Global Pet Care Industry
Domestic pets are taking up an increasingly important place in households worldwide.Pet owners are spending more and more on pet care across a range of sectors,including pet health,food and toys.
Cultural attitudes toward owning pets mean that domestic animals are viewed more and more as members of the family.Pet care (which is included in theconsumer services industry) spending was little affected by the economic recession,with owners cutting corners elsewhere rather than reducing their pet care budgets.
Pet ownership in the US is at an all-time high,leaving room for market growth.Not only is pet ownership climbing,but spending per pet is also on the rise,with owners splashing out on basic products such as food,but also on more sophisticated products and services,like grooming and accessories.
Key Pet Care Market Segments
Theglobal animal health industryinvolves antibiotics,anthelmintics,vaccines and medical feed additives.The leading segment in the animal health market is represented by pharmaceuticals such as anti-infectives and parasiticides,reports Koncept Analytics.Vaccines are the second-leading market segment.
Theworld pet food marketis expected to be worth almost $96 billion by 2017,according to Global Industry Analysts.The market is fuelled not only by a growing pet population but also by increased spending per pet.The EU dominates the global market,fuelled by demand for health-oriented products and treats aimed at specific types and ages of pets.
Asia-Pacific is recording the fastest growth in thepet food products market,with a yearly rate of 9% through 2017.Market growth is driven by healthy products,innovation,and shorter product lifecycles in developed markets like Japan and South Korea,while price and value for money fuel growth in less-developed markets such as India,China and Vietnam.
Regional Pet Care Market Share
The Southeast Asian pet care market is growing faster than any other regional market.Market expansion will depend on the ability of companies to devise effective marketing strategies to attract first-time consumers to the market.