Superpremium pet food products in Mexico have promising growth prospects in the coming years. With the segment still in an early development stage, the current market is far from its full potential, which is estimated to triple its present size. Thus, there is plenty of room for further growth.
Because of that trend, many companies, both local and foreign, are increasing their stakes in the Mexican premium pet food market, launching new product varieties and improving their formulations. Indeed, 2019 saw a boom of premium and superpremium innovations across companies and brands.
One of the pioneer companies in the local holistic pet food category is K9 Master Dog Nutrition, which recently expanded its product assortment by launching new varieties of salmon-based recipes for dogs. The new product line, Food Salmon, is available in four different formulations: adult dogs, small breeds, puppies and senior medium and large breeds.
Along with salmon as the main ingredient, the formula includes several distinctive components, including functional ingredients such as probiotics and prebiotics, vitamins with specific functions for dental care, extended-release carbohydrates and organic minerals, among others. K9 co-branded with Alltech, DSM and Beneo, all multinational ingredient companies, to ensure higher-quality components.
K9’s product innovation strategy is a good example of how local companies evolve by following incoming consumer trends and, on the other hand, effectively adapt to an environment of better-informed dog owners.
According to Victor Alvarado, CEO of K9, consumers demanded a new formula based on the salmon recipe. In addition, he believes better-informed consumers are continually seeking key functional ingredients, along with well-known traditional ingredients, such as DHA and organic minerals.
As more consumers become aware of the benefits of functional diets, more pet food brands will likely be inclined to include such ingredients in their formulations, following the example of K9. It is expected that functionality is the next big attribute influencing product development, at least in the Mexican market.
Iván Franco is the founder of Triplethree International and has collaborated on hundreds of research projects for several consumer goods industries. He was granted the Global Consultant of the Year award by Euromonitor International and authored the book 17 Market Strategies for Growth (in Spanish).
While cat trends continue, the pandemic has added to overall slow-growth treatment of the cat food market.
Premiumization and humanization, as well as automation, fueled continued operation growth in spite of the COVID-19 pandemic.