Despite growth and innovation across pet care, global supply chains continue to grapple with instability. Faced by climate change, labour shortages, political tensions, and more, key players across pet care are seen expanding domestic manufacturing capabilities. Expansion efforts however, fuel competitive landscapes, with industry giants scooping up facilities previously key to private label production. Consequently, private label manufacturers will face challenges meeting demand.
The human-pet bond has been evolving over the years. From simply being viewed as guard animals to now being considered as family members, companion pets have come a long way in their relationship with humans. The pandemic further improved this bond. While pets helped in combating loneliness and isolation, pet owners started paying more attention to the health, wellness and wellbeing of their furry, feathery or even scaly companions.
Consumers and industry players in Asia Pacific, Latin America, Middle East and Africa and Western Europe are being faced with high inflation rates – dramatically so in countries like Argentina and Turkey. However, nothing seems to be able to stop the premiumisation and pet humanisation trends in the pet care industry.
Pet care is a fast-growing industry. Its resilience to challenging environments lends to its appeal. It is thus becoming increasingly imperative for players to look beyond traditional avenues and explore new growth areas be it through emerging economies, product portfolio or retail strategy.
This article examines Euromonitor International's latest data, to give an understanding of the growth areas in the pet care market. Humanisation in pet care drives the demand for healthy, human-grade, premium pet foods and products. Post-pandemic, consumers are seeking convenience through a blend of e-commerce and offline channels, adopting new habits in their shopping behaviour. Sustainable ingredients and packaging become important features in pet care due to increasing concerns about climate change.
Petcare Innovation Europe brings together the leaders innovating the petcare landscape in 2023 to help you tackle the biggest challenges and identify the biggest opportunities for you in the petcare market.