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.
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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.