Pet products contracted strongly in volume terms in 2018 as Venezuela’s economic crisis resulted in widespread product and raw material shortages, skyrocketing prices and the erosion of consumer purchasing power. The negative effects of the crisis were compounded by the fact that with the exception of pet healthcare, most product types in this category were not regarded as essential by pet owners.
Pet healthcare remained the dominant category in pet products in value terms in 2018. While pet healthcare products are regarded as being more essential than other product types, they tend to be purchased infrequently, usually on veterinary advice.
Accessories remained by far the largest category within other pet products in value terms in 2018. Among the most common product types in this category are toys, collars and leashes, and bowls for dogs and cats.
Bayer continued to lead pet products in value terms in 2017. It remained the leading player in pet healthcare with its flagship brands Advantage (flea treatment), Drontal (worming treatment) and Asuntol (tick soap).
There were no notable new launches detected in any pet products categories in 2017. As difficulties in accessing foreign currency resulted in shortages of raw materials and finished products, companies were focused on maintaining availability of their core brands, and therefore unable or unwilling to invest in new product developments.
Multinationals accounted for the biggest share of pet products current value sales in 2017, thanks largely to the strength of companies like Bayer, Calox International CA and Pfizer (Venezuela) SA in pet healthcare. Such companies offer internationally recognised brands, and have longstanding reputations for quality and expertise when it comes to pet healthcare products.
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This industry report originates from Passport, our Pet Care market research database.