Petfood sales expected to rise, according to Euromonitor report
'Pet humanization' trend has consumers purchasing more high-end pet products
Global petfood sales are forecast to rise 2.5%, according to a Financial Times article citing a Euromonitor report.
The trend of pet humanization has consumers purchasing higher-premium products for pets they view as children, reported industry leaders Mars and Nestle in the article. The Euromonitor report expects Brazil to overtake Japan as the second-largest market in 2015. The "pet humanization" trend is most pronounced in America where sales in the petfood industry, which is triple the size of its baby food industry, are expected to grow by 1.5%. The report says Western Europe is following this trend too, with the Chinese petfood market growing close to 5%.