Pet pampering trend is boosting sales of other pet products
Hong Kong has one of the lowest birth rates in the world, and an increasing number of young couples and small families chose to keep pets instead of having children. They believe that keeping pets helps to cultivate relationships, and nurture caring and respect. As a result, the humanisation trend has become more prominent. Pets are lovingly cared for and enjoy attention like they are a member of the family. Pet beauty and accessories products are thriving as competition in pet dressing and pampering is fierce. Owners are also eager for their pets to have premium dietary supplements with niche ingredients such as deer and Chinese herbs. Increased disease precaution was reflected in the growing demand for pet healthcare products.
Pet food mirrors human food as pet owners want the same natural ingredients for their 'four-legged children'
A growing number of pet food manufacturers have revamped their products with new packaging and ‘all-natural’ ingredients. As consumers are increasingly health-conscious and want their own food to be free from preservatives and additives, they also want the same rich level of nutrients when they shop for their ‘pet children’. The humanisation trend is bolstering the demand for premium and natural pet food and treats. Brands with specific product features on the packaging are effective in differentiating themselves from competitors. Hill’s Ideal Balance was introduced in 2014 with claims of 100% balanced nutrition guaranteed and enhanced natural ingredients. Collaboration with traditional Chinese medicine such as Lingzhi, Yunzhi and Cordyceps in pet food and dietary supplements also emerged, meeting the trend of treating pets like humans.
Domination of international brands and surge of retail rentals forces up unit prices
A drastic increase in inflation rates and operation costs pushed up retail prices noticeably. While international brands are thriving, certain premium international brands faced shortages of supply due to the rising demand and change of local distributors. As a result, pet owners have to pay more for their favourite international brands. Despite the trend of premiumisation, pet owners are likely to switch to shopping online for lower prices of premium products and easy comparison. The rapid growth in internet retailing has given consumers confidence to purchase online. Pet shops and distributors are expected to look for more affordable premium brands from overseas.
Pet shops step up services and loyalty programmes to fight online channels
Various marketing strategies have been implemented by pet shops in order to keep their customers loyal. For instance, offering value-added services and comprehensive displays of pet products in stores. Participation in trade shows and pet festivals are effective in enrolling new customers with loyalty programmes, in which members enjoy discounted prices or free delivery services. Staff in pet shops are trained to provide personal advice to pet owners, who can also enjoy information exchange with other customers. Also, the growing trend of pet humanisation is likely to see more pet owners shopping in stores for pet grooming products and accessories.
Growing pet ownership in mainland China and Hong Kong drives stronger demand
The pet population in mainland China stayed on top of the world over the review period and continued to grow in 2014. Pet food and products are on the mainland tourists’ shopping lists during their visits to Hong Kong. On other hand, the number of pets in Hong Kong rose by 20% between 2009 and 2014. Pet care products are expected to be relatively resistant to economics changes, shaping a positive outlook in the region.
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The Pet Care in Hong Kong, China 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 Hong Kong, China?
- What are the major brands in Hong Kong, China?
- 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?
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This industry report originates from Passport, our Pet Care market research database.