Rise in pet population continues to drive demand
Due to changing demographic trends, such as smaller household sizes, delayed marriages and lower birth rates, more Taiwanese seek to keep pets as companions. This has led to a rising pet population, particularly in the numbers of small dogs, cats and small mammals, which are suitable for a modern, busy lifestyle where owners live in smaller spaces. Generally, the rising interest in keeping such pets has boosted volume sales in pet care products. Additionally, an increased willingness for pet owners to spend more on their animals, coupled with the rising cost of raw materials, has boosted value growth in 2013.
Pet owners are increasingly concerned about health of their pets
Pet owners in Taiwan are increasingly concerned for the health of their pets. This is against the trend for pet humanisation, which has led to a growing willingness for owners to spend more on their pets. As a result, pet healthcare and pet dietary supplements have both benefited in value growth terms in 2013, and this growth is expected to continue into 2014. Additionally, in recent years, pet owners in Taiwan are becoming increasingly sceptical about the safety of pet food, due to various food safety scandals in both human food and in pet food. Pet owners have become more vigilant in checking the sources and ingredients used in pet food. Some have turned to organic pet food, or to including fresh food specially prepared for their pets as a dietary complement.
International brands continue to dominate
International brands continue to dominate Taiwanese pet care, as a result of their strong reputation in product quality and traceability. On the other hand, domestic brands traditionally positioned in the economy- and medium-price points have lost ground to both cheaper imports and private label, as well as to the better quality of premium imported pet foods. In response, local manufacturers are moving into niche pet foods, priced in the premium and faster growing value-added categories.
Pet specialist stores continue to appeal to pet owners
Pet specialist stores, including pet superstores and pet stores, have increased in number over the review period, which has granted a wider access for pet owners throughout Taiwan. These stores provide a wide range of services, including store personnel with product recommendations and advice on choosing pet care products, as well as grooming and spa services, pet hotel accommodation and also veterinary services, making them a one-stop shop solution for pet owners. The rise in premium pet food is also the result of the increasing appeal of pet specialist stores, which commonly stock imported premium products.
Pet care is expected to continue to grow robustly
Pet populations of small dogs, cats and small mammals in particular are expected to continue to increase over the forecast period, fuelling volume growth in pet care products. On another hand, the related trends of pet humanisation and pet premiumisation will result in consumers seeking greater numbers of niche and better quality products, which will in turn drive value growth. Manufacturers are expected to offer more innovative new products to help in differentiating themselves. Emerging pet products categories, such as prams and other accessories, are likely to gain traction with consumers, in line with the rising “designer pets” trend.
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Discover the latest market trends and uncover sources of future market growth for the Pet Care industry in Taiwan with research from Euromonitor's team of in-country analysts.
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The Pet Care in Taiwan 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 Taiwan?
- What are the major brands in Taiwan?
- 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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- Gain competitive intelligence about market leaders
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This industry report originates from Passport, our Pet Care market research database.