Buoyant sales of pet products can be attributed primarily to the increasing propensity for Vietnamese consumers to treat their cats and dogs as fully-fledged family members. This marks a major departure of the previous cultural norm of keeping such animals solely for traditional functional roles, mainly guarding the home in the case of dogs or catching rodents in the case of cats.
Changing attitudes towards pet animals, especially dogs and cats, are likely to support sales of pet products over the forecast period. In particular, dogs and cats are increasingly seen favourably, especially by younger people, whereas in the past these were often regarded as dirty and untameable beasts that were not suitable for human companionship.
Pet dietary supplements remains the only pet products category to register negligible sales in Vietnam and this is mainly due to low awareness of the benefits of such products. Furthermore, with many pet food brands advertised as meeting the complete nutritional needs of cats and dogs and other types of pets, it is not uncommon for pet owners to perceive pet dietary supplements as non-essential items.
2018 saw Hoang Anh remain the overall leader in pet products and this is mainly due to the combined popularity of its brands Fay and Palma in pet healthcare. Furthermore, the company’s very wide distribution network means that its products are sold in hypermarkets, supermarkets, pet superstores and pet shops throughout Vietnam.
With the exception of category leader Hoang Anh, no company present in pet products was able to get even close to a double-digit value share in 2018. The highly fragmented competitive environment in the category can be partially explained by the fact that product types such as pet beds, clothing, leashes and other accessories are high-volume, low-profit items in which it is virtually impossible for one company to make its mark.
With sales in pet products highly fragmented, it can be difficult for new products and new players to make much of an impact. Nevertheless, 2018 saw the entry of some interesting new products, not least the extension of the pet food brand Fitmin into pet products with the launch of Fitmin Daily Use/Regeneration.
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This industry report originates from Passport, our Pet Care market research database.