According to the latest report by Mintel, the pet market is worth more than US$49 billion in 2012, up 15 percent since 2007, despite a turbulent economy. Spending on petfood and pet supplies continues to grow as pet ownership becomes more widespread, with 64 percent of Americans currently owning a pet.
Petfood accounted for the largest share of sales in 2011, 37.8 percent of the pet market, with a retail value of US$18.1 billion. Veterinary services represented the second-largest segment generating more than US$12 billion annually.
“Pets have many needs that are similar to human family members, including food and medical care,” said Bill Patterson, senior market analyst with Mintel. “Therefore, pet supplies and services are often necessities rather than discretionary purchases, which has helped shield this industry from the rocky recessionary environment. The strong bond between owners and pets offers significant marketing opportunities for manufacturers and retail outlets focusing on pet care and supplies.”
For more about sustainability in petfood, watch
Jan Hoijtink's Petfood Forum 2010 PowerPoint, "Corporate
social responsibility: from whim to a matter of
US trade data show petfood faring relatively
Learn about more companies and how they are lending a helping paw and claw to their own cause campaigns
Read more of Dr. Mukund Parthasarathy's insights on the changing petfood retail market and how it affects petfood manufacturers large and small
Now is the time for packagers, producers, marketers and manufacturers to capitalize on the traveling with pets trend
As an industry, are we missing a huge opportunity to take advantage of another aspect of the human-pet bond?
--- Thank you for your patience ----
If you have any issues logging in or any other need feel free to contact us.