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Pet Food Market – Trends, Industry Competitiveness and Future Outlook
PET FOOD PRODUCT
The pet food market was valued at USD 74.9 billion in 2016. North America accounted for the largest share of over 35% of the global market in 2016. The second largest market is Europe, followed by Asia-Pacific with the environment 20% of the market. share, thus, accelerating the culture of pet owners around the world. In North America, America holds the major market share of pets and pet owners, which is expected to register a high CAGR, during 2017-2022 (the forecast period).
The taste for new experiences and shares as indulgence ALIBI
Flavors and textures are becoming bolder, more complex, authentic, and distinct. The combination of pet food and modern formats that combine freeze-dried foods, with kibble or treats, for different variations, allows pet owners to choose from a variety of designs, ingredients, and flavors. Also, clean branding continues to grow. Health-conscious consumers are looking for indulgences, such as smaller portion sizes of treats or candies with healthier ingredients like chia seeds or milk. Pet treats are developing, in terms of ingredients with functional or other nutritional benefits, which allow pet owners to feed their pets without guilt. New dog food products accounted for 80% of global launches in 2015. Launches from September 2015 to September 2016, keeping the health-related trend in new products by category. The distribution for cat food is around 68% in the world. This trend of health and wellness has made good sales for manufacturers. A few events in this field is Hill’s Ideal Balance, a new range of dog and cat food that combines natural ingredients with Hill’s perfectly balanced food, now available in South Africa. CORE® RawRev, a new high-protein protein-free product, has been launched by Wellness CORE®, a family-owned grain-free, natural animal nutrition company.
IMPROVEMENT IN DISTRIBUTION NETWORK LEADS TO GROWTH IN PET FOOD SALES.
High internet connectivity in major countries is increasing the use of e-commerce sites as an effective distribution channel. The concepts of convenience, wealth or uniqueness, safety, and market awareness play a very important role in developing countries. The trust of local products, as shown by recent scams, also makes people trust foreign products. These are made easily available through e-commerce, further increasing sales. According to the company’s two pet stores, PetSmart and Petco, the e-commerce channel is exploding with pet product sales. The slow pace of market integration in small markets of small economies, such as Vietnam, Thailand etc., is the reason for the lag in infrastructure and market knowledge which is almost negligible. These stores offer close market opportunities of small orders and competition. The companies, as e-commerce is gaining strength, are negotiating the ever-changing internet landscape with factors such as dealing with giants like Amazon that decide to sell through e-commerce websites similar and combinations & properties. For example, in April 2017, PetSmart announced that it would acquire Chewy.com, which caused consternation among independent pet retailers. In response, Tuffy’s Pet Food, a supplier to independent and family-owned businesses, announced the withdrawal of its products from Chewy, as it will be owned by the largest US pet store chain. Even though Tuffy reports a very good response, not every company separates itself easily from any big e-commerce sites.
“FREE FOR ALL” AND “FLEXITARIAN EFFECT” both have their way together
Although today’s consumers are part-vegetarians, they seem to do the opposite when it comes to pet food. Pet owners are looking for food options, which are based on the carnivorous nature of dogs and cats, therefore, driving the number of products with high and fresh meat claims. Despite the demand for meat products, vegetables are still going mainstream and producers are already innovating their products. Free to “for all-free from a growing trend, since the past few years and has hit the mainstream. used in low-carb recipes and has gluten-free claims on new cereal products increased from one in 15 in 2011 to one in five in 2016. New product launches, including organic or non-GMO products, witness growth in the market. Sales of organic and natural products are it is expected to increase 14.6%, annually, in the next two years. For Petco and PetSmart, organic pet foods are purchased at a rate of 7.1% and 5.6%, respectively, with organic purchases at veterinary hospitals in 5.3%. Brands communicate more about production processes, due to the increasing consumer interest in natural with authenticity and transparency. frozen and baked. Balchem Corp., a global health, and nutrition company, presents the line The latest range of essential nutrients and unique nutritional supplements. The Omega Plus range was launched in the South Island in September 2016, after two years of continuous R&D. un, Bob Martin launched Simply +, a range of products marketed as “advanced nutritional food that provides dogs with all the essentials of a healthy diet”.
REGIONAL-Border area to help meet BUOYant demand
The domestic market is growing at an annual rate of over 30% in China and is poised to accelerate at the same rate by 2022, reaching CNY 150 billion and beyond, making it the third largest market , worldwide. Also, Hangzhou in Zhejiang Province launched the first cross-border testing area of the pet industry in the city’s Jianggan district. The test area will pilot reforms on the regulation and approval of cross-border imports. It will explore the introduction of national standards in the industry and promote the export of domestically produced products. In addition, more than 35 companies, including cross-border e-commerce sites such as Tmall, Kaola Beibei, and related logistics & warehousing companies, have been established in the region. test. The zone, basically, enables one-stop services and aims to register open, transparent, and smart pet food import channels and regulations. Similar efforts are being made by countries to focus on growing populations and cultures. Market players are taking full advantage of this situation and investing in R&D for new product launches.
1. Nestlé Purina launched a new production hall at its factory in Bük, in northwestern Hungary, making the plant the largest production plant in Europe and opening USD 86 factories million in Brazil. This move is expected to boost Nestlé Purina for growth beyond the domestic market.
2. Carna4: Formulas Supported by Healthy Food Trends. This manufacturer takes inspiration from the human health food industry to develop innovative and whole-food recipes for dogs and cats.
3. PetLife Surpasses Expectations for Adoption of Dr. Geoff’s Real Food for Pets. PetLife Pharmaceuticals, Inc., a developer of a new generation of high-potency anti-cancer drugs and supplements for pets, announced that it has acquired Dr. Geoff’s Real Food for Pets™ and plans to expand nationwide.
4. German Company Entering Thailand. Interquell, a German-based dog and cat food company, has entered the Thai industry through a joint venture, named Happy Pet (Thailand) Co Ltd, with partner Technic Pet Holding, reported Pets. International. Interquell holds 49% of the total investment. Interquell owns the premium brands Happy Dog and Happy Cat.
SUBJECTS COVERED IN NEWS
How will face-to-face communication enhance the pet food market in the Digital Age?
Is low thiamine cat food the cause of Australian cat deaths?
Gluten-free, GMO foods are making their mark in the pet food industry.
Edible insects are creeping into pet food popularity.
Humanization and premiumation are at their peak in the pet industry.
Will the US and China continue their dominance in the pet food market? What are emerging markets?
Will growing market connectivity in the Asian countries of Vietnam, Thailand etc. boost the Asia-Pacific pet food market?
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