The global pet care market is predicted to witness a constant growth in the coming years. The pet care market is majorly fuelled by changing cultural and socio-economic factors that have resulted in domestic pets being regarded as family members. This has increased spending from simple food to premium specialized products along with grooming expenses. In addition, rising disposable income of consumers and the trend of nuclear family amongst the middle class is also raising the demand for pets as companions.
The top trends seen in the global pet care market include:
- Rising Pet Ownership: Starting from 2009 to 2015, pet ownership has an overall rise from 53.6% to 56.5%, thus placing ownership within 66.80 mn households. The ownership of pets, especially dogs has risen while the ownership of cat has remained steady.
- Premium Shopping for Pets by Pet Owners: The rising presence of trends including animal/human bonding, humanization pets, and rising concern of pet owners on the health of their pets have resulted in premium pet product shopping. As per a recent survey, 70% of owners worldwide are ready to expend extra money for ensuring the wellness of their pets. In addition, 30% of owners will readily buy pet products from pet retailers as these retailers offer high-quality products, even though they are more expensive.
- Mars Becomes the Leader in Pet Care while Nestle will have to Fight Back its Strong Position: Mars has emerged as the global leader in pet care owing to its mid-priced brands including Whiskas and Pedigree. On the other hand, Nestle has a relatively weaker presence within the developing markets and will need to strongly come up again to become a competition for its rivals.
- Brazil Emerged as the Biggest Pet Care Market: Brazil holds the first position and is trailed by Russia. Brazil has also emerged to be the best performing market on the basis of retail value.
Hence, as the world economy is becoming more stable, a rise in acquisition and consolidation has been seen in the pet care industry. Bigger brands will be seen proliferating the market in the forthcoming years in an effort to gain the trust of pet-lovers i.e. consumers. In addition, a steady rise in private labeling, co-branding, licensing deals, and partnerships will continue owing to the fact that the top companies will be striving to introduce more services and products in the prospective and current pet care market