The global pet care market is predicted to undergo a swift growth in the coming years. The market for pet care comprises pet healthcare and pet food. The market is substantially propelling in the U.S too. The factors fuelling the U.S. pet care market are the changing cultural as well as socioeconomic factors that have resulted in domestic pets regarded as part of family. This has in turn raised the spending of pet owners and specialized premium food products are being bought in place of simple food. The prime trends seen in the U.S. pet care market are as follows:
- Shift in Demographic of Pet Owners: Baby boomers emerged as a substantial demographic in the U.S. pet care as well as humanization trends, and has fuelled the growth of the market from the past decade. However, in 2014, a number of members within the aging demographic were of the opinion that pet ownership wasn’t feasible or desirable. On the other hand, millennials emerged as a new group to adopt pets within the U.S. Due to a number of economic concerns, a large number of millennials weren’t able to enter pet care in the time of recession, but they took majority of the ownership as pet owners as the economic recovery is taking place.
- Intense Competition Resulted in More Mergers and Acquisitions: The steady growth within the U.S. pet care resulted in the market being more competitive in between 2014 and 2015. This resulted in a number of new key acquisitions, such as the purchase of Proctor & Gamble’s pet care business by Mars in April 2014. Similarly a number of specialty manufacturers such as Blue Buffalo and Freshpet have filed for initial public offerings in between 2014 and 2015.
- Bright Future for U.S. Pet Care: Owing to millennials replacing baby boomers and becoming the key demographic for pet owners, they will further augment the trend of pet humanization. Millennials already having great levels of per capita spending and are predicted to witness an increase in their earning powers in the coming years, which will further stimulate the sales growth of pet care in the U.S.