Pet care market forecast to hit US$117 billion in 2021
Euromonitor projected a value sales increase of CAGR 2.4 percent at constant prices.
Pet food market analysts forecast that the global pet care market will continue to exhibit strong growth between 2016 and 2021. In the Euromonitor report “Healthy Pets, Happy Owners: Health and Wellness Product Development in Pet Care,” the authors projected that value sales will increase at a compound annual growth rate of 2.4 percent at constant prices. At that rate, the pet care market would reach US$117 billion in 2021. While growing, Euromonitor researchers believe the pet food market gradually will come to resemble the baby food market, with a focus on ingredient quality and pet food safety.
Trends driving pet food market growth
While millennial pet owners increasingly opt for dogs or cats instead of babies, the pet food they and other age groups buy tends to meet the criteria of human food trends. Owners are increasingly unwilling to compromise on the quality of food they feed their pets, according to Euromonitor analysts.
“Globally consumers are looking for minimally processed or unprocessed products, in line with the clean label trend, with an increasing desire for whole foods, ancient grains, green tea and plant-based proteins from nuts and seeds,” said Paula Flores, head of pet care at Euromonitor International, in an email.
“‘Free from’ is another trend that has gained increasingly more followers as allergies are on the rise or purely due to being perceived as healthier. Its strong performance is mainly due to consumers perceiving such products as ‘healthful’.
“The days when products which are…