominates pet food, especially dog food, stemming mainly from being the most widely available option that is usually affordable, and convenient. Dry formats are increasingly incorporating functional and novel ingredients to cater to evolving consumer sophistication of benefits for their pets as well as to enhance premium appeal while the wet formats are innovating around packaging and presentation through the lens of humanisation as well as functionality.
The pet care market mainly remains resilient to the global economic downturn due to the high adoption of brand loyalty by pet owners. This benefits the premium segment which is the largest contributor to pet food sales. In terms of market development, economy and mid-priced players are trying to bring in attributes to elevate their positioning and have a more premium appeal.
Consumers increasingly value products fortified with positive nutrients, eg protein, probiotics and vitamins, as they have become more aware of the link between food and overall wellbeing. In that context, innovations around functional pet food and pet supplements going beyond basic physical health are paramount.
E-commerce continues to expand as consumers value convenience and products tailored to pets’ needs. Consumers’ presence online is growing and as a result, pet care companies are partnering with online platforms to increase visibility and accessibility. Pet owners are also embracing digitalisation using smart wearables for their pets as they provide insights about pets’ wellbeing.
Sustainable claims continue to grow in the pet care industry as pet owners want to reduce the impact of their purchasing decisions on the planet. For brands, it is key to communicate steps taken to achieve long-term sustainability goals to gain consumers’ trust and avoid greenwashing.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!