5 pet market trends you must know!
The pet market is booming like never before and people are spending more time with their pets than ever before. It’s not always easy to keep track of trends. Therefore, we have put down the 5 most important pet market trends to make it easier for you to keep track.
1. The pet – a beloved member of the family
For many years, pet owners have spent more and more money on their pets, a result of the pet being increasingly considered a family member. In a study conducted by Euromonitor** in which more than
23 000 respondents in 40 countries participated, more than 70% agreed with the statement that the pet is a “beloved member of the family” and among the younger, 15-29 years, there were even more who agree. This generation has grown up seeing the pet as a family member in a different way than previous generations have. In the USA, Generation Z and Millennials state that they plan to spend almost twice as much on their pet as the “baby boomer” generation. In other words, the future of the industry looks very bright.
2020 was a tough year and it soon became clear that people turned to their pets for comfort during lockdowns and stay-at-home directives, which further increased the humanization of pets. According to Mintel***, 63% of pet owners stated as early as April that they spent more time with their pet, 38% that they had a stronger bond with their pet, and 31% that they focus more on their pet’s health after Covid-19 broke out.
2. Only the best is good enough
The increased demand for premium products, where natural and organic products are an important part, has been one of the biggest driving forces in the market. With the increased view of seeing pets more and more as family members, pet owners have also increased their knowledge and awareness of their pets’ specific behaviors and needs. Pet owners are increasingly demanding food and products for their pets with the highest possible quality, and today it is believed that food and snacks for pets should maintain the same high standard as their own food or higher. **** In total, 40% of the respondents in a global survey stated that “quality” was the decisive factor in the choice of pet products. As many as 81% of pet owners worldwide agree “completely” or “somewhat” that they want to see the same quality standards for their pet food as for their own. Another very influential trend for pets is natural ingredients. This reflects the transition to “clean label” and the increasing number of customers who look at the ingredient list before they buy. More than half of pet owners (52%) state that “made with natural ingredients” on a product affects their likelihood of buying it.
3. Health for both me and my pet
Health will continue to be a top priority for people during and after the pandemic, something that has and will continue to spill over to pets. Sales of pet supplements increased by 21% in 2020, driven by consumer concerns about not only their own but also their pet’s health and well-being in the wake of Covid-19 – compared to annual growth of 3-5% in previous years. Dietary supplements along with a focus on higher quality food, exercise, and quality time are all part of a larger health movement and it is expected that pet owners will continue to spend money on premium products that contribute to a healthier life for their dogs and cats.
4. Treats
Pet owners give their pet treats 8-10 times a day. Treats will follow the same trend as food, i.e. they will focus more on health and well-being in the coming years as pet owners not only want to give their pet something that is tasty but also healthy. The interest in functional ingredients has increased in order to prevent rather than remedy various health conditions and the trend for functional treats for, for example, teeth, stomach, fur, joints are increasing as a result.
5. Direct-2-consumer
More and more manufacturers of pet products have increasingly switched to direct sales to their end customers.
Sources:
*APPA; May to December 2020; >2 000; Both pet owners and non-pet owners were surveyed; Online survey
** Pet Food Processing; Article ”Positives more than outweigh the negative impacts of Covid-19 in pet care
*** Pet Food Industry and the article ”Pet treats have plenty of room for growth in 2021
**** https://globalpets.community/article/consumer-trends-drive-pet-food-development-globally
