The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreFeb 2014
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In the face of continued economic uncertainty and challenging market forces, companies must innovate carefully to ensure new products will succeed. The pet care industry is increasingly influenced by ‘lifestyle’ with trends in human life frequently crossing over into the world of pets. This report evaluates the opportunity for new products and how new trends might relate to adjacent industries which may, at least at first, seem to have little in common.
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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.
With many similar players, certainly in pet food, the pet care industry is closely intertwined with packaged food. As such, trends are similar between both, for example, in what relates to natural, organic and “holistic” products.
Since the 2007 menu recall, an increasing focus has been placed on the origins of pet food, similarly to the packaged food industry. This is manifest most clearly in premium dog and cat food, which display national, regional or local sourcing as a USP.
In both pet food and treats, companies now offer products with varying cooking methods, similar to trends in human food, and also food textures – akin to the wild, where animals would hunt and kill their prey, helping to provide interest for pets in their diets.
In 2013, a key feature among new product developments was a growing shift towards balanced diets, providing meat but also incorporating various fruit and vegetables for added health benefits, sometimes with extra ingredients like seaweed or herbs.
Premium pet food is increasingly resembling human meals, with an emphasis on convenience and added value. In particular, some pet foods now resemble ready meals, and others may be conveniently stored in the freezer until needed.
Pet treats, in both dogs and cats, are the most rapidly growing area in pet food. Companies are adding value by tailoring treats toward family events, like indulgence and festivities, or functional products to aid teeth and bones, as well as making fun shapes.
In pet products, added value materials are being used in litter and functional ingredients in dietary supplements, similarly to functional foods and supplements in humans.
Increasingly, pets and humans enjoy joint activities, such as health and fitness pursuits. As technology products gain importance in lifestyles, a raft of e-products are likely in pets.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.