Global market research provider Euromonitor International is currently offering a free report on “Key trends shaping the global pet care industry.”
The report examines the top three trends shaping the pet care industry, including premiumization, the rising power of ecommerce, and the focus on health and general well-being for pets, according to the company.
Top pet food trends linked to larger pet care influences
Paula Flores, Euromonitor’s global head of pet care research, recently spoke during a webinar co-presented by Petfood Industry and Euromonitor on the top pet food trends for 2018. During her presentation, Flores spoke about the US$109 billion in value sales the global pet care market saw in 2017, as well as US$13 billion incremental growth and 14 percent value growth seen between 2012 and 2017. She also covered predicted pet care growth through 2022, which will largely remain modest for mature markets, like North America, and more significant for some developing markets, such as the Asia Pacific region.
Key to that growth, according to Flores? Humanization and premiumization, both key growth drivers in pet care. Lifestyles, said Flores, are becoming increasingly connected with pet ownership, and it’s obvious in the numbers: in 2017 in the US, according to Euromonitor data presented during the webinar, premium dog and cat food actually outpaced economy and mid-priced food put together in terms of billions of dollars in value sales. Premium dog and cat food also had a much higher CAGR (Compound Annual Growth Rate) in 2017 than either economy or mid-priced food, as the latter two categories actually saw negative growth (4.5 percent for premium compared to -1.45 percent for mid-priced and -3.2 percent for economy).
How to read Euromonitor’s report on top trends in global pet care
For more information and to download Euromonitor’s free report on “Key trends shaping the global pet care industry,” please visit their download page here: http://bit.ly/2Eci2v5.