- Pet food market divided into many categories and subcategories
- Pet product packaging important to compete in market
- Electronic records transforming veterinary medicine
Last year, the pet food market was valued at $75 billion globally, according to Inkwood Research, while between 2016 and 2020, Technavio predicts, the pet care market will grow at a compound annual growth rate (CAGR) of 4.7% globally.
The market is growing because more households are treating their pets as a part of the family. This is called pet humanization and means pets are given the same care as humans when it comes to hygiene, eating habits, lifestyle and health.
The major concern of pet owners is obesity, which has caused an increase in healthy pet food.
The pet food market is broken into numerous categories based on geography, pricing, sales channels, ingredient types, animal type, and product.
These categories are further subdivided. The animal type category, for example, is divided by species, and price is segmented into economic, premium and super premium price points. The product type category is subdivided into dry foods, wet foods, liquid food, treats, organic and veterinary diets. Dry and wet foods are further divided into grain free and others. Ingredient types is divided into animal, plant or cereal derivatives, cereals and others.
A challenge to market growth is pet allergies to certain ingredients.
Pet Care Packaging
Pet care products include not only food, but accessories, hygiene products, healthcare products, and grooming products.
Packaging can help a product succeed in a crowded market. Between 2014 and 2019, the pet care packaging market is forecasted to grow at a CAGR of 2.97% globally, according to Technavio.
Because the pet food market is highly competitive, packaging lets products stand out on the shelf. Therefore, packaging is designed to catch consumers’ attention using unusual product shapes, stylish packaging or visuals inspired by human food.
Customers also appreciate packaging that provides pre-measured and easy dosage portions.
The pet care products come in bags, folding cartons, metal cans, plastic bottles, pouches, and other packaging formats made of paperboard, rigid plastic, rigid metal, flexible packaging and other materials.
Veterinary services provide healthcare for pets, farms, zoos and wildlife parks.
As with human healthcare, electronic health records provide a way to collect and store health information about patients. Electronic health records increase efficiency and allow vets to access a pet’s history making it easier to identify trends and long-term changes.
Global Pet Care Market
- North America is the largest market in the pet food industry, accounting for a 40% of global market share. Europe is the second largest market followed by Asia- Pacific.
- Between 2016 and 2020, the global mobile pet care market is forecasted to grow at a CAGR of 5.3%. The largest segment is mobile pet grooming.
- In 2016, the Americas had the largest share in the veterinary services market, accounting for a 45% market share. It is followed by Europe, Asia-Pacific, the Middle East and Africa.