Pet Foods: A Global Outlook
San Jose, California (PRWEB) January 11, 2012
Follow us on LinkedIn – The pet food industry has been witnessing growth on account of increased market segmentation and product innovation. Factors such as consumer receptiveness to premium foods, expanding health needs of the aging pet population, wide availability and exposure at retail, introduction of new products, increasing consumer preference for natural remedies over pharmaceuticals are expected to post voluminous sales in the market in future. Dynamics of the pet food market is expected to undergo change with pet food manufacturers focusing on product innovations such as weight loss foods, special diet and condition-specific functional foods, grain-free pet foods and innovative marketing schemes such as pet pampering. In the recent past, premium and super premium dry foods have driven the market, and in future value-added premium foods would stimulate growth in these markets. With pets gaining the ‘individual’ status, customization of food products as per their life stages, is gaining trend. Additionally, growing acceptance and recommendation of pet supplements by the veterinary community is expected to augment global sales.
Dry pet food dominates over wet food in most regions, since wet food is priced higher compared to dry food. While price has been an important factor in emerging markets, convenience has driven sales in major developed markets. Apart from convenience, a host of reasons is attributed for preference to dry food in developed markets. Increased awareness about health benefits of dry food as compared to wet food has helped dry food in gaining popularity. In addition to price factor, health and diet concerns led to a declining trend in wet foods.
In emerging markets such as Latin America, and Africa and Middle East, increased product availability across all price segments is anticipated to drive consumers to feed pets with prepared food. However, such growth is highly dependent on macroeconomic conditions affecting consumer spending. The shift to prepared food is more marked in major emergent markets, such as China and Brazil, due to growing disposable incomes. The recent years have been witnessing a steady increase in the pet population thanks to higher disposable income, a booming economy, increase in aging population, and the growth of nuclear family. There is also an attitudinal change towards pets as people are showing a never before love towards pets. In markets such as Japan, surge in older pet population is driving pet food makers renew focus towards products in lieu of the changing demographic scenario. The new product launches are aimed at addressing kidney health issues, and improving immunity of older pets. Further, influence of the west in countries such as India has raised the ownership for unusual pets such as small reptiles, hamsters, guinea pigs, and tortoises. Consequently, the requirement for suitable pet food is also on the rise.
The research report titled “Pet Foods: A Global Outlook” provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the world Pet Foods industry, and identifies major trends and issues. Market discussions in the report are punctuated with fact-rich market data tables. Regional markets elaborated upon include United States, Canada, Mexico, Japan, Europe, Asia-Pacific, Latin America and South Africa. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
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