Top 4 Emerging Trends Impacting the Pet Care Market from 2016-2020: Technavio

LONDON–(BUSINESS WIRE)–#Consumer–Technavio’s latest report on the global
pet care market
provides an analysis on the most
important trends expected to impact the market outlook from 2016-2020. Technavio
defines an emerging trend as a factor that has the potential to
significantly impact the market and contribute to its growth or decline.

 

The increasing focus on pet health and wellness and the trend
toward pet humanization are driving the pet food market, which is
expected to grow at a CAGR of 4.61% during the forecast period.

Dry food products are economical and easier to store and are,
thus, preferred by many buyers. These products can be left out for an
entire day and are convenient for pet owners if they have to go away for
some time.

Wet food products are used by pet owners as these products
provide an adequate source of hydration for pets. These foods generally
have rich scent and flavor, which is ideal for older pets who have lost
their olfactory senses and have weak teeth.

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The top four emerging trends driving the global pet care market
according to Technavio consumer
and retail
research analysts are:

  • Growing focus on pet fashion
  • Rise of strategic alliances
  • Product customization and enhancements
  • Growing demand for fortified pet food

Growing focus on pet fashion

Pet owners are spending on luxurious and fashionable products for
their pets. They are investing in these products to represent their
lifestyles. They are also looking for ways to express their personality
through the way they dress up their pets. Recognizing the demand from
pet owners, market players have come up with a wide variety of fashion
apparel and accessories for pets. Pet clothing is
available in various styles, designs, colors, and fabric
,” says
Brijesh Kumar Choubey, a lead analyst at Technavio for research on pet
supplies
.

Major designers are also entering the pet fashion segment to cater to
pet owners who treat their pets as their children or family members.
They are using new textures, styles, and colors to create clothing and
accessories for pets. For instance, PetRangeous Designs have
designed clothes for dogs such as jackets with channel quilting,
pyjamas, sweaters with heavier gauge yarn and knits.

Rise of strategic alliances

Vendors are opting for mergers and acquisitions to increase their global
presence, expand their product portfolio, and achieve economies of scale
in the manufacturing process. Through mergers and acquisitions, vendors
are gaining access to the developing economies where the market size is
big, production costs are low, and the demand for new products is high.
For instance, in May 2015, Worldwise, a branded pet products
manufacturer merged with Quaker pet group, which manufactures pet
toys

Pet care manufacturers are also acquiring other pet care companies to
extend their presence in the market. For instance, in 2015, Pamplona
Capital Management acquired Partner in Pet Food—an Europe-based company—
for USD 342.7 million in order to expand its presence in the Western and
Central European market.

Product customization and enhancements

Pet food manufacturers are formulating customized pet food products
depending on pet age, breed, and functionality. One example of such a
manufacturer is Petbrosia, which offers nutritious and customized
food for dogs and cats. Some of the other examples are Nestlé
Purina, which offers Just Right, a dog food formulated with specific
nutritional needs; PawTree, which recommends customized diets for
dogs after collecting information on their unique needs from their
owners; and Fokker, which provides customized pet food for dogs
and cats.

The pet grooming products market is also witnessing demand for
customized products. To meet this demand, the market players in this
segment are providing specifically designed products based on the unique
requirements of each pet. For instance, Isle of Dogs is urging pet
owners to share certain information about their dogs so that the
in-house experts at Isle of Dogs can formulate personalized grooming
packages for their dogs
,” says Brijesh.

Growing demand for fortified pet food

Many health problems and diseases such as skin allergies, arthritis,
brain aging, digestive disorders, and obesity are common among pets such
as dogs, cats, and horses. This can create serious concerns for pet
owners. Increasing health consciousness among pet owners has given rise
to health-driven food options for pets such as fortified food products,
nutraceuticals, and functional food products. A growing number of pet
products are being promoted as products containing added vitamins and
minerals, antioxidants, all-natural ingredients, and no preservatives,
artificial colors, or flavors.

Manufacturers are formulating pet food products with vitamins, minerals,
fiber and other ingredients due to consumer demand for balanced diet for
pets. For instance, VegePet provides functional food products for
lactating dogs, adult dogs, and senior overweight dogs. The company also
manufactures functional food products for cats with BBQ and cheese
flavor.

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