Healthier economy boosts sales of pet care products
Pet care in the Philippines is expected to put in a strong performance in 2013. This is attributable to the continuing improvement in the Philippine economy, which began in earnest only a year prior to the start of the review period. As a result, households enjoyed stronger purchasing powers, allowing them more money to help care for their pets. This was manifested in more families trying out prepared pet food instead of relying on table scraps for their 4-legged companions, boosting volume growth.
Lower-priced products enjoy strongest growth
Despite the stronger purchasing power of the average household, most middle-income consumers continued to purchase the lower-priced options available. This led to economy and mid-priced dog food outperforming its more expensive counterparts in term of volume in 2012 and 2013; however, in 2013, economy cat food is expected to continue to have a negligible presence, with mid-priced leading the fray, an indication of a continuing preference for higher-end options for owners of purebred cats.
Local players compete aggressively over price
Although multinational brands are expected to continue to lead pet food and pet products in 2013, local players have become more aggressive in fighting for a share of sales, albeit merely based on price. These local players include both manufacturers and importers of lower-end brands. As a response to this pricing competition, multinationals have increasingly offered promotions and pricing discounts on their products, showing the power that price advantage can have in a relatively young product area.
Pet stores still an important distribution channel
Towards the review period, there was an increasing popularity of dedicated shopping areas solely comprised of pet shops. These outlets have increasingly become a big one-stop shop for pet lovers, making price comparisons and brand hunting much easier and more convenient. The added benefit of attracting new pet owners has also contributed to the growth of sales of pet care products through pet shops. However pet shops have lost some of their market share over the review period due to increasing competition from supermarkets.
Interest in pets expected to grow over the forecast period
With the trend towards the humanisation of pets having an increasing effect on pet products and services over the review period, the forecast period is expected to usher in a time of even further interest in pets. This is seen as the major driver behind continuing growth for nearly all pet care categories over the forecast period. Even relatively small product categories, such as other pet food, are expected to enjoy increasing growth of volume sales, owing to rising interest in these types of pets resulting from improved visibility and accessibility of pet food and pet products over the forecast period.
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The Pet Care in Philippines 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 Philippines?
- What are the major brands in Philippines?
- 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.