24 May 22 | SGT: 06:40 PM -
25 May 22 | SGT: 07:15 AM
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As inflationary pressures are continuing to impact consumers from a variety of perspectives, pet owners in particular are feeling hard hit as pet food suppliers are continuing to raise prices in response to a variety of cost-push and demand-pull drivers.
The pandemic has raised pet ownership rates, particularly cats and small dogs in Asian cities, alongside improving attitudes towards pet care. However, inflationary pressure on the cost of living will drive cautious spending among consumers, raising the need for a clear value positioning. Pet parents switching from table scraps will also seek nutritional benefits from retail pet food, hence casting a focus on functional ingredients and nutrition.
Another year of crisis has had a major impact on pet care industry. Increased logistics costs, higher commodity prices and, of course, consumers reacting to higher prices have put pressure on the market.
We give an APAC market overview, highlighting the ultra-premium nature of the Hong Kong pet market and focus on the drivers behind the demand for premium pet products, especially pet healthcare products.
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