The global pet products and services market is predicted to rebound in the coming years as compared to the previous years and will experience greater sales in numerous market segments. For the maximization of potential opportunities, a number of companies within the pet industry require an understanding of the present trends impacting the growth of the market along with the emerging trends that are predicted to fuel the market in the coming years.
The chief trends expected to impact the sales of pet care products in 2016 are as follows:
- More Care Needed for Aging Pets: The key reason as to why Americans have been spending a lot of money on their pets is owing to the increasing age of their pets. The aging pets suffer from a number of age-related diseases and conditions including coronary, joint, immune-system issue, cognitive, and also cancer and diabetes.
- Entrepreneurs are Attracted by Pet Industry: Numerous pet start-ups have been introduced in 2015 and they are poised to progress in the coming years too. These companies have been entering the market along with their cutting-edge products as well as services for a number of types of pet owners.
- Premiumization will Continue: There was premiumization wave in 2014 in the pet industry including natural and organic treats, high-tech medical therapies, food and toys, luxury services, and prescription medications. However, some of the companies operating in the pet market stated that too much emphasis has been given to premium brands owing to which they couldn’t pay much attention to mass brands. But owing to a number of innovations taking place within premium pet products, new products will keep on emerging within this segment in the coming years.
Hence, the global market for pet care is majorly fuelled by the shifting cultural and socio-economic factors resulting in domestic pets being considered as family members. This has increased the total spending on pets starting from simple food to the adoption of premium food as well as grooming expenses. On the other hand, the increasing occurrence rate of pets being allergic to certain products and the soaring prices of pet care products are amongst the chief factors impeding the growth of the market.