Increasing pet population sustains growth of pet care sales
Pet care sustained retail volume sales growth in 2013, as a result of the increase in Venezuela’s pet population. The trend towards owning a pet is related to emotional reasons, and pets are increasingly perceived as part of the family in all Venezuelan households. Consumers are more educated and better able to recognise the importance of prepared food for their pets; nonetheless, economic factors have held back migration between price bands.
Local currency devaluation boosts constant value growth in 2013
In February 2013, the Venezuelan government announced the devaluation of the local currency, from BsF4.30 per US dollar to BsF6.30. This implied a local currency devaluation of 32%. Since 2010, the official exchange rate had been fixed at BsF4.30 per US dollar. The exchange control was established in 2003, in order to avoid the flight of capital, precipitated by an economic crisis after oil strikes aimed at removing President Chávez from power. In 2013, pet care categories registered price increases well above the annual rate of inflation, leading to double-digit constant value growth rates.
Alimentos Polar CA strengthens its presence in dog food
Alimentos Polar CA, the biggest domestic producer of mass-market consumption goods, has been threatened repeatedly by the Venezuelan government. The company has redefined its strategic direction, seeking to develop in growing product areas and markets. Part of its strategy consists of globalisation, meaning the expansion of its operation to neighbouring markets through flagship brands. Alimentos Polar holds a leading position in many price-controlled product categories. In light of reduced growth opportunities in the domestic market for prime consumption goods, the company is betting on growth in expanding categories, such as pet food, which remains outside government regulation or control. As part of its strategy, Alimentos Polar introduced a completely new brand, Dogourmet, in Venezuela in December 2012. The brand had previously been launched in Colombia in 2011.
Pet shops and superstores continue to spread nationwide
Pet shops and pet superstores have emerged over the review period, with new store openings in 2012 and 2013. Such outlets are preferred by middle- and high-income pet owners, looking for personal advice and specialised products and services. Having in-store consultants has been a key factor in keeping pet shops highly competitive against grocery retailers, which mostly offer economy and mid-priced brands and do not count on customised service.
Pet care is projected to post positive sales growth over the forecast period
The growth in the number of households consisting of single-persons and couples without children and the humanisation trend will boost pet ownership and consequently the pet population in the forecast period. As pets are increasingly treated as family members, more consumers are expected to be interested in pet food and pet products. There is also likely to be greater sophistication in terms of the offer of products and services for dogs and cats, with wealthy consumers, in particular, looking to pamper their pets.
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The Pet Care in Venezuela 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 Venezuela?
- What are the major brands in Venezuela?
- 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.