With a growing number of pet owners around the world now referring to themselves as pet “parents”, consumer demand for everything from grain-free and frozen pet food to such products as licensed clothing and smartphone-controlled electronic toys is exhibiting strong growth. Which products have caught the premium zeitgeist in the pet care market over recent years, how have they done it, and with the premiumisation juggernaut showing no sign of slowing down, how is this trend likely to evolve?
Pet care premiumisation is being driven by a host of socioeconomic factors (such as longer life expectancy, delayed marriage and childbirth, reduced fertility rates and social atomisation), and it appears set to deepen.
The gap between human and pet food continues to narrow, with a growing number of pet food offerings marketed as grain-free, all-natural, raw or containing superfood ingredients. In some ways, the premium pet food segment increasingly resembles the baby food market.
The pet parenthood trend is percolating down from developed economies to middle-class, urban and westernised consumers in emerging markets, creating new markets for premium pet food and products.
Obesity rates among pets are on the rise, as is awareness of this problem among owners (albeit at a slower rate). This is driving strong growth in demand for health and wellness pet food, as well as gadgets to help owners monitor how much exercise and food their pet is getting.
With regard to such pet products as toys, clothing and accessories, premiumisation is increasingly being driven by branding (celebrities, luxury goods brands and even sports teams) and electronics gadgets that enable owners to track their pets and interact with them remotely.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page