Most of the pet owners will agree that pet shopping is a more difficult task than grocery shopping. Shopping for a daughter or a son is relatively easy as they can tell you their tastes and preference, but with pets it’s up to you to decide. Pets take up a significant position in today’s rapidly changing family structure and are looked upon as individuals and friends. They are fussed, cooed and cared like most of them. From their food, medicines and their toiletries everything is picked after giving a lot of thought. And to top it off the variety available in the market makes it further difficult to choose.
Pet stores are like mystery boxes. You can never expect on what you’ll find there and the options available are inexplicable. The pet industry is a huge business which has segments like pet food, pet accessories, pet medicines, clothes and grooming. And the most lucrative one is the pet food industry. The pet foods market is mainly categorized into the dog food and cat food segments. The pet food market is expanding at a constant rate all over and is estimated as one of the fastest-growing food industry.
A market report suggests that the Global pet food industry is set to reach US$56. 4 billion in next 2 years. Together, the US and Europe account for a share of more than 80% of the world pet food market.
What is Propelling the Growth?
• The rise in disposable income has allowed owners to buy more as well as premium products. This has eventually resulted in an increase in pet spending.
• Improved packaging new innovations in quality and gourmet pet food products.
• New enhanced pet food products focusing on factors like breed, health and age of the animals.
• More emphasis on availability and the functional and nutritional content in the food.
• Brands revamping their products by introducing new variants, flavors and recipes.
The pet food industry is getting constantly influenced by the trends and preferences in the human food market. The pet food market is slowly shifting towards healthier, natural and organic taste. Nutrition is the main concern for the owners. They usually don’t want to take any chance with their pets and as a result, they always choose the best. Most of them are looking for food items that are similar to their taste. So in the days to come, maybe the dogs would turn Vegan like their owners.