Pet care sails through economic instability
While Finland faced declining GDP in 2013 and hence faced economic downturn once again, sales of pet care products continued to be recession-proof. Volume sales of pet food increased in 2013 as the pet population in the country grew. Value sales growth was achieved in pet care in 2013 through increasing unit prices. Not only was VAT in Finland increased from 13% to 14% in January 2013, which played its role in increasing unit prices, but consumers were also increasingly attracted to added-value premium products, which benefited value sales.
Premium and economy brands thrive
A polarisation trend, by which both premium and economy products continued to see growing demand, was present in pet care in Finland also in 2013, and, as a result, mid-priced brand manufacturers found themselves caught in the crossfire, trying to hold onto their sales as competition tightened. Indeed, an increasing number of pet owners in Finland do not mind spending extra on their beloved pets which they also increasingly pamper and indulge. Also, an ongoing health and wellness trend has continued to push consumers towards premium products as pet owners want to ensure the health and wellbeing of their pets. Private label products, on the other hand, appeal to consumers by having more added-value features at more competitive unit prices in times of economic downturn, thus blurring the line between economy and mid-priced products.
Fierce competition in pet care
The landscape of Finnish pet care is highly competitive. This means that players have to pay very close attention to their marketing strategies in order to stay ahead of the game. Also, paying attention to ongoing consumer trends is vital and many new product developments have appeared capturing consumer interest. More tailor-made, functional products with natural and healthy ingredients have been introduced and interesting marketing strategies, such as test groups, have been applied to introduce new launches to pet owners.
A shift in distribution channels
Finnish pet care distribution channels have witnessed important value share shifting, challenging many retailers. In addition to growing value sales of pet care made through internet retailing, grocery retailers has lost value share to home and garden specialist retailers which entered the competition only in 2012 in Finland. Also, within non-grocery retailers, home and garden specialist retailers is challenging pet shops due to providing a premium product selection.
Healthy growth in sight
Value growth in Finnish pet care is predicted to remain positive and healthy in the forecast period. The increasing pet population in the country will provide a growing customer base while value sales of pet care will benefit from the increasing popularity of premium products and the pet-pampering trend. Finnish pet owners will continue to pay close attention to the wellbeing of their pets as well as their healthy nutrition. Also, new product development is expected to continue actively and help to boost value sales.
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Discover the latest market trends and uncover sources of future market growth for the Pet Care industry in Finland with research from Euromonitor's team of in-country analysts.
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The Pet Care in Finland market research report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volumes and values, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
- What is the market size of Pet Care in Finland?
- What are the major brands in Finland?
- How did the downturn affect pet care spending?
- Which is the best-performing category within pet care?
- Which is the fastest-growing pet food manufacturer?
- How have pet specialists fared in recent years?
- What are growth prospects for pet care in the next 5 years?
Why buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This industry report originates from Passport, our Pet Care market research database.