‘Humanization’ fuels growth in pet food
Humanization is the No. 1 trend fueling growth in the $43 billion global pet food market, according to Global Pet Food Industry Outlook, a new report from Packaged Facts and Petfood Industry magazine.
convenience and special ingredient foods which are also heavily impacting the
market.
Based on the results of an exclusive survey of 500 Petfood
Industry subscribers worldwide, the report finds that two-thirds of pet
manufacturers, suppliers, service and consulting firms, and marketers identified
new products such as functional, condition-specific and novel ingredient,
human-grade ingredients, hyper-premium products and fresh/baked foods among the
top growth trends over the next five years.
Mature
markets
Although mature countries account for nearly 75% of new product
launches and approximately 80% of the industry’s $43 billion retail sales,
new-product introduction rates are greater in mid-level and emerging
markets.
“Pet ownership and pet food usage is already high in mature
markets,” notes Don Montuori, the publisher of Packaged Facts. “These countries
are generally experiencing the lowest growth rates with an average of 3-4%. Many
countries in the mid-level and emerging markets, on the other hand, are
averaging much higher growth rates due to their lower penetration levels, rising
household incomes, and growing pet ownership and pet care
interests.”
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