The Pet Market has remained relatively static over the past 5 years but ownership differences have caused changes in the pet food sector

The pet market is mature, with growth coming mainly from product innovation by manufacturers. Pet ownership has remained relatively static over the past 5 years, but dog ownership has fallen more than cat ownership. This has had a number of effects on the market.

(PRWEB) September 21, 2003 --Research and Markets have announced the addition of the "The Pet Market - Market Assessment 2003" report to their offering.

The pet market is mature, with growth coming mainly from product innovation by manufacturers. Pet ownership has remained relatively static over the past 5 years, but dog ownership has fallen more than cat ownership. This has had a number of effects on the market, including falling volumes in pet foods — as dogs tend to eat more than cats — but rising values, partly because cats tend to be fussier eaters than dogs and may need to be `tempted' by premium pet food. The lower ownership of dogs has also had something of a limiting effect on the pet accessories market.

Other influences on the market include busier lifestyles, meaning that pet owners may be out of the house for long periods, leading to both an increased purchasing of pet toys to keep animals occupied while the owner is not there and a growing emphasis on convenience in terms of pet food packaging and formulation. There is also a trend towards the `humanisation' of pets, which are increasingly being treated as family members, with owners being more prepared to spend money on keeping them healthy and happy. Greater health-consciousness and knowledge among consumers in general extends to their desire to give pets the right nutrients for their particular needs, while better veterinary care has meant that pets live longer, leading to the development of a number of products specifically for older dogs and cats.

The overall market for pet food has seen steady growth, with cat food sales growing more strongly than those for dog food. The pet accessories market has also seen steady, rather than spectacular, growth. Factors that have contributed to market growth, such as a growing tendency for owners to indulge their pets and the expansion of pet superstores (which has helped turn shopping for pets into a leisure outing), have been offset by the fact that the dog population is falling. The UK market for pet insurance has shown strong growth, albeit from a small base; this has been aided by increased veterinary costs, coupled with the availability of more sophisticated treatments, so that previously undetected conditions can now be treated.

The pet food market is becoming increasingly global in nature, with the UK market dominated by two large multinationals — Masterfoods and Nestlé Purina. The accessories market is more fragmented, with a large number of products and brands being supplied by a wide variety of companies. Pet insurance is provided by specialist companies, more general insurance companies and by some multiple retailers, including Tesco and Sainsbury's, with Marks & Spencer entering the market during 2002. There is some overlap of suppliers in different sectors of the market.

Our original consumer research revealed that the vast majority of pet owners (87%) are prepared to spend extra on food for their pet as long as it provides all the required nutrients, although they are also keen on competitive prices and special offers (57%). More than half (53%) say that they purchase accessories for their pets at least twice a year, and relatively few (13%) have bought nothing but food for their pet during the past year. Just under one in five (19%) pet owners have pet insurance, with the same proportion saying they are considering obtaining it.

For a complete index of this report click on http://www.researchandmarkets.com/reports/36344

REPORT DATA SUMMARY:
The Pet Market - Market Assessment 2003
Category: Consumer & Personal
URL: www.researchandmarkets.com/reports/36344

About Research and Markets Ltd.
Research and Markets Ltd. are Europe's largest resource for market research. R&M distribute thousands of major research publications from the world's leading publishers, consultants and market analysts. R&M provide you with the latest forecasts on international and regional markets, key industries, the top companies, new products and the latest market trends.

For additional information on ResearchandMarkets.com, their range of reports or their value-added services, visit their web site at http://www.researchandmarkets.com or mailto:press@researchandmarkets.com

- END PRESS RELEASE -