"The Pet Market," an analysis by Adem Lab of Parma University, looks at the global market for petfood and pet products, as well as how consumers access information on pet ownership and care through different retail channels.
A global overlook of the pet market shows that sales of petfood and pet care products are surging in Latin America, led by the Brazilian market. According to Euromonitor International, sales of petfood and pet care products rose from US$4.8 billion to US$8.3 billion from 2005 to 2010. Currently, Latin America represents 10.2% of the global market, an increase from 7.6% in 2005. Brazil is the region's largest market, with pet care sales of US$5.2 billion in 2010, followed by Mexico (US$1 billion) and Argentina (US$645 million). Euromonitor predicts that Latin American pet care value sales will see a 5.5% compound annual growth rate over the 2010-2015 period.
Latin America's pet market growth comes as pet populations rise around the world, including in the United Kingdom. Research by Mintel for the Pet Food Manufacturers' Association found that about one in four (22.9%) UK families owns at least one dog, an increase of 2.1% over the past five years. The UK dog population is now at an all-time high of 8.3 million, which is almost as large as its cat population of 8.6 million.
A 2010 survey from AISAD, an Italian pet association, looked at the most trusted places for consumers to gain information on matters related to pet ownership. The survey found specialty stores to be the most trusted for advice on pet care, hygiene, nutrition and dog registration. Breeders were found to be the most trusted by consumers for guarantees on pet origin and related assistance, as well as pet health and breeding. Those looking to buy a pet trusted a specialized store most, the survey found, but breeders and private pet owners were also considered to be important reference points. Though little competition to information channels that offer direct interaction, the Web was found to be an important source of information on all pet-related topics.
By Lindsay Beaton
This country is straddling the line between developing and developed as more of its citizens see the value in pet ownership.
By Lindsay Beaton