Pet care continues to see healthy value growth in 2013
Overall dogs, cats and small mammals/reptile population increased in 2013 and consequentially led to increase in spending on pet food and pet care products. Strong population growth in cats and small dogs will offset declines in medium and large dog, bird, and fish populations. Meanwhile, the increased willingness of pet owners to spend more on their animals and the rising cost of raw materials will boost value growth in 2013.
International brands still dominate the pet care market
The pet care market is heavily saturated as many major international brands can be found in Taiwan. As such, imports have risen each year and comprise the majority of total pet care value sales. These brands offer higher-quality products at more expensive prices. However, imports from traditionally strong importing countries, such as the US and Canada, have fallen over the review period, giving rise to cheaper imports from Southeast Asia. Major domestic producers, such as Uni-President Enterprises Corp and Fwusow Industry Products Co Ltd, are actively attempting to capture better value shares with higher-quality products.
Societal factors fuel the demand for pets
A large number of societal shifts will continue to spur the pet care market. Low birth rates, low marriage rates, ageing population, later marriages, increased women’s independence, and smaller household size are among the many factors contributing to the rise in keeping pets at home, as pets are increasingly seen as good companions. Moreover, urbanisation will fuel the demand for small dogs, cats and small mammals.
Humanisation and premiumisation trends are transforming pet care habits
Attitudes towards pets have continued to see a humanisation and premiumisation effect. Pet owners are increasingly treating their pets as members of the family. This in turn has driven value growth for more premium and high-quality products. Owners are willing to purchase more nutritious foods with better ingredients and different functions, while increasingly seeking out better care in the form of pet dietary supplements, entertainment, living environment, and beauty care. Even products such as pet insurance and funeral services have become increasingly available in Taiwan.
Popularity of pet superstores continues with a large variety of outlets
Premiumisation is driving the demand for more specialised and comprehensive service outlets. Pet superstores combine shopping with veterinary, spa, boarding and grooming services in one convenient location. These stores bring a level of professionalism and trustworthiness to owners seeking better service. Chained outlets and beauty salons have continued to rise in number, while other specialised outlets, such as dog-training facilities, health spas and even pet hotels, are entering the market to satisfy consumer demand.
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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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This industry report originates from Passport, our Pet Care market research database.