Pet care is a fast-growing industry. Mars and Nestlé continue to retain their dominance by a significant margin, but their shares are being challenged by other players. This report discusses how market leaders and players are responding to shifting pet demographics, the growth of the premium pet food segment, rise of alternative formats and sustainability initiatives in the industry.
This report comes in PPT.
Resilience of the pet care industry to economic challenges bodes well for industry players, enabling leading players to grow through market momentum. While the US remains the principal battleground for leading players, emerging regions offer strong growth prospects. Diverse portfolios that span price segments and categories can help mitigate risk.
Evolving factors such as urbanisation, time and living space constraints and ageing populations are bringing forth a shift in pet preference with cats and small dogs gaining popularity. With Asia Pacific poised to offer strongest growth prospects in cat food volume sales over the forecast period, brands in the region are well positioned to capitalise on this.
Supported by the pet humanisation trend, the premium price segment remains the most dynamic. It is forecast to be the fastest growing price tier in retail value terms. Brands can strengthen their position in this segment by offering premiumisation through the relevant value proposition.
As pet ownership becomes more sophisticated pet owners are expected to look beyond the standard kibble to newer formats that provide higher levels of nourishment and nutrition. As demand for products specific to age, breed, lifestyle and health condition grows, brands can cater to this through products that offer functional and nutritional health benefits.
While sustainability is a growing concern for pet owners globally it is also critical for businesses to include sustainable offerings in their portfolio. Brands are exploring sustainable offerings through the lens of alternative ingredients and packaging options such as recyclables and refillables.
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