Urbanization is forcing people into smaller spaces where larger pets are not economical as their maintenance cost is high when compared to smaller pets. Small pets are much more likely to indulged and humanized than larger pets. Hence, consumers are looking to plug the familial gap with a pet companion. These factors have led to a market place led by small animals such as cats and dogs as indulgent pet owners are happy to spend heavily on ensuring the best quality life which has driven the demand for pet care products. The pet humanization is supporting the market growth with the number of companies investing in R&D in order to creat new interesting products.
The pet care market in North America is well matured in terms of consumers and available products in the market. Premiumization is playing a key role in driving the sales of the pet care market in North America. There is a growing demand for natural pet food and is gaining traction across the United States consumers owing to obesity risks in pets such as dogs and cats. According to the Association for Pet Obesity Prevention, an estimated 55% of dogs and cats in the United States are obese. This presents a greater opportunity for manufacturers for adding quality ingredients, diets and launch added value products to cater to the growing consumer interest towards premium products. With more product launches with value-added quality ingredients, the demand for pet care products is expected to grow further during the forecast period.
Distribution via e-commerce segment such as online retailers and websites is estimated to grow rapidly at 9.4% over the estimation period. Preference for e-commerce websites for pet care products is growing among pet owners as they are willing to spend more on pet care and grooming products. Also, various pet care brands are opting to sell their products online as they get a greater number of customers online. Hence, the distribution or sales of pet food and pet care products via e-commerce is estimated to grow significantly in the near future.
Major industry players involved in the pet care market share include Colgate-Palmolive Company, Diana Group, Kemin Industries, Inc., Mars Inc., Nestlé, PARTNER IN PET FOOD, PetSmart Inc., Spectrum Brands, Inc., The J.M. Smucker Company, Unicharm Corporation
Source: The Insight Partners